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Monday, March 10, 2003
City posts P57M earnings in 2002
By Christine Mae Pelayo
THE Bacolod City Government's net income reached P57 million in 2002, reported the City Accounting Office in its complete year-end evaluation.
The total generated income is P620 million.
The P57 million net income came from the city’s auction sales, early payment of taxes and the payments from tax delinquents.
“I am very happy with the net income because there is no deficit,” said Valdez.
She added that the city’s high net income was due to the very good tax information campaign prompting tax payers to pay their taxes on time.
Valdez said there is a huge difference with the city’s net income of 2002 from that of 2001.
In 2001, the city generated only P30 million while in 2000, only P19 million.
The P57 million is a determined income from the report of the Commission on Audit, but on the revised report of the city accountant, it is P63 million.
“There is a P16 million discrepancy, so we are tracing it out because there might be some figures or items that were included in other expenses,” said Valdez. CMP
(March 8, 2003 issue)
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