Tuesday, December 02, 2008 [ manilatimes.net ]
Makati City has maintained its lead over cities in the National Capital Region in terms of financial performance for 2007, a report from the Commission on Audit (COA) showed.
“The income and savings generated from last year have enabled the city government to implement more and better projects and services for its people and clients,” Mayor Jejomar Binay said in a statement.
Based on the figures from the audit commission’s financial statements of local governments for the fiscal year 2007, the local government of Makati City had a total equity of P21.771 billion, which made it outrank the other cities in Metro Manila. Makati’s net income for 2007 was P3.471 billion, which also exceeded the other localities in the metropolis.
Equity is the difference between total assets and liabilities, while net income is total revenues minus expenses.
Makati was also one of the cities that have the lowest percentage of Internal Revenue Allotment or IRA from the national government. Makati’s IRA is only 6.2 percent of its income for 2007. According to the 2007 Census, among the 16 cities and one municipality in Metro Manila, Makati ranked 11th in terms of land area with 27.36 square kilometers and ninth in population.
In a statement, Leonila Querijero, city accountant of Makati, said the bulk of the city’s collections came from real property taxes with 42.3 percent and city licenses with 39.1 percent.-- Cris G. Odronia
_________________________________________________________________________
