Audited Financial Statements
Notes to the financial statements
The detailed composition of the accounts presented in the combined financial statements of the Municipality of Basey, Samar for the year ended December 31, 2023, with comparative figures for CY 2022.
The Notes are an integral part of the audited financial statements and amplify the items presented in the main statements. The LDRRMF (Note 26) is presented under Funds.
Account compositions
Note 4 – Cash and Cash Equivalents
Cash at the local treasury, petty cash, and cash in bank – local currency current account.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Cash – Local Treasury | ₱219,734.60 | ₱22,926.95 |
| Petty Cash | ₱9,000.00 | ₱0.00 |
| Cash in Bank – Local Currency Current Account | ₱222,750,415.24 | ₱325,187,119.53 |
| Total | ₱222,979,149.84 | ₱325,210,046.48 |
Note 5 – Investments
Financial assets held by the Municipality, principally guaranty deposits.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Guaranty Deposits | ₱1,600.00 | ₱1,600.00 |
| Total | ₱1,600.00 | ₱1,600.00 |
Note 6 – Receivables
Loans and receivable accounts, inter-agency and intra-agency receivables, advances, and other receivables.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Accounts Receivable | ₱2,232,400.00 | ₱2,444,400.00 |
| Real Property Tax Receivable | ₱28,848,904.38 | ₱17,710,292.72 |
| Special Education Tax Receivable | ₱27,739,176.59 | ₱16,600,564.93 |
| Loans Receivable – Others | ₱5,854,785.83 | ₱5,854,785.83 |
| Due from National Government Agencies | ₱237,405.02 | ₱237,405.02 |
| Due from Local Government Units | ₱538,078.10 | ₱538,078.10 |
| Due from Other Funds | ₱10,369,309.50 | ₱10,369,309.50 |
| Advances for Payroll | ₱32,410,722.15 | ₱19,148,216.14 |
| Advances to Special Disbursing Officer | ₱2,028,047.07 | ₱2,028,047.07 |
| Advances for Officers and Employees | ₱5,824,989.52 | ₱3,949,940.36 |
| Receivables – Disallowances and Charges | ₱78,158.43 | ₱78,158.43 |
| Due from Officers and Employees | ₱1,317,829.14 | ₱1,317,829.14 |
| Other Receivables | ₱434,568.93 | ₱434,568.93 |
| Total | ₱117,914,374.66 | ₱80,711,596.17 |
Note 7 – Inventories
Supplies and materials held for distribution and inventory.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Food Supplies for Distribution | ₱6,144,235.80 | ₱5,948,235.80 |
| Welfare Goods for Distribution | ₱648,223.00 | ₱648,223.00 |
| Drugs and Medicines for Distribution | ₱4,628,621.09 | ₱4,628,621.09 |
| Accountable Forms, Plates and Stickers | ₱18,380.00 | ₱18,380.00 |
| Drugs and Medicines Inventory | ₱68,252.50 | ₱68,252.50 |
| Medical, Dental and Laboratory Supplies Inventory | ₱234,730.00 | ₱234,730.00 |
| Total | ₱11,742,442.39 | ₱11,546,442.39 |
Note 8 – Prepayments and Deferred Charges
Advances to contractors, prepaid registration, and prepaid insurance.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Advances to Contractors | ₱8,919,637.68 | ₱4,709,947.12 |
| Prepaid Registration | ₱33,017.21 | ₱33,017.21 |
| Prepaid Insurance | ₱456,876.48 | ₱1,439,721.30 |
