The local government unit of Cagayan de Oro has maintained its status as a “billionaire city,” according to a Commission on Audit report.
As of December 31, 2008, the report noted, the city’s total assets had reached P3.6 billion.
The declaration of the city’s assets was prepared by city accountant Wilma Polley-Rugay, CPA.
The bulk of the city government’s current assets is on its cash at P416 million, followed by its receivables at P285.9 million; inventories, P65.7 million; and Prepayments, P15.4 million.
The current assets totaled of P783.1 million, while the total for property, plant and equipment amounted to P2.8 billion.
Under the property, plant, and equipment, the item “buildings” has the biggest amount of P881 million, followed by “construction in progress” at P749.2 million.
The item “land” was at P517.9 million; land improvements, P420.3 million; machineries and equipment, P113.5 million;
Transportation equipment, P65.9 million; office equipment, furniture and fixtures; other property, plant, and equipment, P33.9 million. The item “other assets” was placed at P16.2 million.
Meanwhile, the city government’s total liabilities had reached P1.6 billion last year.
The total liabilities included current liabilities, P229.5 milion; long-term liabilities, P1.2 billion; and deferred liabilities, P243 million