Iloilo City has a surplus of about P400 million because of good financial management.
CITY OF ILOILO – Despite the epidemic, good financial management generated a PHP400 million surplus in this city.
According to the City Accountant’s Office report, the city has an excess collection of PHP149.31 million, PHP237.11 million savings from Personnel Services (PS) and Maintenance and Other Operating Expenses (MOOE), and PHP14.27 million adjustment, according to the city’s Public Information Office (PIO).
The savings came from projects and initiatives that were not implemented, unspent PS, and underestimated revenue, said City Treasurer Jinny Hermano, who stated the city treasurer collected more than the predicted collectibles.
He claimed that the local government had overpaid company taxes by PHP136 million and real estate taxes by PHP65 million.
“Good financial management resulted in the gains. In a press statement, Hermano added, “We hope for another surplus this year as the city intends to re-implement its collecting approach while supporting judicious spending.”
Due to the pandemic, he noted, the spending was limited to what the local administration had authorized.
“We didn’t overspend, therefore we have savings from MOOE and PS,” Hermano explained.
Only a few weeks ago, the local government declared that the Local Economic Enterprise Office (LEEO), which oversees the markets and slaughterhouse, had a better year than the previous year.
Its market collection exceeded the PHP78 million aim by PHP3 million, while its slaughterhouse collection exceeded its PHP18 million target by PHP4 million.
Iloilo City Mayor Jerry P. Treas said the surplus will be used for programs that were not financed last year and other initiatives identified by the Local Development Council during a press conference on Monday.
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