The Sagay City government posted a net operating surplus of P25.718 million in 2005, the executive report of Mayor Leo Rafael Cueva shows.

The city's total net income after subsidies and extraordinary income hit P58.773 million while total income in 2005 was P339.022 million.

Of the P339.022 million, P34.922 million came from local taxes; P1.641 million, from permits and licenses; P2.811 million, from service income; P243.426 million, from Internal Revenue Allotment.

Expenses last year totaled P257.532 million. Allotted for personal services was P129.350 million; maintenance and other operating expenses, P120.626 million; and financial expenses, P7.555 million.

Cueva said that Sagay City is now implementing the Electronic New Government Accounting System and completed the computerization of real property tax collection.

To enhance collection of business and real property taxes, they also conducted examination of book of accounts of business establishments and a general revision on taxable assessed value for 2004 which took effect this year, he said.

In 2004, the City Assessor's Office issued 4,230 notices of assessment and tax bills; 1,440 tax collection notices; and 859 certifications.*NLG

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