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M Gr M d Chprson

27 Spm 2012

His ExcellemBEIGO SIMEON C. AQUO dn h hlppnMalaaang Mana

Da Mr Preident:

Republc of th Phipns

DTOE O TH SON

Cmmwh v Qz Cty, Ps

I hav h hn subm, puuan Son 4, Al IX h onsun hhlppns h lwng 21 po:

1 Aud man Summay p2. Anual Fiacial Repot

• Nna Gvn\ (Vums 1- and 1)• vnmnOwnd and/ nld opan Vlum IA and II-B• La Gvnm�n Uns Volums II·A and Il-B)

Th Aud man Summay p nan h hghlgh o h Annua Fnanp quk n h s ou s p h nau and w u ha yu wlnd uu.

Vy uy yu

Phone (63) 95 I /99/99 99Fa: (6 99 : [email protected] Wclsitc g

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a Gracia M Puldo nChpro

7 Spm 012

s xceenyBG M C. QU Psid th hiiisMalaaag, Maia

Da Mr. reidet:

Repubc fthe Plppns

COMMISSON ON AUDT

OFFICE OF TlE HARPRSONComnweah Aveu, Qzn ity Plippns

I av h h sumi usua Si 4, Ai IX-0 h si hiis, h wg 2 s:

1. Audi ma Summa 2 ul Fiaia

Naia Gvm (Vums 1 ad 1-) GvmOwd ad/ d ais Vums A ad 1• La Gm Us (Vums l ad B

Th Aud ma Summay is h hgighs h u i

s quik . hs s u is his u, ad w us a yu wilid i usu

y uy us

Phoe (62) 952-700 c 0 /931922 /9220 /-Fa: (62 922 Email: [email protected] Websit wau

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a Gracia M Puldo Tan

Chairperson

27 Sptmb 202

he Hbe

JUAN PONE ENRILEsdnt, hppn SntGSS omplx sy

D eset:

I hv th hono to submt pusun to Scon 4, Ac X- of th onsttuton of thhppns th foowng 20 pot:

1. Audt fomnc Summry pot2 Annu Fnnc pos

ona ovnmn (Voums 1-A nd 1B) ornmntwnd ndo onod opoons (Voums -A nd B)•

oc ovnmnt Un (Voums A nd B.

Th Audt fomnc Summy pot conns th hghghs of th Annu Fnnpots fo quck fnc hs s ou st po of ths ntu nd w tust tht you wnd t usfu

y tuy yous

Phone: (632) 952-5700 lcaliOI/931-92293-9220 /9-0936Fa: 632) 939223 Ema [email protected] Websitewwwoagph

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Ma. Graci M. Pudo TanChrperon

27 Sptmbr 202

The HonorableFELICIANO R BELONTE, JRSpakr, Hous of RpsntativsNational Gornmnt ntrQuzon iy

Dar r Speker:

I ha th honor to submit pursuant to Sction 4, Atic X-D of th onsition of thPhiippins, th foong 20 rpo:

1. Audit rformanc Summay Rport2 Annua Financia Rpor

• Nationa Govrnmnt (Volums 1-A and B)• GovmntOwnd and/o ontrod oporaons (Voums IIA and 1B)• Local Govrnmnt Unit (Voums ·A and IB

Th Audit fomanc Summary Rpot contains th highigh of th Annua FinanciaRpor for quic fnc This is our rst Rpo of this nar and w trust that you wifnd t usl.

Vy tuy yous,

f

Phoe: (63) 955 lOl/9393939 /959Fa: 63) 9393 Eml c@govp Wbsit wgp

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Ma. Gci M. Pudo Tan

Chaierson

27 Septembe 202

he Horble

FANKIN M. DRLON

hrmn, ommtee on FnncePhlppne SenateGSIS omplex, sy

Der Set Dlo:

I hve the hono to submt pusunt to Secon 4, Artce XD of the onston o thehppes, the folowng 0 epor:

1 Audt eormnce Summry Report2 Annul Fnncl Repots

• Ntonl Govement (Voumes 1-A nd l·B)• G9vernmentOwned nd/o ontroled opotons (Volumes 11A nd I-B) Local Govenment Unts olumes 111A nd

The Audt eformnce Summ Repot conns he hhlhts of the Annu nnclReports fo quck refeence. hs s ou fst Report o ths nure, nd we rust tht you wllnd t useful

e truy yours

Phne: (63)95-5700 lol1011 /931923 I9390950936Fa:

3) 93193Em

il

mgpn@gvph Webie www.coagvph

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Ma Gracia M Puldo Tan

Chrperson

27 Sptmb 202

The Hnrable

CHAIRMAN, COMMEE ON APPROPRAONSHu f RpnavNainal Gvnmnt nt

Quzon

Da Mr. Chairman:

I ha th hn to umt, puuant t Sctin 4, Atc IX-D f th ntutn thPhlippn th flwng 20 p:

1. Audit omanc Summay Rp2 Annua Financial Rpt

Nanal Gvnmnt (Vlum 1-A and 1-B) Gvnmnt-Ownd and/ nld pan (Vlum -A and -B)•

Lcal Gvnmnt Uni (Vlum lA and B)

Th Audt fmanc Summa Rp cntan h hghligh of th Annual FinancalRp, quck fnc. h i u it Rpt h nau, and w ut that yu wind It ul.

