THE City Government of Cagayan de Oro generated an income of P1.677 billion in 2009, posting a significant increase of 11.34 percent or P170,831,875.82 million compared to its income the previous year.

The city’s top three sources of income came from the Internal Revenue Allotment (IRA) pegged at P776.462 million followed by business taxes with P287.833 million and other fees, taxes and charges with P204.109 million.

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In his annual report, city treasurer Lino D. Daral said the remaining bulk of the city’s collection were generated from real property taxes (basic 70 percent) with P151.377 million, real property taxes (additional one percent Special Educational Fund-SEF) with P127.268 million and real property taxes (basic 30 percent barangay share) with P64.876 million.

Others came from income in markets with P55.520 million, amusement taxes, sand and gravel, other quarry products and mining tax with P20.695 million and Eastbound/Westbound Terminal and Public Markets (EWTPM) with P9.967 million.

The City Government also received P6.042 million as national share from the Philippine Charity Sweepstakes Office (PCSO), aside from the P3.011 million as income in interests on bank deposits.

Aside from revenue collection, the City Finance Department conducted tax mapping activities in 62 urban and rural barangays, issuing 4,302 demand letters to unlicensed business establishments.

It also verified the correctness of assessment on 15,886 business establishments that generated collections amounting to P1.519 million.

The City Finance Department also collected P1.542 million from deficiency taxes as a result of the examination and audit of books of accounts on business operators.

Daral attributed the significant increase of the city’s income to the concerted efforts among the personnel of the City Finance Department who adopted the spirit of ‘bayanihan’ in the delivery of tax billings and collection of taxes in order to achieve its target collection. (CIO)