The City Government of Cagayan de Oro had a net income of P481.93 million in 2009. This is based on the Annual Audit Report made by the Commission on Audit (COA). The year 2009 saw the implementation of various infrastructure investments in the city most notable are the Construction of the Legislative and Administration Buildings, Construction of Portion of Golden Mile, Redevelopment of Amphitheater, among others under the Mayorship of Constantino Jaraula.
Also according to the said report, COA cited the city because not one of the said major infrastructure projects (above P 4 million) were financed by loan or borrowing thereby lessening its debt burden within manageable level.
Now, who says the city is bankcrupt?
Download the COA Report on the link provided below: [right-click, Save As]