THE Cebu City Government is expecting to receive its share of revenue from the Cebu-Cordova Link Expressway Corporation (CCLEC) almost a year since the third bridge has opened to the public.
Cebu City Treasurer Mare Vae Reyes said the City is expecting to receive its share of revenue from CCLEC after the latter settles its reportorial requirements before the Bureau of Internal Revenue (BIR).
CCLEC, in a statement sent to SunStar Cebu on Wednesday, March 29, 2023, said it will release to the concerned local government units their revenue share not later than April 30.
Based on the joint venture agreement between the CCLEC and the local government units of Cebu City and Cordova where the bridge connects, each LGU will have a one percent share of the annual toll revenues.
Reyes told SunStar Cebu on March 29 that the revenue share would be transferred to the general fund, which can be used for various expenses included in the annual budget. (JJL, PJB)