Cagayan de Oro City continues to enjoy the stability of its robust economy and vibrant business climate as the city’s annual income last year reached P1.81 billion, raising by P149.4 million as compared over 2009 figure.

City Treasurer Lino D. Daral, in his annual report to City Mayor Vicente Y. Emano, said that the city’s actual collections in 2010 has increased by 8.27 percent over 2009’s income which is pegged at P1,657,427,709 billion.

Cagayan de Oro City’s share from Internal Revenue Allotment (IRA) accounted the biggest bulk of the city’s annual income with P840.7 million while revenues generated from local business taxes reached P323.9 million, Daral disclosed in his collection report.

Collections from other fees, taxes and charges followed next with P203.8 million; real property taxes – basic (70%), P163.7 million and real property taxes-additional 1% Special Education Fund, P138.4 million.

Other major sources of local revenue came from real property taxes basic (30% barangay share), P70.2 million; income from public markets, P50.8 million; eastbound-westbound terminal and public market, P12.3 million and slaughterhouse, P2.99 million.

In 2010, the city government also collected P16.4 million from amusement tax (P12.09 million); tax on mining (P2.84 million); sand and gravel and other quarry products (P1.51 million).

The city also received last year national share from PCSO-Lotto income amounting to P6.98 million.

As a result of the examination and audit of books of account of business operators, the city earned P6.39 million in deficiency taxes, aside from verification of 16,348 business establishments that generated P2.35 million.

As part of its intensified tax inspection and tax mapping activities in 62 urban and rural barangays, the City Treasurer’s Office issued 5,123 demand letters to business establishments with no Mayor’s permit. (CIO/PIA10)

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