Thursday, 24 May 2012

JP-LGU: P13.7m earned in taxes, permits and licenses

A new building for a gasoline station near the public market in Jose Panganiban … building permits are one source of revenues for the LGU. – MWBuzzpic by ALFREDO P HERNANDEZ


THE municipality of Jose Panganiban generated a total of P13.7 million in local taxes, permits and licenses and others sources during the year 2011.

This was revealed by the local government unit’s  financial statement for the year ending December 2011.

It was prepared by municipal chief accountant Christine S Napa.

The income of P13.7 million represented 15.1 per cent of the total revenue of P90.8 million earned/received during the year.

Of the P90.8 million, P77.12 million (or 84.9 percent) reflected the LGUs share from the Internal Revenue Allotment (IRA).

It was explained that the IRA receivables from the Department of Budget and Management (DBM) for current year 2001-2004 of P77.1 million is collectible within seven years from 2009 to 2015.

The statement showed that the LGU generated P5.29 million in local taxes, P3.04 million in permits and licenses, P1.77 million in service income, P3.19 million in business income. Other incomes and gains from sale of asset amounted to P399,035.

The financial statement has noted that at the end of last year, the LGU has a real property tax receivable of P2.53 million.

An account called Special Education Tax Receivable reflected a total of P2.52 million at the end of 2011.

During the year in review, the LGU has accumulated at total of P70.65 million in property, plant and equipment, up P12.5 million, or 21.7%, from the total assets reflected at the end of 2010.

Notably, the worth of the LGU’s machineries and equipment during the year ballooned from a measly P848,358, to P8.28 million, up P7.43 million, or 87.4 percent.

Also during 2011, the LGU acquired more properties, which were valued at P23.62 million, up P10.4 million, or 78 percent, from the balance of P13.2 million at the end of 2010.

The LGU incurred total current liabilities of P17.33 million, which soared to 128 percent from the P7.6 million the previous year.

The increase of P9.74 million (128 per cent) was reflected as payables, inter-agency payables, intra-agency payables and other liability accounts.

During 2011, the LGU posted total long-term liabilities of P18.41 million, up P3.41 million, or 22 per cent, from the P15 million posted at the end of 2010.

The municipal accountant has explained that there was a net increase in long-term liabilities of P3.4 million due to the acquisition of a new loan during the year amounting to P7 million.

It was a back-to-back loan with a hold-out deposit maintained amounting to P7.8 million, it was explained.

Spending during the year amounted to P69.35 million, with salaries and wages taking the biggest bulk at P20 million, or 28 percent of the total.

The municipal government also spent P7.9 milllion (or 11.4 percent) for professional services, while at the same time spending at least P1.37 million in “confidential, intelligence extraordinary and miscellaneous”, the statement showed.

An account called “other compensation” showed a balance of P7.99 million at the end of the year.

On the other hand, P1.2 million was spent under the account “training and scholarship”.

Maintenance of LGU properties that included buildings, machinery and equipment amounted to K3.9 million.

An account called “subsidies and donations” showed a total spending of P6.4 million.

During the period review, the LGU spent P6.1 million in supplies and materials and also spent at least P316,512 in communication expenses.

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