Tuesday, October 28, 2008
CH ‘to meet’ P2.63B revenue target
THE Cebu City Government is confident it can meet and even surpass its estimated revenue collection of P2.631 billion for 2009 despite the global economic slowdown.
The projected amount, said Acting Assistant City Treasurer Emma Villarete, is based on the trend of local fund sources.
The estimate does not include yet the expected sale of the South Road Properties (SRP) and tax dues from hospitals, which are under legal battles.
Villarete said they could reach and even surpass the targets this year.
As of Sept. 30, or the end of the third quarter this year, she said, the City has already collected P2.2 billion, which is 84 percent of the estimated revenue for the year.
Specifically, real property tax revenue is already 95 percent of the target, and business permit collections have already reached 99 percent.
Collection
For next year, Villarete said, the City hoped to collect P735 million as estimated revenue from the sale of its properties, which include the SRP.
This year’s revenue also includes the P463.5 million from Robinsons Land Corp. as final payment for a North Reclamation Area lot.
City Councilor Jose Daluz III, the budget and finance committee chairman, said that while there was an unappropriated amount of P480 million this year that served as “buffer” after the 2008 annual budget was approved, the unappropriated amount for 2009 is just 110 million.
He said it shows that the local finance committee is confident the City could meet its target collection, hence the small buffer amount.
Villarete said that while the 2008 annual budget contained an allocation for debt servicing for the SRP, what was included was only the February obligation.
When the time to pay the loan in August came, she said the City still used the unappropriated amount by passing a supplemental budget.
For 2009, she said, the whole estimated loan payment of P663 million is included in the proposed annual budget. (RHM)
For Bisaya stories from Cebu. Click here. (October 28, 2008 issue)
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