| Total | ₱9,409,531.37 | ₱6,182,685.63 |
Note 9 – Property, Plant and Equipment
Land, infrastructure assets, buildings and structures, machinery and equipment, transportation equipment, furniture and fixtures, construction in progress, and other PPE.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Land | ₱18,889,345.27 | ₱17,959,345.27 |
| Other Land Improvements | ₱2,383,652.60 | ₱1,908,164.30 |
| Subtotal – Land and Land Improvements | ₱21,272,997.87 | ₱19,867,509.57 |
| Road Networks | ₱292,324,790.69 | ₱266,751,539.40 |
| Flood Control Systems | ₱12,170,154.63 | ₱11,327,770.25 |
| Water Supply Systems | ₱10,323,034.56 | ₱9,193,037.68 |
| Power Supply Systems | ₱5,909,669.60 | ₱5,981,944.88 |
| Seaport Systems | ₱11,572,626.10 | ₱7,067,810.67 |
| Parks, Plazas and Monuments | ₱17,052,711.45 | ₱16,079,432.40 |
| Other Infrastructure Assets | ₱1,929,262.39 | ₱562,091.96 |
| Subtotal – Infrastructure Assets | ₱351,282,249.42 | ₱316,963,627.24 |
| Buildings | ₱129,444,674.66 | ₱109,136,847.09 |
| Markets | ₱110,326.51 | ₱142,099.15 |
| Slaughterhouses | ₱48,971.15 | ₱48,971.15 |
| Other Structures | ₱45,514,298.17 | ₱37,992,014.68 |
| Subtotal – Buildings and Structures | ₱175,118,270.49 | ₱147,319,932.07 |
| Machinery | -₱75,051.92 | -₱75,051.92 |
| Office Equipment | -₱1,577,414.98 | -₱1,897,892.31 |
| Information and Communication Technology Equipment | ₱6,720,402.56 | ₱5,744,283.74 |
| Agricultural and Forestry Equipment | ₱13,926,113.69 | ₱11,752,113.69 |
| Communication Equipment | -₱8,288.87 | -₱8,288.87 |
| Construction and Heavy Equipment | ₱1,973,333.90 | ₱2,306,198.90 |
| Disaster Response and Rescue Equipment | ₱2,409,725.34 | ₱2,111,969.08 |
| Medical Equipment | ₱548,317.03 | ₱548,317.03 |
| Technical and Scientific Equipment | -₱1,768.46 | -₱1,768.46 |
| Other Machinery and Equipment | ₱466,570.85 | ₱72,970.85 |
| Subtotal – Machinery and Equipment | ₱24,381,939.14 | ₱20,552,851.73 |
| Motor Vehicles | ₱32,232,495.06 | ₱28,437,495.06 |
| Watercrafts | ₱448,071.42 | ₱448,071.42 |
| Other Transportation Equipment | ₱1,858,041.78 | ₱3,024,414.06 |
| Subtotal – Transportation Equipment | ₱34,538,608.26 | ₱31,909,980.54 |
| Furniture and Fixtures | ₱4,920,805.70 | ₱4,836,914.92 |
| Construction in Progress – Infrastructure Assets | ₱67,220,123.23 | ₱20,919,829.23 |
| Construction in Progress – Buildings and Structures | ₱50,075,966.56 | ₱6,577,029.88 |
| Subtotal – Construction in Progress | ₱117,296,089.79 | ₱27,496,859.11 |
| Subtotal – Other Property, Plant and Equipment | ₱11,048,390.97 | ₱11,090,786.37 |
| Total | ₱739,859,351.64 | ₱580,038,461.55 |
Note 10 – Biological Assets
Breeding stocks held by the Municipality.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Breeding Stocks | ₱3,417,063.50 | ₱3,417,063.50 |
| Total | ₱3,417,063.50 | ₱3,417,063.50 |
Note 11 – Current Liabilities
Financial liabilities, inter-agency and intra-agency payables, and trust liabilities.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Accounts Payable | ₱23,221,516.45 | ₱18,982,472.08 |
