Dagupan ends 2013 with P3.8-M surplus
THE city of Dagupan achieved a significant budgetary turn-around at the end of 2013.
The Fernandez administration registered a surplus of P3.8 million from a deficit of P37.1 million incurred by the previous administration beginning January 2013.
The recovery was made through vigorous revenue-generating initiatives, combined with decisive expenditure-cutting, said Fernandez in her State of the City Address (SOCA) during a special session of the Sangguniang Panlungsod at CSI Stadia.
As acting mayor on May 16, 2013 when then Mayor Benjamin Lim fell ill and could not finish the remaining months of his term, Fernandez managed to trim down the deficit to P11.1 million by July when she began her three-year term as elected mayor following the May election.
By October, the city was already able to attain a budgetary surplus of P29.7 million, but it was weighed down by unsettled dues from the previous year that had to be charged to the 2013 budget.
Fernandez said, “We managed to end with P3.882 M by December of 2013, smaller than the October surplus, but better than a deficit.”
Fernandez reported to the people of Dagupan that by the close of 2013, the city’s Consolidated Cash Position, which includes the Trust Fund, stood at P282.2 million as per the Audited Balance Sheet. This was 106.9 million or 163% more than the previous year.
When Fernandez began her term in July, the City’s Financial Managers presented a General Fund Cash Flow from operation of P66.4 million.
By the end of 2013, General Fund Cash Flow stood at P129.7 million.
It should be noted, Fernandez said, that the budgetary deficit running for nine months ate up a portion of the P119 million proceeds from the sale of MC Adore building.
“But because of the financial reforms I instituted in my administration starting July, we were able to return the portion eaten up and even produced a budgetary surplus by October until end of December 2013,” the mayor said. (LVM)
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