Financial Condition and Results of Operations
Financial condition
Assets, liabilities, equity, income, and expenses of the Basey Water District for CY 2024, with comparative figures for CY 2023.
Total Assets (2024)
₱26,322,831.48
₱25,696,720.34 in 20232.4%
Total Liabilities (2024)
₱2,783,786.22
₱4,206,535.29 in 202333.8%
Equity (2024)
₱23,539,045.26
₱21,490,185.05 in 20239.5%
Net Income (2024)
₱650,842.26
₱410,017.73 in 202358.7%
Asset composition (2024)
Total assets of ₱26,322,831.48 by liquidity
Total Assets₱26,322,831.48
Liability composition (2024)
Total liabilities of ₱2,783,786.22 by term
Total Liabilities₱2,783,786.22
Condensed statement of financial position
| Account | CY 2024 | CY 2023 |
|---|---|---|
| Current Assets | ₱16,276,335.39 | ₱15,272,859.35 |
| Non-Current Assets | ₱10,046,496.09 | ₱10,423,860.99 |
| Total Assets | ₱26,322,831.48 | ₱25,696,720.34 |
| Current Liabilities | ₱1,637,394.41 | ₱2,826,418.48 |
| Non-Current Liabilities | ₱1,146,391.81 | ₱1,380,116.81 |
| Total Liabilities | ₱2,783,786.22 | ₱4,206,535.29 |
| Equity (Retained Earnings) | ₱23,539,045.26 | ₱21,490,185.05 |
Results of operations
| Particulars | CY 2024 | CY 2023 |
|---|---|---|
| Income | ₱8,494,764.13 | ₱9,109,176.73 |
| Expenses | ₱7,843,921.87 | ₱8,699,159.00 |
| Net Income Before Tax | ₱650,842.26 | ₱410,017.73 |
| Income Tax Expense | ₱0.00 | ₱0.00 |
| Net Income After Tax | ₱650,842.26 | ₱410,017.73 |
| Comprehensive Income | ₱650,842.26 | ₱410,017.73 |
Revenue breakdown (CY 2024)
| Particulars | Amount |
|---|---|
| Metered Water Sales | ₱7,907,481.00 |
| Sales Discounts | -₱28,020.72 |
| Water Sales (net) | ₱7,879,460.28 |
| Inspection Fee | ₱8,360.00 |
| Other Service Income | ₱755.00 |
| Service Income | ₱9,115.00 |
| Waterworks System Fees | ₱88,013.00 |
| Fines and Penalties | ₱422,661.95 |
| Sale of Unserviceable Property | ₱1,050.00 |
| Gains and Other Business Income | ₱94,463.90 |
| Other Business Income | ₱606,188.85 |
| Total Income | ₱8,494,764.13 |
Expense breakdown (CY 2024)
| Particulars | Amount |
|---|---|
| Salaries and Wages | ₱2,607,127.26 |
| Other Compensation | ₱1,232,767.93 |
| Personnel Benefit Contributions | ₱282,990.93 |
| Other Personnel Benefits / Terminal Leave | ₱0.00 |
| Personal Services | ₱4,122,886.12 |
| Maintenance and Operating Expenses | ₱3,195,511.81 |
| Financial Expenses | ₱800.00 |
| Non-Cash Expenses | ₱524,723.94 |
| Total Expenses | ₱7,843,921.87 |
Retained earnings
| Particulars | CY 2024 | CY 2023 |
|---|---|---|
| Beginning Balance | ₱21,490,185.05 | ₱23,198,936.24 |
| Prior Period Errors | ₱1,398,017.95 | -₱2,118,768.92 |
| Adjusted Balance | ₱22,888,203.00 | ₱21,080,167.32 |
| Net Income for the Year | ₱650,842.26 | ₱410,017.73 |
| Ending Balance | ₱23,539,045.26 | ₱21,490,185.05 |
Loans payable to LWUA
| Particulars | CY 2024 | CY 2023 |
|---|---|---|
| Current Portion | ₱221,886.00 | ₱221,886.00 |
| Non-Current Portion | ₱1,146,391.81 | ₱1,380,116.81 |
| Total Per Books | ₱1,368,277.81 | ₱1,602,002.81 |
Loan with the Local Water Utilities Administration (LWUA) (account number masked as •-•••• NL) is non-interest bearing. As of December 31, 2024, the District’s records showed ₱1,368,277.81 versus the LWUA-confirmed balance of ₱1,380,604.81, an unreconciled difference of ₱12,327.00 discussed in the audit findings. Full account number redacted — see official COA report.