required five-year sunset review. The Guaranty/Security Deposits Payable account
consists of bidder’s bonds, performance bonds, and warranty securities.
10.5 Deferred Credits/Unearned Income 2024 2023
Deferred Real Property Tax ₱ 4,430,232.11 ₱ 5,341,588.59
Deferred Special Education Tax 4,426,231.50 5,341,819.89
Other Deferred Credits 12,461.95 12,461.95
Total Deferred Credits/Unearned Income ₱ 8,868,925.56 ₱ 10,695,870.43
This account represents the unrealized income from Real Property Tax for the
General Fund and Special Education Tax for the School Board. The nature of the Other
Deferred Credits amounting to ₱12,461.95 in the Trust Fund books still needs to be
determined, as this has been in the books prior to CY 2008.
Note 11 – Other Payables
Other Payables ₱ 3,236,949.47 ₱ 2,454,258.38
Total Other Payables ₱ 3,236,949.47 ₱ 2,454,258.38
This account pertains to various retention monies, deposit payments for
disallowances pending appeal, and salary loan payments due to financial institutions
and/or cooperatives of which the municipal employees are members.
Note 12 – Tax Revenue
This consists of the following:
Tax Revenue - Individual and
Corporation
Community Tax ₱ 567,653.37 ₱ 546,328.50
Tax Revenue – Property
Real Property Tax- Basic 1,534,085.67 1,599,517.80
Special Education Tax 2,106,114.57 2,241,472.03
Tax Revenue - Goods and Services
Business Tax 4,895,022.51 4,579,827.05
Tax on Sand, Gravel and Other Quarry
Products 4,350.00 21,000.00
Amusement Tax 371,355.00 372,261.00
Tax Revenue – Others
Other Taxes 2,068,363.60 1,686,185.00
Tax Revenue - Fines and Penalties
Tax Revenue - Fines and Penalties –
Property Taxes 150,805.92 193,659.82
Total Tax Revenue ₱ 11,697,750.64 ₱ 11,240,251.20
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