CTO ‘surpasses’ target collection
WITH still two months before the year ends, the Cebu City Treasurer’s Office (CTO) has already exceeded its tax collection target this year.
Based on the revenue collection report it submitted to the City Council, CTO generated P7.16 billion from January to Sept. 30.
Its target for the entire year is P6.45 billion.
According to the report, CTO collected some P745 million in real property taxes, P236 million in special education fund
The P7.6 billion that the CTO has generated since January includes the P3.2-billion proceeds from the sale of SRP lots
taxes and P1.2 billion in business and other taxes.
The collection forms part of the P2.2-billion total tax revenue for the first 10 months of 2016.
The CTO also included in its collection report the P3.2-billion proceeds from the sale of South Road Property lots.
The collection report was presented by City Treasurer Tessie Camarillo during the scheduled budget hearing yesterday.
Postponed
Camarillo, though, was not able to expound on her report, since the council postponed the budget hearing due to the lack of time and preparation.
The budget hearing resumes today and will last until Friday.
Councilor Jocelyn Pesquera, chairman of the council’s committee on budget and finance, said they hope to finish the hearings this week, so they can pass the 2017 annual budget. For next year, the executive department identi-
fied the City’s tax revenue as one of the sources of fund for next year’s annual budget.
Tax mapping
City Budget Officer Marietta Gumia said they allocated a budget proposal intended for tax mapping operations to allow the CTO to collect and generate more revenues for next year’s annual budget.
The executive department expects to raise P5.8 billion from internal sources that include, among others, P1.5 billion from business taxes, P1.6 billion from real property taxes, and P1 billion from non-tax revenues.
Another source of fund are external sources amounting to P1.8 billion, including P1.6 billion from the Internal Revenue Allotment and the City’s share from the Ecozone, amounting to P115 million.