Vy tuy you,

Phone: (632) 9525700 loca101/931-232939220 /95109Fa: 2 91922 Ema [email protected] Websitw.co.govp

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2011

Annual Financial Report

LOCAL GOVERNMENT UNITS

Volume III-A

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2011 Annual Financial Report

Local Government

Table of Contents

Part I Overview Page

Introduction 1

Legal Basis 3

Audited Agencies 4

Audit Focus 5

Contents of the Report 5

Method of Consolidation 7

Part II Financial Highlights

Financial Condition 11

o

Balance Sheet Account

Results of Operation 21

o

Revenue and Incomeo Expenditure

Cash Flow 29

Part III Financial Statements

Management Responsibility forFinancial Statements 37

Auditor’s Opinion 37

Condensed o

Balance Sheet 39o

Statement of Income and Expenses 43o

Cash Flow Statements 47

Detailed Balance Sheet

o Comparative Balance Sheet 53o

Balance Sheet by LGU Classification 58o Balance Sheet by Fund 63

Statement of Income and Statement o

Comparative Income and Expenses 68o

Income and Expenses by LGU Classification 74o

Income and Expenses by Fund 80

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Cash Flow Statement o Comparative Cash Flow 86o Cash Flow by LGU Classification 87o Cash Flow by Fund 88

Notes to Financial Statements 89

Part IV Credit Financingo Schedule of Loans/Bond Payable,

By LGU, By Region 106o Schedule of Unaccounted/Unrecorded

Loans/Bond Payables 188

Part V Results of Audit

Significant Findings and Recommendations o

Credit Financing 195o

Priority Development Assistant Fund 203o

Special Education Fund 206o

Local Disaster Risk Reduction Management 210o

20% Development Fund 213

Common Findings and Recommendations o Revenues 216o

Procurement 221o

Trust Fund 226o

Accounts and Internal Control 227

Summary of Actions Taken on Audit Findings and Recommendations 234

Part VI Individual Financial Profile of Local Government Units

Provinces 244

Cities 247

Municipalities 254

Part VII Financial Profil e and Results of Audi t of Barangays

Summary By Region with Submitted Financial Statements 293

Financial Profile by City and Municipality 294

Summary of Common Findings and Recommendations 334

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List of Acronyms

List o f Tables and Charts

List of Annexes

Annex 1- List of LGUs with Unsubmitted/Incomplete/

Unreconciled financial statements

Annex 2- Summary of Individual AuditOpinion of LGUs by Province,City and Municipality

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Part I

Overview

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1

Part I Overview

INTRODUCTION

The passage of the Local Government Code (LGC) in 1991 ushered in greater localautonomy and economic opportunities for local government units (LGUs) while strengthening theirgovernance structure. Along with this, more emphasis was placed on transparency andaccountability in the operations of LGUs particularly in the area of financial management.

Under the basic policy of Local Autonomy, LGUs were granted the power to create its ownsources of revenues, operate economic enterprises and impose local taxes, fees and charges.This is governed by the fundamental principles under Section 160 of the LGC which provides,among others, uniform taxation in each LGU, equitable imposition based on taxpayers ability to pay

and levied and collected only for public purposes..With revenue generating measures and share in national government resources in the

form of Internal Revenue allotment (IRA) at its disposal, LGUs were empowered to implement theirrespective mandates for the benefit of their constituents and the general public. The delivery ofbasic public services and the development of human and economic potentials are indispensable inimproving the quality of life of each member of the community.

In accordance with principle of Fiscal Responsibility, Local Chief Executives (LCE) shallexercise the prudence of a good father of the family in safeguarding the resources of the localgovernment from loss, waste and abuse. LGUs are expected to institute strong internal controlsystems and procedures to ensure efficiency, economy and effectiveness in the conduct of theiroperations. With the guidance and assistance of the Oversight Agencies of the NationalGovernment, financial management reforms in the areas of budgeting, accounting and financialreporting were put in place.

Several guides on financial management for LGUs are provided. These include theCommission on Audit (COA) Manual on the New Accounting System (NGAS) for use in LGUs onJune 20, 2002 under COA Circular No. 2002-003, the Updated Budget Operations Manual (UBOM)for LGUs, 2008 edition by the Department of Budget and Management (DBM) and the Statement ofReceipts and Expenditures of the Bureau of Local Government Finance (BLGF) of the Departmentof Finance (DOF) along with the issuance of pertinent rules and regulations of the abovementioned agencies.

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Efforts are also gaining ground to enhance transparency and accountability of LGUs suchas the Department of Interior and Local Government (DILG) policy initiative on the Full DisclosurePolicy (FDP) of Local Budget and Finances (LBF), and Bids and Public Offerings (BPO) underMemorandum Circular (MC) No.2010-83 issued on August 31, 2010 and related issuances MC No.2011-08A and MC No.2011-134 This is due to the added incentive of the Seal of Good

Housekeeping (SGH) Award to LGUs found to be compliant to the two fold criteria - On SoundFiscal Management evidenced by the absence of an Adverse or Disclaimer Audit Opinion by COAand On Accountable and Transparent Governance putting emphasis on the Full Disclosure Policy.

