City falls short of tax collection as of October 31
The city government fell short by P104.2 million or 4.556 percent of its projected revenues for this year.
Based on the records of the City Treasury Office as of October 31, 2022, the total revenue of the city government that came from local and external sources representing the general fund is P2,180,443,904.77 compared to the target revenue collection which was P2,284,655,654.00.
However, city treasury officials are confident that the city can hit or even exceed the revenue collection target at the end of the year because of the remaining 2 months.
The city’s revenue is classified into 2 categories which are the local and external sources. Under the local source, the taxes are further classified as tax and non-tax revenues.
Further, tax revenue is composed of tax on individuals and corporations, property, goods, services, other taxes and the fines and penalties
The city’s collection for tax revenue on individuals and corporations is P24,727,358.99 compared to the target of P23,3000.00 which is higher by P1,427,358.99 OR 6.13 percent. For tax revenue on property, the target collection was P192,000.000.00 while the collection was only P188,110,934.16 which is less than P3,889,065.84 or 2.03 percent less.
The tax collection for goods and services is P269,461,913.83 compared to the target of P223,500,000.00 which is over by P45,961,913.83 or 2056 percent. For other taxes, the target was P600,000.00 but the actual collection is P2,901,195.00 which is higher by P2,301,195.00 or 383.53 percent. On fines and penalties, the target was P13,150,000.00 while the collection is P18,381,308.96 which is higher by P5,231,308.96 or 39.78 percent.
The city’s overall target for tax revenues is P452,550,000.00 but the actual collection is P503,582,710.94 which is higher by P51,032,710.94 or 11.28 percent.
On the other hand, non-tax revenue is composed of service income, business income and miscellaneous income.
Under the service income, the city’s target was P111,230,000.00 while the actual collection is P113,378,852.89 which is higher by P2,148,852.89 or 1.93 percent. For business income, the target was P238,450,000.00 while the city’s collection is P236,7-5,456.03 which is short by P1,744,543.97 or .73 percent. For miscellaneous income, the target was P2,000,000.00 while the collection is P1,657,034.30 which is short by P342,965.70 or 17.15 percent.
The total target for non-tax revenues is P349,680,0000.00 while the collection is P350,084,308.92 which surpassed the target by P404,308.92 or .12 percent.
For the city’s external sources that include the national tax allotment, share from economic zone, share from the Philippine Charity Sweepstakes Office (PCSO) and other shares from the national government, the city’s target was P1,482,425,654.00 while the actual collection is P1,326,776,884.91 which is short by P155,648,769.09 or 1-.50 percent.
The city treasury office vowed to sustain the efforts to collect the remaining uncollected revenue to be able to meet the target collection or even exceed the same in the remaining less than one month to be able to provide for the operations of the local government. – Dexter A. See
