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Saturday, November 19, 2005
Oro budget up P200 million in 2006
CAGAYAN de Oro City's budget in 2006 rose to almost P200 million due to the remarkable increase in expected income from collections in the modernized public markets and positive gains from realty and business tax incentives.
City budget officer-designate Griscelda M. Joson disclosed that Cagayan de Oro's annual budget for 2006 soared to P1.345 billion, or an increase of P195 million as compared to this year's budget of P1.150 billion.
With the increase of the city's budget next year, the city officer expressed confidence that the City Government's priority projects and programs would get sufficient funding due to the stability of Cagayan de Oro's financial capabilities.
Joson attributed the bulk of the increase on the projected collection from rental fees in the city's public markets, especially the newly redeveloped Cogon and Carmen markets.
Next year, the city would generate P104 million from market stall rentals, up by P63 million as compared to the P41 million expected income from public markets this year, she said.
In 2006, Joson also pointed out that City Hall is also seen to collect P320 million from business taxes as some multi-million companies would start paying their basic taxes to the city after enjoying tax moratorium during its first three years of operations.
The three-year business and realty "tax holiday" offered to new investors is provided for under the Cagayan de Oro Investment Incentives Ordinance of 2002 in order to lure local and foreign businessmen to put up investments here.
The city budget chief stressed that income from realty tax payments is also projected to increase by P17 million next year or from P128 million in 2005 to P145 million in 2006.
With the increase of the city's annual budget in 2006, Joson is optimistic that the administration of City Mayor Vicente Y. Emano would deliver more and better basic services to the public, especially on the improvement of facilities at the J.R. Borja Memorial City Hospital.
(November 19, 2005 issue)
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