The Performance Challenge Fund (PCF) established by DILG under MC No. 2011-02dated April 27, 2011 seeks to recognize LGUs which exhibited “good performance in internalhousekeeping particularly in the areas of planning, fiscal management, transparency andaccountability and valuing performance management”. Those which have been conferred the SGHcan avail of the PCF for the implementation of capital investment projects aligned with the nationalgovernment strategic thrusts and goals through a cost-sharing mechanism or LGU counterpartfund. This cost-sharing arrangement was temporarily suspended in September 19, 2011 with the

issuance of Memorandum Order 24 of the Office of the President to rationalize the NG-LGU Cost-Sharing Policy due to implementation delays encountered.

The Local Disaster Risk Reduction Management Fund (LDRRMF) was created underRepublic Act 10121 otherwise known as the Philippine Disaster Risk Reduction and Management(PDRRM) Act of 2010 to support disaster risk management activities at the LGU level. It providesthat not less than 5% of estimated revenue from regular sources shall be set aside as LDRRMF,30% of the amount appropriated shall be allocated as Quick Response Fund or standby fund forrelief and recovery and the unexpended balance shall be constituted as Special Trust Fund usedsolely for the purposes provided under said law. This provided a concrete boost to riskpreparedness and mitigation activities especially in disaster-prone areas.

Given their mandate, the resources at their disposal and funding for government programsand projects for implementation at the local level, LCEs and those who share in the fiscalresponsibility for LGUs are in an enviable position of making positive changes in the lives of theirconstituents and the locality as a whole. As front liners in touch with the people they can do muchto alleviate the plight of those at the grassroots level especially those living in conditions of povertythrough programs and interventions with direct impact on intended beneficiaries.

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The ensuing consolidated financial report will provide information on the magnitude ofavailable resources utilized by Provinces, Cities, Municipalities and selected Barangays in 2011with comparative figures for 2010 and the results of the audits of the LGUs. The promptimplementation of audit recommendations and strict compliance with applicable laws and

regulations will further enhance local fiscal governance and result in maximizing the generation andutilization of resources.

LEGAL MANDATE

The Annual Financial Report (AFR) of Local Government Units (Volume III) is prepared bythe Commission on Audit (COA) Local Government Sector (LGS) and submitted to thePresident of the Philippines and both Houses of Congress and posted at the official website ofCOA. The other volumes of the AFR pertain to National Government Agencies (Volume I) and

Government Owned and Controlled Corporations (GOCCs) and Subsidiaries (Volume II ).

Quoted below are the legal bases for the AFR preparation:

Section 4, Article IX-D of the Philippine Constitution provides that “The Commission on Audit shall submit to the President and the Congress within the time fixed by law, an annualreport covering the financial condition and operation of the Government, its subdivisions,agencies and instrumentalities, including government-owned and controlled corporations, andnon-governmental entities subject to its audit, and recommend measures necessary to improvetheir effectiveness and efficiency”.

Section 41 PD 1445, Government Auditing Code of the Philippines quotes that “TheCommission shall submit to the President, xxx, and the National Assembly not later than thelast day of September of each year an annual report on the financial condition and results ofoperation of all agencies of the government which shall include recommendations andmeasures necessary to improve their efficiency and effectiveness”.

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AUDITED AGENCIES

COA through its auditors stationed in field units and regional offices under the jurisdictionof the Cluster Director for the National Capital Region (NCR) and the Regional Directors

outside of Metro Manila respectively conduct the audit of the following LGUs:

Region Provinces Cities Municipalit ies Barangay

NCRCARRegion IRegion IIRegion IIIRegion IVRegion VRegion VI

Region VIIRegion VIIIRegion IXRegion XRegion XIRegion XIIRegion XIII

ARMM

06457

1066

46354455

16293

13167

16

167596562

175

11690

117199107117

1161366784434567

116

1,7051,1763,2652,3113,1025,4693,4714,051

3,0034,3901,9042,0221,1621,1941,3112,490

Total 80 138 1,496 42,026

No. of FS Submitted 80 138 1,464 29,069

Percentage of

Submission 100% 100% 98% 69%

The data on number of Audited Agencies in the above table is based on the DILG list ofLGUs published in their official website.

The number and percentage of submission of financial statements are shown in the abovetable to indicate the number of LGUs which submitted their 2011 financial statements for audit.Provinces and Cities submitted financial statements and were audited 100%. While forMunicipalities, the list of those which did not submit or whose financial statements were incompleteor not reconciled is shown as Annex 1 of this report.

In the case of barangays, audits are conducted on a cyclical basis every three years due tothe large number of barangays versus available audit personnel.

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AUDIT FOCUS

Regular financial and compliance audits are conducted annually on the financial

statements and operations of all agencies of government including the LGUs. Performance orValue for Money audits are also done on specific programs and projects implemented by agenciesto determine if the stated objectives and intended results have been achieved.

For CY 2011, the specific audit focus was centered on the credit financing activities ofLGUs to determine the existence and completeness of the recording of all forms of loans obtainedfrom whatever source and purpose and the proper presentation and disclosure in the financialstatements.

Common audit focus on areas such as 20% Development Fund, Procurement,Infrastructure Projects and Revenues among others were pursued. In addition compliance with the

LDRRM Law and Full Disclosure Policy were looked into.

