Cebu City has P2.3B in banks, almost P800M collectibles

February 13, 2012 12:25 pm 

CEBU CITY, Feb. 13 -– Cebu City Treasurer Ofelia Oliva has disclosed the City Government has over P2.3 billion in its depository banks as of Feb. 8, aside from almost P800 million collectibles from real property taxes.

But Oliva said the money in the banks includes the city’s continuing appropriations or financial obligations and this year’s collections.

Oliva said she cannot determine yet the surplus of last year’s budget as the accounting office has yet to close their books, but she assured that the city’s finances are in the pink of health.

She, however, disclosed that even if the city has financial obligations, taxes continue to pour into its coffers every day, apart from the payment of the sale of the South Road Properties (SRP) and the Internal Revenue allotment (IRA) share.

Oliva said the cash balance includes the General Fund, Special Education Fund and the Trust Fund intended for medical programs and certain infrastructure projects.

However, the City Government is operating on a P5.2 billion budget for this year as approved by the City Council last December.

Oliva is optimistic, though, that they can hit their target this year with the implementation of the tax mapping of business establishments and revalidation of real properties in the city.

”It can easily be achieved if our programs will be implemented and the support that we need will be granted,” Oliva said. (PNA) DCT/EB/gb

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