QC retains rank as richest LGU
Quezon City retained its top rank as the most financially stable local government unit in the country based on the latest financial report of the Commission on Audit.
Quezon City ranked number one in net income, in cash position, receivables, and current assets.
The Commission on Audit report showed that the net income of Quezon City was P2.69 billion, followed by Makati with P1.88 billion and Pasig with P1.3 billion.
In cash position, Quezon City has P3.27 billion; Pasig, P2.29 billion; Manila with P1.5 billion, and Makati with P1.34 billion.
Makati ranked first in gross income with P6.6 billion and Quezon City is second with P6.1 billion. The biggest boost in Makati’s income came from real property taxes, which rose from P1.14 billion in 2002 to P1.8 billion in 2003.
Quezon City, on the other hand, suffered loss in income from the reduction of its rates in business taxes.
In terms of gross operating expenses, Manila spent P2.97 billion; Makati, P2.94 billion, and Quezon City P2.24 billion. For financial expenses, Makati earmarked P257.8 million; Quezon City, P51.2 million, and Manila P45 million.
Pasig City tops the list of LGUs which spent the least for administrative and operating expenses. This is reflected in the percentage of net income to the total income.
Pasig City’s ratio of net income was 46 percent; Quezon City, 44 percent, and Makati 28 percent. But Pasig City’s ratio last year was 50 percent while Quezon City was 42 percent and Makati was 32 percent. This means that Quezon City improved its budget for capital expenditures, including infrastructures.
In terms of current liabilities Manila has P3.3 billion; Quezon City, P1.6 billion, and Makati has P1.13 billion. In long-term liabilities, Makati has P2.3 billion, Caloocan with P599 billion, and Quezon City with P515 billion.