CONTENTS OF THE REPORT

The AFR for LGUs is a consolidated report on the financial condition and results ofoperation of Provinces, Cities, Municipalities and selected barangays as shown in their financialstatements which consists of the Balance Sheet, Income Statement and Cash Flows. Results ofaudits conducted are reflected in the kind of Audit Opinion rendered on the individual FS of LGUsthe preparation of which is a responsibility of LGU management.

The Over-all Financial Statements of LGUs are presented in Condensed Comparative form,by LGU classification and by fund namely General Fund, Special Education Fund and Trust Fund.Detailed financial statements are also included to provide the composition/grouping of accounts inthe condensed report. A table of Audit Opinions rendered from 2009-2011 by type of opinion isshown in Table 14. The Summary of Individual Audit Opinion by LGU classification is included in

Annex 2.

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The Notes to Financial Statements provide the basic accounting policies and explanatory oradditional information of accounts presented in the FS including significant events subsequent tothe cut off date of the FS but before the date of issuance of the auditor’s opinion.

The financial highlights and analysis shown in Part II precede the presentation of the over-all

condensed and detailed financial statements in Part III. The individual financial profile of eachLGUs by region, province, city and municipality shows in summary their Assets, Liabilities, Equity,Income and Expenses culled from the submitted Balance Sheet and Income Statement. A rankingof top twenty (20) LGUs, by province, city and municipalities (by class of municipality) in theaforesaid categories are also presented in Part VI of the report. The Individual Summary Report(ISR) of Provinces and Cities only, a shorter version of the AAR, is presented in Volume III-B

For 2011, based on the identified audit focus on Credit Financing, The AFR features theinitial result of the data gathering of loans of LGUs. Based on the Individual Loan Profiles (ILP)submitted by auditors, a list of loans contracted by each LGU was prepared and compared with thefigures reported in the FS. This is shown in Part IV as Schedule of Loans/Bonds Payable, by LGU,

by Region.

Findings and recommendations on the focus audit areas if any, gathered and tabulatedfrom the LGU AARs are summarized in Part V of this report. However, all the detailed findings andrecommendations by LGU and the individual AARs are transmitted to the respective LCEs andSanggunians and can be viewed in the official website of COA (www.coa.gov.ph). The status ofimplementation of prior year’s audit recommendations is summarized in a table to show thoseImplemented. Partially Implemented and Not Implemented.

In Part VII of the report, the number and financial profile of the barangays are shown by Cityand Municipality. This represents 69% or 29,069 barangays of the total number of 42,026barangays. A tabulation of the common audit findings and recommendations reported by thebarangay auditors is also included in this section.

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METHOD OF CONSOLIDATION

The consolidated Balance Sheet, Income Statement and Cash Flows and related non

financial information in the 2011 AFR are based on the regional consolidated data submitted byCOA Regional Offices taken from the individual AARs of auditors within their area of supervision.Line by line consolidation of accounts was made to produce the consolidated FS. The audit opinionis rendered on the individual AARs in compliance with Auditing Standards and not on the AFR as awhole.

The total number of LGUs included in the 2011 consolidation is 1,682 consisting of 80Provinces (100%), 138 Cities (100%) and 1,464 Municipalities (98%). When compared with the2010 figures of 1,605 LGUs (Provinces - 78 or 98%; Cities - 122 or 99%; Municipalities – 1,403 or93%,the comparability of financial data between the two years will necessarily be affected by thedifference in the number of LGUs being compared and their respective account balances.

Audit findings and recommendations have been summarized and tabulated from theindividual AARs to present common and significant finding only therefore it does not reflect thetotality of audits findings per LGU or region wide. No additional audit procedures were undertakento validate the findings and care was taken not to revise or distort its original meaning or text.

The cut off of the data for the FS consolidation is August 23, 2012 while the data forbarangays is September 19, 2012.

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Part II

Financial Highlights

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FINANCIAL HIGHLIGHTS

A. FINANCIAL CONDITION

The number of local government units (LGUs) financial statements included in the 2011 Annual

Financial Report (AFR) are:

Provinces - 80 - 100%Cities - 138 - 100%Municipalities - 1,464 - 98%

There are (32) municipalities which were excluded due to lack of FS (25) andincomplete/unreconciled FS (7). The list is shown on Annex 1 of the report. Barangays are excluded inthe consolidated figures since the audit of barangay accounts are done on three-year cyclical basis.

The distribution of the major accounts in the consolidated balance sheet of all LGUs is shownbelow:

Figure 1.0 - 2011 Major Balance Sheet Accoun ts of L GUs(in billion pesos)

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The comparative analysis of the accounts per LGU classification is depicted in the succeedingfigures and tables:

Figure 2.0 - Comparative Major Balance Sheet Accounts(in billion pesos)

The combined account balances for CY 2011 show that the accounts have increased from thepreceding year: Assets by P85.049 billion (12.70%), Liabilities byP26.728 billion (13.24%), andGovernment Equity by P58.321 billion (12.46%).