| Due to Officers and Employees | ₱1,357,408.32 | ₱0.00 |
| Subtotal – Financial Liabilities | ₱24,578,924.77 | ₱18,982,472.08 |
| Due to BIR | ₱68,651.28 | ₱629,889.63 |
| Due to GSIS | ₱2,016,907.37 | ₱1,600,707.78 |
| Due to Pag-IBIG | ₱555,900.13 | ₱574,808.74 |
| Due to PhilHealth | -₱121,062.52 | ₱49,014.55 |
| Due to NGAs | ₱193,671,885.74 | ₱191,228,160.03 |
| Due to GOCCs | ₱1,203,628.58 | ₱2,048,428.27 |
| Due to LGUs | ₱7,737,886.53 | ₱8,239,093.36 |
| Subtotal – Inter-Agency Payables | ₱205,133,797.11 | ₱204,370,102.36 |
| Due to Other Funds | ₱2,353,970.27 | ₱2,353,970.27 |
| Due to Special Accounts | ₱67,740.25 | ₱67,740.25 |
| Due to Economic Enterprises | ₱81,891.55 | ₱81,891.55 |
| Subtotal – Intra-Agency Payables | ₱2,503,602.07 | ₱2,503,602.07 |
| Trust Liabilities | ₱3,505,179.76 | ₱2,365,258.55 |
| Trust Liabilities – Disaster Risk Reduction and Management Fund | ₱17,137,436.06 | ₱9,839,862.75 |
| Guaranty/Security Deposits Payable | ₱4,388,647.99 | ₱2,523,615.02 |
| Subtotal – Trust Liabilities | ₱25,031,263.81 | ₱14,728,736.32 |
| Total | ₱257,247,587.76 | ₱240,584,912.83 |
Note 12 – Non-Current Liabilities
Deferred real property tax, deferred special education tax, and other payables.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Deferred Real Property Tax | ₱28,863,674.43 | ₱34,325,627.69 |
| Deferred Special Education Tax | ₱27,739,176.58 | ₱0.00 |
| Other Payables | ₱2,057,226.06 | ₱1,665,106.84 |
| Total | ₱58,660,077.07 | ₱35,990,734.53 |
Note 13 – Tax Revenue
Taxes on individuals and corporations, property, goods and services, and fines and penalties, plus the share from internal revenue collections (IRA).
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Community Tax | ₱399,078.81 | ₱413,449.89 |
| Real Property Tax – Basic | ₱403,164.06 | ₱373,373.91 |
| Discount on RPT | -₱25,251.56 | -₱19,286.78 |
| Special Education Tax | ₱503,955.07 | ₱474,002.29 |
| Discount on SEF | -₱31,564.45 | -₱24,371.00 |
| Business Tax | ₱1,887,818.30 | ₱1,847,483.78 |
| Fines and Penalties – Taxes on Individual and Corporation | ₱17,206.85 | ₱10,712.60 |
| Fines and Penalties – Property Taxes | ₱242,403.02 | ₱278,737.32 |
| Fines and Penalties – Other Taxes | ₱43,304.91 | ₱6,470.50 |
| Total Tax Revenue | ₱3,440,115.01 | ₱3,360,572.51 |
| Share from Internal Revenue Collections (IRA) | ₱288,966,942.00 | ₱338,106,297.00 |
| Total | ₱292,407,057.01 | ₱341,466,869.51 |
Note 14 – Service and Business Income
Permit, registration, clearance, inspection, and processing fees; rental, market and slaughterhouse receipts; interest and other income.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Permit Fees | ₱1,084,381.30 | ₱901,241.70 |
| Registration Fees | ₱974,370.00 | ₱1,048,214.00 |
| Registration Plates, Tags and Stickers Fees | ₱140,300.00 | ₱188,198.00 |
| Clearance and Certification Fees | ₱1,363,627.17 | ₱1,021,467.90 |
| Inspection Fees | ₱8,600.00 | ₱6,450.00 |
| Processing Fees | ₱32,281.34 | ₱531,300.23 |
| Fishery Rental Fees | ₱1,582,920.00 | ₱1,489,100.00 |
| Fines and Penalties – Service Income | ₱120,659.13 | ₱4,800.00 |
