THE Cagayan de Oro City Council approved the amount of P11.2 billion as the city's 2024 budget during the executive budget hearing held on Tuesday, November 7, 2023.
The 2024 city budget is P3.4 billion more than the P7.8 billion budget set aside for the city in 2023, according to Acting City Budget Officer Roxanne Ravidas.
"But inclusive in that P3.4 billion increase is the P2.7 billion local borrowings we proposed to the City Council. So in effect, our net increase in our operational expenses is P700 million which amounts to an 8.97 percent increase from last year’s budget," Ravidas said.
Under the proposed 2024 annual budget, around P8.3 billion is earmarked for the city's programs and operational expenditures.
The P2.9 billion, on the other hand, is set aside as a loan to fund the construction of the City’s government center and development of the eco-park located in Upper Dagong, Barangay Carmen, Cagayan de Oro City.
On Tuesday, the 20th City Council convened to deliberate and vote on the budget, with 14 votes in favor and four abstentions. The 2024 budget will be scheduled for approval by the council on plenary during their regular afternoon session next Monday, November 13, 2023.
"The budget is approved and Monday’s session is but a formality," said majority floor leader City Councilor Edgar Cabanlas, who is also the chairman of the council's laws and rules committee.
Uses of budget
According to Ravidas, around P10.36 billion of the P11.2 billion 2024 city budget will be generated by external and local revenue sources.
"The crafting of the 2024 budget is guided by the Rise development and governance agenda of the Klarex administration," Ravidas said.
She said that 44.36 percent or P4.96 billion from the P11.2 billion budget will be allocated to boost the city's income or revenue generating capacity.
From the P4.96 billion, around P3.6 billion will fund the City Government's infrastructure programs, which also include the proposed city government center, eco-tourism site (P2.7 billion) and road widening and opening (P370 million).
Around P209.5 million will be allotted for flood mitigation and bank protection structures.
The City also set aside 30.34 percent or P3.397 billion from the P11.2 billion 2024 budget for social services, which will fund the city's health, nutrition and hospital services.
Around P2.83 billion will be allotted for programs on peace and order and public safety, among others.