Capitol saved P90M in 2011, got over P157M from taxes

Saturday, February 4, 2012

CAPITOL earned P2.95 billion in 2011 and spent only P2.86 billion, according to the Statement of Receipts and Expenditures (SRE) of the Cebu Provincial Government at the Department of Budget and Management (DBM).

THe SRE showed that Capitol had savings of almost P90 million in 2011.

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The SRE also revealed that Capitol’s non-tax revenues in 2011 reached P162.7 million, higher than its income from taxes at P157.57 million.

Non-tax revenues include permits, other regulatory fees and Capitol’s economic enterprises. Tax revenues come from real property taxes and other local taxes.

Capitol’s income-earning enterprises include the South Bus Terminal, Cebu International Convention Center, Museo sa Sugbu and Larsian. The Province also earns from lot and building rentals.

Capitol earned almost P2 billion (P1.987 billion) from external sources, which includes its Internal Revenue Allotment, amounting to P1.6 billion this year.

On the other hand, Capitol’s expenditures under the SRE include general services,

P844.3 million; economic services, P693.87 million; and social services P1.3 billion.

As it has no outstanding loan, Capitol does not allot funds for debt services.