Further comparisons with the data reported in 2010 by LGU classification (Provinces, Cities

and Municipalities) and by fund (General Fund, Special Education Fund and Trust Fund) are presentedin Table 2.0 and Table 3.0 respectively:

Table 1.0 - Comparative Balance Sheet Acco unts by LGU Classif ication(in billion pesos)

AccountProvinces Cities Municipalities

2011 2010 +/- 2011 2010 +/- 2011 2010 +/- Assets 192.318 173.287 19.031 371.877 330.308 41.,569 190.629 166.179 24.450

Liabilities and DeferredCredits 47.011 43.369 3.642 117.238 102.779 14.439 64.276 55.629 8.647

Government Equity 145.307 129.918 5.389 254.639 227.509 27.130 126.353 110.550 15.803

Table 2.0 - Comparative Balance Sheet Accounts by Fun d(in billion pesos)

AccountGeneral Fund Special Education Fund Trust Fund

2011 2010 +/- 2011 2010 +/- 2011 2010 +/- Assets 621.172 551.108 70.064 85.661 79.301 6.360 47.991 39.366 8.625Liabilities and Deferred Credits 165.427 149.938 15.489 26.500 23.533 2.967 36.598 28.326 8.272

Government Equity 455.745 401.170 54.575 59.161 55.768 3.393 11.393 11.040 0.353

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ASSETS

The total combined assets for CY 2011 amounting to P754.824 billion is broken down into:Cash, P161.016 billion; Receivables, P85.090 billion; Inventories, P10.680 billion; Prepayment andOther Current assets, 3.822 billion; Investments, P2.604 billion; Property, Plant and Equipment,

P483.973 billion and Other Assets, P7.640 billion.

Figure 3.0 represents the breakdown of each account caption to the total assets.

Figure 3.0 –Asset Accounts Breakdown(in billion pesos)

The increase in the asset accounts of the LGUs is contributed mainly by increases in the Cash Account which amounted to P36.067 billion or 28.86%, Receivables, P10.920 billion from last year’sbalance of P74.170 billion or 14.72%, Investments, (P0.809) billion up from last year’s amount ofP3.412 billion and Property, Plant and Equipment with a P37.046 billion increase. Comparative assetsby LGU classification and by fund are presented in Figures 4.0 and 5.0 respectively.

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Figure 4.0 – Comparative Total Assets by LGU Classification(in billion pesos)

As compared to last year’s data, the distribution of Assets does not show any significantvariance. The table below shows that Cities consistently hold the highest share in total assets at 49% ofthe total assets. Provinces and Municipalities hold equal share of 25% each.

Table 3.0 Distributi on of Assets by LGU Classification

2011 Percentage 2010 Percentage

Provinces 192.318 25.41 173.287 25.87

Cities 371.877 49.14 330.308 49.32

Municipalities 192.629 25.45 166.179 24.81

TOTAL 756.824 100.00 669.774 100.00

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5.0 – Comparative Total Assets by Fund(in billion pesos)

As shown in the illustration, the General Fund has the highest share in the total assets with82%, compared to Special Education Fund, 11% and Trust Fund, 6%.

Table 4.0 Distribution of Assets by Fund

2011 Percentage 2010 Percentage General Fund 621.172 82.29 551.108 82.28

Special Education Fund 85.661 11.35 79.301 11.84

Trust Fund 47.991 6.36 39.366 5.88

TOTAL 754.824 100.00 669.775 100.00

Liabilities and Deferred Credits

For CY 2011, the combined Liabilities and Deferred Credits Accounts registered an amount ofP228.555 billion, an increase of P26.727 billion or 13.24% from last year’s balance. The incrementaldifference was due to the movements of the following: Current Liabilities – P16.506 billion or 19.14%;Long Term Liabilities – P3.693 billion or 5.40%; and Deferred Credits which recorded an increase ofP6.528 or 13.83%.

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Figure 6.0 illustrates the breakdown of each of the above accounts to the total consolidatedLiabilities and Deferred Credits:

Figure 6.0 - Liabilit ies and Deferred Credits Breakdown(in billion pesos)

The comparative balances of the Liabilities and Deferred Credits Accounts by LGUClassification and By Fund are shown in the succeeding Figures.

Figure 7.0– Comparative Accounts Balances of Liabilities and Deferred Credits by LGU Classification

( in billion pesos)

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Figure 8.0– Comparative Accounts Balances of Liabilities and Deferred Credits by Fund( in billion pesos)

Government Equity

As of December 31, 2011, the Equity Account reflected an amount of P526.299 billion,registering an increase of P58.322 billion from last year’s balance. The Equity Account is mainlycomposed of the following: Beginning Balance, Adjusted – P478.682 billion; Retained OperatingSurplus from Current Operations – P69.197; Prior Years’ Adjustments – (P1.669) billion and Transfersto Registry net (P19.911) billion representing transfers to the registries of the Cost of PublicInfrastructure and reforestation projects. The Equity Account breakdown is further depicted in theFigures below:

Figure 9.0 – Equity Account Breakdown(in billion pesos)

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A Regional Breakdown of the 2011 Assets, Liabilities and Deferred Credits and GovernmentEquity with ranking is shown below:

Table 5.0 – Regional Ranking by Assets(in thousand p esos)

