Cebu City has P2.3B in banks, almost P800M collectibles

Saturday, February 11, 2012

CEBU City Treasurer Ofelia Oliva disclosed yesterday the City Government has over P2.3 billion in its depository banks as of Feb. 8.

This is aside from the City’s collectibles amounting to almost P800 million from real property taxes and business taxes.

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Oliva clarified, though, the amount includes the City’s continuing appropriations or financial obligations and this year’s collections.

The city treasurer said she cannot determine yet the surplus of last year’s budget because the accounting office has yet to close their books, but she assured that the City’s finances are in the pink of health.

She, however, disclosed that even if the City has financial obligations, taxes continue to pour into its coffers every day, apart from the payment on the sale of the South Road Properties (SRP) and the Internal Revenue Allotment (IRA) share.

Cash balance

Oliva said the cash balance includes the General Fund, Special Education Fund and the Trust Fund intended for medical programs and certain infrastructure projects.

However, the City Government is operating a P5.2-billion budget for this year as approved by the City Council last December.

Oliva is optimistic, though, that they can hit their target this year with the implementation of the tax mapping of business establishments and revalidation of real properties in the City.

“It can easily be achieved if our programs will be implemented and the support that we need will be granted,” Oliva said.

To further increase the City’s revenues, the city treasurer said they will intensify the collection of unpaid taxes.

Notices for auction

Oliva said they are sending notices to delinquent taxpayers, urging them to pay their obligation to the City.

She admitted, though, there are property owners who have ignored their demand letters and they will be forced to auction their assets in a month or two.

“We already sent them final demand letters, but they still refused to pay so we will auction their lands, buildings and machines,” Oliva said.

As of yesterday, the city treasurer disclosed there are several taxpayers whose assets will be subjected to auction sale in the coming days.

Oliva reiterated his appeal to delinquent taxpayers to pay their obligation while there is time for them to settle their delinquencies.