| Other Service Income | ₱183,160.00 | ₱154,025.75 |
| Rent Income | ₱114,962.00 | ₱102,894.70 |
| Receipt from Slaughterhouse Operation | ₱77,040.00 | ₱4,225.00 |
| Garbage Fees | ₱170,173.50 | ₱131,510.00 |
| Interest Income | ₱114,933.66 | ₱109,087.88 |
| Fines and Penalties – Business Income | ₱809.50 | ₱21,870.25 |
| Other Business Income | ₱456,150.00 | ₱1,715,339.99 |
| Total | ₱6,424,367.60 | ₱7,429,725.40 |
Note 15 – Transfers, Assistance and Subsidy
Subsidy from other funds received during the year.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Subsidy from Other Funds | ₱9,750,141.43 | ₱3,461,592.54 |
| Total | ₱9,750,141.43 | ₱3,461,592.54 |
Note 16 – Shares, Grants and Donations
Share from PCSO, grants and donations in cash, and miscellaneous income.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Share from PCSO | ₱168,734.54 | ₱278,786.41 |
| Grants and Donations in Cash | ₱40,000.00 | ₱0.00 |
| Miscellaneous Income | ₱15,000.00 | ₱13,400.00 |
| Total | ₱223,734.54 | ₱292,186.41 |
Note 17 – Employee Cost
Salaries and wages, other compensation, personnel benefit contributions, and other personnel benefits.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Salaries and Wages – Regular | ₱60,463,668.41 | ₱55,501,550.28 |
| Personnel Economic Relief Allowance | ₱3,804,298.59 | ₱3,536,908.94 |
| Representation Allowance (RA) | ₱2,531,250.00 | ₱2,283,750.00 |
| Transportation Allowance (TA) | ₱2,531,250.00 | ₱2,283,750.00 |
| Clothing/Uniform Allowance | ₱966,000.00 | ₱108,000.00 |
| Subsistence Allowance | ₱401,249.90 | ₱408,750.00 |
| Laundry Allowance | ₱25,562.40 | ₱26,562.50 |
| Productivity Incentive Allowance | ₱799,500.00 | ₱746,000.00 |
| Honoraria | ₱2,760,252.42 | ₱2,336,980.09 |
| Hazard Pay | ₱2,437,724.37 | ₱2,266,091.31 |
| Overtime and Night Pay | ₱696,089.73 | ₱609,434.04 |
| Year-End Bonus | ₱9,969,132.40 | ₱9,102,574.00 |
| Cash Gift | ₱788,000.00 | ₱739,250.20 |
| Other Bonuses and Allowances | ₱39,017.00 | ₱0.00 |
| Retirement and Life Insurance Premiums | ₱6,963,377.18 | ₱6,260,017.23 |
| Pag-IBIG Contributions | ₱188,800.00 | ₱173,900.00 |
| PhilHealth Contributions | ₱1,119,713.31 | ₱876,085.96 |
| Employees Compensation Insurance Premiums | ₱188,400.00 | ₱173,700.00 |
| Terminal Leave Benefits | ₱1,622,800.04 | ₱3,259,449.96 |
| Other Personnel Benefits | ₱10,327,337.84 | ₱9,147,344.98 |
| Total | ₱108,623,423.59 | ₱99,840,099.49 |
Notes 18–23 – Maintenance and Other Operating Expenses
Travelling, training and scholarship, supplies and materials, utilities, communication, contracted services, repairs and maintenance, transfers, taxes and insurance premiums, and other MOOE.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Travelling Expenses – Local | ₱5,909,341.96 | ₱6,177,113.20 |
| Training Expenses | ₱2,698,953.76 | ₱2,183,746.02 |
| Scholarship Grants/Expenses | ₱4,236,000.00 | ₱0.00 |
| Office Supplies Expenses | ₱3,012,522.12 | ₱2,921,492.54 |
| Accountable Forms Expenses | ₱198,700.00 | ₱282,940.00 |