ASSETS

By Province By City By Municipality

Region Amount Region Amount Region Amount

Region VII 37,012,568 NCR 160,705,217 Region IV 40,107,114

Region IV 33,548,986 Region IV 39,709,760 Region III 21,566,516

Region III 21,762,009 Region VII 33,025,169 Region I 16,182,121

Region I 14,575,211 Region VI 23,392,512 Region VII 14,383,079

Region VI 14,525,054 Region III 20,145,795 Region VI 13,261,905

Region V 12,138,667 Region X 17,265,883 Region V 12,494,892

Region X 9,353,021 Region IX 16,545,999 Region VIII 12,199,197

Region II 9,012,723 Region XI 10,526,398 Region II 10,986,190Region VIII 8,439,413 Region VIII 9,465,153 Region X 9,248,034

Region XII 6,371,240 Region I 8,212,751 Region IX 8,119,456

Region XIII 6,120,828 Region V 7,861,762 Region XII 7,597,693

Region XI 5,750,907 Region XII 7,067,547 Region XI 7,250,980

CAR 5,378,406 Region XIII 6,991,241 Region XIII 7,117,283

Region IX 4,979,512 Region II 5,929,687 CAR 5,101,959

ARMM 3,349,025 CAR 3,913,278 ARMM 4,746,041

NCR - ARMM 1,118,695 NCR 266,838

TOTAL 192,317,570 371,876,847 190,629,297

Table 6.0 – Regional Ranking by L iabilit ies and Deferred Credits(in thousand pesos)

LIABILITIES AND DEFERRED CREDITS



Region IV 9,508,606 NCR 46,189,396 Region IV 13,667,647

Region III 5,661,145 Region IV 15,489,534 Region III 9,351,286

Region V 4,343,719 Region VII 9,966,106 Region VIII 4,528,754


Region VII 2,904,888 Region VI 7,911,205 Region I 4,349,277Region I 2,873,646 Region X 6,049,432 Region V 4,154,596

Region VIII 2,797,987 Region XI 5,218,329 Region II 3,995,760

Region X 2,785,767 Region IX 4,514,061 Region VII 3,658,064

Region IX 2,468,367 Region I 3,286,294 Region X 3,152,471

Region XI 2,134,588 Region VIII 2,369,832 Region IX 2,931,103

Region XIII 2,007,499 Region V 2,259,000 Region XI 2,674,538

Region II 1,619,197 Region II 1,697,580 Region XII 2,358,334

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LIABILITIES AND DEFERRED CREDITS



CAR 1,509,249 Region XII 1,627,756 Region XIII 2,210,662

Region XII 1,264,227 Region XIII 1,622,952 CAR 1,447,969

ARMM 827,005 CAR 690,693 ARMM 1,268,975

NCR - ARMM 282,566 NCR 124,244

TOTAL 47,010,762 117,237,912 64,275,979

Table 7.0 – Regional Ranking by Government Equity(in thousand pesos)

GOVERNMENT EQUITY



Region VII 34,107,680 NCR 114,515,821 Region IV 26,439,467

Region IV 24,040,380 Region IV 24,220,226 Region III 12,215,230

Region III 16,100,864 Region VII 23,059,063 Region I 11,832,845

Region I 11,701,565 Region VI 15,481,307 Region VII 10,725,015


Region V 7,794,948 Region IX 12,031,938 Region V 8,340,295

Region II 7,393,526 Region X 11,216,451 Region VIII 7,670,443

Region X 6,567,254 Region VIII 7,095,321 Region II 6,990,430

Region VIII 5,641,426 Region V 5,602,762 Region X 6,095,563

Region XII 5,107,013 Region XII 5,439,791 Region XII 5,239,359

Region XIII 4,113,329 Region XIII 5,368,289 Region IX 5,188,353CAR 3,869,157 Region XI 5,308,069 Region XIII 4,906,620

Region XI 3,616,319 Region I 4,926,457 Region XI 4,576,442

ARMM 2,522,019 Region II 4,232,107 CAR 3,653,990

Region IX 2,511,145 CAR 3,222,585 ARMM 3,477,066

NCR - ARMM 836,129 NCR 142,594

TOTAL 145,306,808 254,638,935 126,353,319

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B. RESULTS OF OPERATION

For CY 2011, the total Operating Income of LGUs reached P350.810 billion or a P34.637 billion

increase from CY 2010 level of P316.174 billion. On the other hand, total Operating Expenses,including net subsidies, donations and extraordinary items, registered at P281.613 billion up byP26.376 billion from the CY 2010 figure of P255.237 billion. The total combined net income of LGUswas P69.197 billion, an increase of P8.261 billion from CY 2010 net income of P60.936 billion. Thesummary of results of operations of local governments, by LGU classification and by fund, for CY 2011is presented below:

Table 8.0 – Summary of Results of Operations by LGU Classification(in billion pesos)

Particulars Total Provinces Cities Municipalities

Income Tax Revenue –Local Taxes Internal Revenue Allot. Permits and Licenses Service Income Business Income Other Income

80.490229.6455.3426.88313.95214.498

6.92367.296.1181.7283.5273.619

60.31867.6163.4563.4635.6854.516

13.249 94.733 1.768 1.692 4.740 6.362

Total Income 350.810 83.211 145.054 122.544

Percent to Total 100% 24% 41% 35%

Expenses Personal Services MOOE Financial Expenses Subsidies, donations & Extraordinary items (net)

