Statement of Financial Position
Financial position 2023
Assets, liabilities, and net assets/equity of the Municipality of Basey as of December 31, 2023, with comparative figures for CY 2022.
Total Assets (2023)
₱1,105,323,513.40
₱1,007,107,895.72 in 20229.8%
Total Liabilities (2023)
₱315,907,664.83
₱276,603,805.36 in 202214.2%
Net Assets / Equity (2023)
₱789,415,848.57
₱730,504,090.36 in 20228.1%
Current Assets
₱362,047,098.26
₱743,276,415.14 in non-current assets
Statement of financial position
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Cash and Cash Equivalents | ₱222,979,149.84 | ₱325,210,046.48 |
| Investments | ₱1,600.00 | ₱1,600.00 |
| Receivables | ₱117,914,374.66 | ₱80,711,596.17 |
| Inventories | ₱11,742,442.39 | ₱11,546,442.39 |
| Prepayments & Deferred Charges | ₱9,409,531.37 | ₱6,182,685.63 |
| Total Current Assets | ₱362,047,098.26 | ₱423,652,370.67 |
| Property, Plant and Equipment | ₱739,859,351.64 | ₱580,038,461.55 |
| Biological Assets | ₱3,417,063.50 | ₱3,417,063.50 |
| Total Non-Current Assets | ₱743,276,415.14 | ₱583,455,525.05 |
| Total Assets | ₱1,105,323,513.40 | ₱1,007,107,895.72 |
| Total Current Liabilities | ₱257,247,587.76 | ₱240,613,070.83 |
| Total Non-Current Liabilities | ₱58,660,077.07 | ₱35,990,734.53 |
| Total Liabilities | ₱315,907,664.83 | ₱276,603,805.36 |
| Net Assets / Equity | ₱789,415,848.57 | ₱730,504,090.36 |
Property, plant and equipment
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Land and Land Improvements | ₱21,272,997.87 | ₱19,867,509.57 |
| Infrastructure Assets | ₱351,282,249.42 | ₱316,963,627.24 |
| Buildings and Structures | ₱175,118,270.49 | ₱147,319,932.07 |
| Machinery and Equipment | ₱24,381,939.14 | ₱20,552,851.73 |
| Transportation Equipment | ₱34,538,608.26 | ₱31,909,980.54 |
| Furniture and Fixtures | ₱4,920,805.70 | ₱4,836,914.92 |
| Construction in Progress | ₱117,296,089.79 | ₱27,496,859.11 |
| Other PPE | ₱11,048,390.97 | ₱11,090,786.37 |
| Total PPE | ₱739,859,351.64 | ₱580,038,461.55 |
PPE rose by 27.6%, driven mainly by construction in progress and infrastructure assets.
Changes in net assets/equity
| Particulars | CY 2023 | CY 2022 |
|---|---|---|
| Balance at January 1 | ₱730,504,090.36 | ₱643,909,472.29 |
| Prior period errors | ₱142,770.43 | -₱14,127,315.03 |
| Restated balance | ₱730,646,860.79 | ₱629,782,157.26 |
| Net revenue recognized directly in net assets/equity | ₱0.00 | ₱0.00 |
| Surplus (deficit) for the period | ₱58,768,987.78 | ₱100,721,933.10 |
| Balance at December 31 | ₱789,415,848.57 | ₱730,504,090.36 |
Audit link: PPE accounting deficiencies
Deficiencies in the accounting for Property, Plant and Equipment: variance between RPCPPE and accounting records; non-provision of depreciation: a variance of ₱620,948,128.99 between the Report on the Physical Count of PPE and the accounting records, and non-provision of depreciation on ₱31,028,905.38 of depreciable PPE. See Finding 2.