JP-LGU ups asset value to P130 million

By ALFREDO P HERNANDEZ

THE municipal government of Jose Panganiban, CamNorte has increased the value of its assets by 37 per cent or P35.1 million, to P130 million, at the end of 2011, as against the previous year’s only P94.9 million.

On the other hand, its total liabilities at the end of the 12-month period in review increased by 58 per cent, or P13.13 million, to P35.74 million from P22.61 million posted at the end of 2010.

This was revealed by the condensed balance sheet of the municipal government as of December 31, 2011 prepared by chief accountant Christine S Napa.

Of the total assets accumulated at the end of last year, P59.3 million represented current assets in cash (P48.6 million, up 17.84 per cent, from P30.76 million) and receivables of P9.76 million (from P5.1 million the previous year).

Other items under the “current asset” account for 2011 were inventories – P821,628 and prepayments of P150,000.

On the other hand, the LGU’s property, plant and equipment account posted total accumulated assets of P70.65 million at the end of 2011, an increase of P12.6 million (or 21.7 per cent) as against the previous year’s P58.05 million only.

During the year in review, the value of buildings owned by the LGU at the end of 2011 jumped 28.8 percent, or P10.4 million, to P23.6 million from the previous year’s only P13.2 million.

The increase represented improvements of existing properties alongside the construction of new ones around the municipality.

Most notable in asset value increase took place in the “machinery equipment” account. 

During 2011, the LGU acquired new equipment and refurbished the existing ones, boosting the value under the account to P8.3 million, or 876 percent, from a measly P848,358 held the previous year.

Also at the end of 2011, the value of buildings under construction was P29.76 million, up P5.61 million, or 33.33 percent, from P24.15 million in 2010.

At the end of last year, the LGU had a deferred tax income amounting to P5.2 million. This is income that has yet to be collected at a later date.