City incurs P23M budget surplus in 2005
The Iloilo city government incurred a budget surplus of P23 million in its 2005 budget lower than the preceding year's P25 million.
In a statement of retained earnings signed by City Accountant Consolacion Tormon, the retained earnings of the city totaled P50,277,980.04. The deductions for all capital outlays and 20 percent development fund reached to P26,984,882.29. The city's retained earning as of December 31, 2005 totaled to P23,293,097.75.
City treasurer Katherine Tingson said the decrease in the surplus budget is not at all alarming because of the prevailing price increase in all commodities. She said what is important is that the city was able to save some amount.
She said the surplus budget mostly came from the real property taxes collected by the city government. They collected even much higher compared to their target.
Meanwhile, Mayor Jerry Treñas said the city's capability to save some amount in spite of the bigger expenses incurred by the city government is his "secret of the trade" in running the affairs of the city.
A bigger slice of city's budget went to personnel service of the city government. A local government is only mandated to spend 45 percent of its budget for personnel services. There are some 1,600 regular employees in the city government but there are number of job-hired employees in the city government.