Cagayan de Oro’s net income in 2008 totaled more than P1.5 billion, up 11.54 percent or P173 million compared to its net income in 2007, the City Treasurer’s Office here reported.
The city’s Internal Revenue Allotment (IRA) topped as a major source of income pegged at P625,383,934.00 million, followed by business taxes with P266,076,816.26 million while other fees, taxes and charges totaled P194,058,107.54 million, the report said.
Other bulk of the city’s collection are generated from real property taxes (basic 70%) with P144,713,772.97 million; real property taxes (additional 1% Special Educational Fund-SEF) with P113,052,593.18 million; real property taxes (basic 30% barangay share) with P62,020,188.42 million; income from markets with P57,441,534.11 million; IRA monetization with P33,679,861.28 million; amusement taxes, sand and gravel extraction and mining tax with P21,781,506.09 million and Eastbound/Westbound Terminal and Public Markets (EWTPM) P10,155,537.51 million.
During the period, Cagayan de Oro City Government also received P5,399,576.17 million from PCSO national share aside from P2,810,874.64 million as income interests from bank deposits, City Treasurer Lino D. Daral said.
Aside from revenue collection, the City Finance Department conducted tax mapping activities in 62 urban and rural barangays wherein it issued 3,485 demand letters to unlicensed business establishments.
It also verified the correctness of assessment of 11,550 business establishments that generated collections amounting to P1,143,753.34 million. The office also realized a collection of P638,704.75 from deficiency taxes as a result of the examination and audit of books of accounts of business operators.
According to Daral, the significant increase of the city’s income was attributed to the concerted efforts of City Finance Department personnel in the delivery of tax billings and collection of taxes in an effort to achieve targeted revenues at the end of the year.