123.994134.4595.494

17.666

28.44527.8901.275

8.137

44.80760.0622.614

5.044

50.741 46.508 1.605

4.486

Total Expenses 281.613 65.747 112.527 103.340

Net Income (per schedule) 69.197 17.464 32.528 19.205

Percent to Total 100% 25% 47% 28%

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Figure 12.0 – Results of Operations by LGU Classif ication(in billion pesos)

Table 9.0 – Summary of Result s of Operations by Fund(in billion pesos)

Particulars Total GF SEF

Income Tax Revenue –Local Taxes Internal Revenue Allot. Permits and Licenses Service Income Business Income Other Income

80.490229.6455.3426.88313.95214.498

62.279229.6455.3426.88213.94614.348

18.211 - -

.001

.006

.150

Total Income 350.810 332.442 18.368

Percent to Total 100% 95% 5%

Expenses Personal Services MOOE

Financial Expenses Subsidies, donations & Extraordinary items (net)

123.994134.459

5.494

17.666

119.919125.483

5.326

17.259

4.075 8.976

.168

.407

Total Expenses 281.613 267.987 13.626

Net Income (per schedule) 69.197 64.455 4.742

Percent to Total 100% 93% 7%

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A comparative outlook of the above figures is presented in Figure 13.0

Figure 13.0 – Results of Operations by Fund(in billion pesos)

Revenues and General Income

Revenue and General Income account is composed of tax revenue from local taxation, IRA,permits and licenses, service and business incomes. Figure 14.0 below represents the share of each

income type to the total income amount of P350.810 billion in 2011.

Figure 14.0 – Revenues and General Income Accoun t Compos ition(in billion pesos)

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A comparative operating income recorded by the LGUs is presented in Figure 15.0 below:

Figure 15.0 – Comparative Operating Income 2011-2010(in billion pesos)

Internal Revenue Allotment

The local government units (LGUs) are provided by the National Government a share in the

internal revenue taxes which is equivalent to forty percent (40%) of the total internal revenue collectionsbased on the third preceding year. The share of the local governments in the internal revenue allotment(IRA) is distributed in the following manner: Provinces (23%), Cities (23%), Municipalities (34%) andBarangays (20%). The table below summarizes the IRA for the LGUs for CY 2011 per regional total:

Table 10.0 – Internal Revenue AllotmentsProvinces, Cities and Municipalities

CY 2011(in thousand pesos)

REGIONS PROVINCES CITIES MUNICIPALITIES TOTAL

NCR 231,195 * 14,242,355 75,277 14,548,827

CAR 2,887,354 463,924 3,880,629 7,231,907

Region I 3,791,888 2,314,659 6,183,053 12,289,600

Region II 4,029,792 1,626,681 6,177,950 11,834,423

Region III 7,064,967 5,344,710 9,690,564 22,100,241

Region IV 11,130,872 7,971,242 15,745,333 34,847,446

Region V 4,665,451 2,444,060 6,856,322 13,965,833

Region VI 5,281,974 6,966,527 7,040,684 19,289,185

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REGIONS PROVINCES CITIES MUNICIPALITIES TOTAL

Region VII 4,126,676 5,162,802 6,612,106 15,901,584

Region VIII 4,248,461 2,144,822 6,884,148 13,277,431

Region IX 2,594,046 3,116,856 4,150,972 9,861,874

Region X 3,537,786 4,582,933 4,848,983 12,969,702

Region XI 3,085,912 4,424,651 3,976,801 11,487,365Region XII 3,411,377 2,551,073 4,764,549 10,726,999

Region XIII 2,912,871 1,640,445 4,307,044 8,860,360

ARMM 4,352,476 465,022 6,840,396 11,657,894

TOTAL 67,353,094 65,462,765 98,034,812 230,850,671*IRA for Metropolit an Manila Author ity

The noted differences between the total allocation provided by the Department of Budget andManagement (DBM) and the actual amount of IRA reported in financial statements for CY 2011 are dueto the release in installment of the IRA per Supreme Court Decision to end in the year 2013 and the re-

enactment of the General Appropriations Act (GAA) for fiscal years 2001 and 2004 to end in the year2015.

For CY 2011, the IRA continuous to be the top source of revenue for LGUs at 65% of the totaloperating income. Other revenues of the LGUs come from local taxes, permits and licenses, serviceincome, business income and other share of local governments in the proceeds from the developmentand utilization of the national wealth. The comparative figure of the IRA for CYs 2011 and 2010 isshown below:

Figure 16.0 – Comparative Internal Revenue A llotment 2011-2010(in billion pesos)

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The actual IRA reported in the financial statements of LGUs for the past four (4) years ispresented below:

2008 – 154.302 billion

2009 – 185.670 billion

2010 – 204.956 billion

2011 – 229.645 billion

Expenditures

The LGUs’ total operating expenditures for the year is recorded at P281.613 billion, includingnet subsidies, donations and extraordinary items. This is composed mostly of Personal Services ofP123.994 billion or 44%, Maintenance and Other Operating Expenses of P134.459 billion or 48%,Financial Expenses of P5.494 billion or 2% and net subsidies, donations and extraordinary itemstotaling P17.666 billion or 6%.

