Baguio finances still in good standing
BAGUIO CITY – (February 24) – The financial position of the local government is still good amidst the slight shortfall in the actual collections that was made by the revenue-generating offices last year.
Based on the report of the City Accounting office, the city was able to collect a total of P2,010,275,802.95 in internally and externally generated revenues last year compared to the projected income estimates of P2,108,107,145.00
The projected income estimates and actual collections came from tax revenue, non-tax revenue and external sources.
In terms of tax revenue, the local government was able to collect some P518,212,938.00 last year compared to the actual collection of P521,957,818.37.
The city’s tax revenue is composed of taxes paid by individuals and corporations, properties, goods and services, and fines and penalties/.
In terms of non-tax revenue, the collections last year dropped to P340,930,536.53 compared to the projected estimates of P345,850,000.00.
The non-tax revenue is composed of service income, business income and miscellaneous income.
On external sources, the city collected a total of P1,147,387,447.85 compared to the projected estimates of P1,244,044,207.00.
The city’s external sources of income come from share from internal revenue collections, share from national wealth and share from the operation of the Philippine Economic Zone Authority (PEZA).
Further, the said income bracket is also composed of transfer, assistance and subsidy such as subsidy from the national government and share grants and donations.
According to the report, the top 5 services of the local government where funds were appropriated include environmental and sanitation expenses, other maintenance and operating expenses, electricity, other general service expenses such as the wages of job order employees and security services.
In terms of the city’s Corona Virus Disease (COVID) 2019 response funds that had been earmarked last year, some P158,171,839.65 was appropriated to fund the various COVID-19 response efforts that started since the implementation of the Luzonwide lockdown in March last year.
However, only P99,789,846.38 was utilized as of the end of last year although there are still ongoing anti-COVID response efforts that are being undertaken by the various offices that are in charge of the implementation of such interventions to contain the spread of the deadly virus in the city.
For the past several years, the city’s collection from the internal and external sources have been exceeding the projected estimates but the same had been significantly affected by the prevalence of the COVID pandemic that had paved the way for the placement of the country u7nder various levels of community quarantine. – Dexter A. See