| Food Supplies Expenses | ₱4,322,718.60 | ₱4,303,993.50 |
| Welfare Goods Expenses | ₱1,944,195.00 | ₱0.00 |
| Drugs and Medicines Expenses | ₱4,037,201.90 | ₱3,995,362.35 |
| Medical, Dental and Laboratory Expenses | ₱196,900.00 | ₱1,997,978.00 |
| Fuel, Oil and Lubricants Expenses | ₱5,397,803.68 | ₱8,555,092.84 |
| Agricultural and Marine Supplies Expenses | ₱1,870,858.00 | ₱575,634.00 |
| Other Supplies and Materials Expenses | ₱7,669,998.98 | ₱2,735,996.40 |
| Water Expenses | ₱225,035.98 | ₱189,489.31 |
| Electricity Expenses | ₱3,716,382.59 | ₱4,580,337.63 |
| Postage and Courier Services | ₱8,057.00 | ₱0.00 |
| Telephone Expenses | ₱781,284.65 | ₱807,199.43 |
| Internet Subscription Expenses | ₱559,225.43 | ₱602,557.00 |
| Subtotal – Supplies and Utilities | ₱46,785,179.65 | ₱39,908,932.22 |
| Contracted Services | ||
| Environment/Sanitary Services | ₱2,820,250.00 | ₱3,990,800.00 |
| Other General Services | ₱27,418,468.81 | ₱20,629,550.00 |
| Total | ₱30,238,718.81 | ₱24,620,350.00 |
| Repairs and Maintenance | ||
| Infrastructure Assets | ₱0.00 | ₱47,965.00 |
| Buildings and Other Structures | ₱1,499,272.28 | ₱2,769,639.70 |
| Machinery and Equipment | ₱122,814.60 | ₱36,990.00 |
| Transportation Equipment | ₱1,425,595.01 | ₱1,101,759.36 |
| Subsidy to Other Funds | ₱30,000.00 | ₱3,511,592.54 |
| Total | ₱3,077,681.89 | ₱7,467,946.60 |
| Transfers | ||
| Transfers of Unspent Current Year DRRM Funds to the Trust Funds | ₱17,047,714.74 | ₱0.00 |
| Transfers for Project Equity Share / LGU Counterpart | ₱0.00 | ₱5,912,130.63 |
| Total | ₱17,047,714.74 | ₱5,912,130.63 |
| Taxes, Insurance Premiums and Other Fees | ||
| Taxes, Duties and Licenses | ₱31,339.24 | ₱29,527.17 |
| Fidelity Bond Premiums | ₱147,765.00 | ₱146,640.00 |
| Insurance Expenses | ₱2,155,956.98 | ₱482,772.72 |
| Total | ₱2,335,061.22 | ₱658,939.89 |
| Other Maintenance and Other Operating Expenses | ||
| Advertising Expenses | ₱11,000.00 | ₱20,000.00 |
| Membership Dues and Contributions to Organizations | ₱36,000.00 | ₱138,200.00 |
| Donations | ₱9,905,300.00 | ₱7,188,840.00 |
| Other MOOE | ₱24,786,296.95 | ₱33,525,217.70 |
| Subtotal – Other MOOE | ₱34,738,596.95 | ₱40,886,657.70 |
Note 24 – Financial Expenses
Interest expense and other finance charges.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Interest Expense | ₱0.00 | ₱474,126.50 |
| Total | ₱0.00 | ₱474,126.50 |
Note 25 – Non-Cash Expenses
Depreciation by class of property, plant and equipment.
| Account | CY 2023 | CY 2022 |
|---|---|---|
| Depreciation – Land Improvements | ₱23,712.00 | ₱0.00 |
| Depreciation – Infrastructure Assets | ₱3,410,032.39 | ₱13,520,002.98 |
| Depreciation – Buildings and Other Structures | ₱1,521,767.07 | ₱6,537,468.91 |
| Depreciation – Machinery and Equipment | ₱986,247.59 | ₱7,699,243.72 |
| Depreciation – Transportation Equipment | ₱1,166,372.28 | ₱3,127,534.53 |
| Depreciation – Furniture and Fixtures | ₱39,409.22 | ₱1,213,860.09 |
| Depreciation – Other Property, Plant and Equipment | ₱42,395.40 | ₱32,989.50 |
| Total | ₱7,189,935.95 | ₱32,131,099.73 |