CAPITOL NETS P1.1-B SURPLUS

Total expenses amount to P2.8B to settle various obligations, including payments for personal services, workers’ benefits Provincial accountant says the surplus can reach P1.5B once they finish the financial statement for the month of December Increase

The Cebu Provincial Government earned P1.1 billion in net surplus during the first 11 months of last year, a Capitol official said on Friday, Jan. 4.

But its total expenses amounted to P2.8 billion, said Provincial Accountant Ramon Dumayac.

Dumayac told reporters that from January to November last year, the Province’s gross income was P3.9 billion.

They have yet to determine how much the Province earned or spent in December, he said.

Dumayac said the Province’s expenditures reached P2.8 billion due to various obligations, including payments for personal services and benefits of regular employees. The money also covered maintenance and operating expenses.

“Our expenses are based on the available budget because we can’t disburse unless there is an appropriation ordinance. It could be (an) annual budget or (a) supplemental budget,” Dumayac said.

Projection

But Dumayac projected that the Province’s annual surplus could reach P1.5 billion once they finish the financial statement for the month of December.

He said they’re targeting to finish the entire financial statement for 2018 by February.

Our expenses are based on the available budget because we can’t disburse unless there is an appropriation ordinance. It could be (an) annual budget or (a) supplemental budget. RAMON DUMAYAC

Dumayac said the surplus could include available assets or Capitol-owned properties.

“Whatever the surplus should be close to the asset. This goes to the Capitol’s equity account. Definitely, there will be an increase of asset of government equity,” he said.

Last year, Provincial Treasurer Roy Salubre reported that the Capitol’s revenues from January to October increased by 61.8 percent compared to the same period in 2017.

Salubre said that for the first 10 months, the Province collected P1.04 billion last year, higher than the P644 million collected in 2017.

He attributed the increase to various factors, including the sale of the Cebu International Convention Center to the Mandaue City government for P300 million.

Last year, the Commission on Audit recognized the Provincial Government for having the biggest assets among provinces in the country in 2017.

From P32.43 billion in 2016, Cebu Province’s assets rose to P34.14 billion, making it the richest province in the country for four consecutive years.