The composition of the CY 2011 expenditures by LGU Classification is shown in Figure 17.0

Figure 17.0 – CY 2011 Operating Expenditu re Composit ion by LGU Classif ication(in billion pesos)

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Table 12.0 – Regional Ranking by Expenses(in thousand p esos)

EXPENSES


Region Amount Region Amount Region AmountRegion IV 11,446,187 NCR 48,690,595 Region IV 20,183,765

Region III 7,747,242 Region IV 12,795,506 Region III 12,265,374

Region VI 6,801,990 Region VII 9,210,880 Region I 7,148,653

Region I 4,832,625 Region VI 8,064,629 Region VI 6,881,767

Region X 4,396,104 Region III 7,270,993 ARMM 6,768,113

Region V 4,393,261 Region XI 5,934,109 Region V 6,459,192

Region VII 4,156,713 Region X 5,117,245 Region VII 6,458,157

ARMM 4,111,077 Region IX 3,407,734 Region II 6,371,984

Region II 3,899,999 Region I 3,151,042 Region VIII 6,249,757

Region VIII 3,586,188 Region XII 2,877,765 Region X 5,073,786

Region XI 3,211,673 Region VIII 2,674,979 Region XII 4,824,905

Region XII 3,017,593 Region V 2,538,386 Region XIII 4,253,623CAR 2,802,195 Region XIII 2,234,583 Region XI 4,089,243

Region XIII 2,531,601 Region II 1,480,716 Region IX 3,928,355

Region IX 2,510,602 CAR 990,289 CAR 3,630,985

NCR - ARMM 485,539 NCR 130,232

TOTAL 69,445,050 TOTAL 116,924,990 TOTAL 104,717,892

Table 13.0 – Regional Ranking by Net Income (Loss)(in thousand pesos)

NET INCOME (LOSS)

By Province By City By MunicipalityRegion Amount Region Amount Region Amount

Region IV 3,642,378 NCR 13,374,673 Region IV 3,460,402

Region III 1,928,650 Region IV 3,658,337 Region I 3,024,546

Region I 1,579,037 Region VII 2,383,298 Region III 1,966,490

Region V 1,455,669 Region III 1,850,654 Region V 1,532,065

Region VIII 1,178,626 Region VI 1,720,462 Region VI 1,202,939

Region VII 1,060,439 Region XI 1,712,126 Region VII 1,195,693

Region VI 1,059,752 Region X 1,476,316 Region VIII 1,065,521

Region XII 1,037,827 Region IX 1,206,285 Region II 1,065,210

CAR 910,040 Region I 983,267 CAR 927,426

Region II 843,226 Region VIII 951,928 Region XII 699,714

Region XIII 716,033 Region V 793,411 Region X 696,846

Region IX 667,358 Region XII 757,965 Region XIII 667,927

ARMM 489,778 Region II 680,112 Region XI 665,876

Region X 483,895 Region XIII 628,055 Region IX 665,799

Region XI 411,456 CAR 330,468 ARMM 355,038

NCR - ARMM 20,030 NCR 13,732

TOTAL 17,464,163 TOTAL 32,527,387 TOTAL 19,205,222

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C. CASH FLOWS

At the end of CY 2011 the total combined Cash Balance of LGU stood at P161.016 billion, a

29% increase from 2010 year-end balance of P124.949 billion. During the year, total cash inflowsamounted to P451.838 billion while cash outflows were recorded at P417.685 billion. Cash inflows andoutflows are grouped into three main activities of the LGUs: Operating Activities, Investing Activitiesand Financing Activities.

Figure 18.0 – Breakdown of Cash as of December 31, 2011(in billion pesos)

Figure 19.0 – Comparative Cash Inflo ws CY 2011-2010(in billion pesos)

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Figure 20.0 – Comparative Cash Inflows CY 2011-2010(in billion pesos)

Cash flows f rom Operating Act ivities

The total Cash Inflows for Operating Activities were mainly attributed to share of IRA,Collections of local taxes, Receipts from sale of goods and services and Other Receipts. Figure 21.0shows the composition of the total cash inflow.

Figure 21.0 - Composition of Cash Inflows from Operating Activiti es(in billion pesos)

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Under this activity, cash was applied to payments to Suppliers/Creditors, Employees, InterestExpense and Other disbursements. Figure 22.0 shows the proportion of these outflows to the totalamount of outflows from Operating Activities.

Figure 22.0 – Proportion of Individual Outflows t o Total Outflows from Operating Activit ies(in billion pesos)

Cash Flows from Investing Acti vities

Under Investing Activities, the LGUs recorded Cash Inflows generally from Sale of Property,Plant and Equipment, Sale of Debt Securities and Collection of Loans to Other Entities. On the otherhand, Cash was used for the Purchase of Property, Plant and Equipment and Public Infrastructures,

Purchase of Debt Securities and Grants/Loans provided to other entities. Negative Cash inflows ofP48.667 Billion and P56.790 Billion were recorded for the years 2011 and 2010 respectively. Figure23.0 shows the Cash Inflow and Outflow Proportion.

Figure 23.0 – Investing Activities Cash Inflow/Outflow Proportion(in billion pesos)

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Cash Flows from Financing Activiti es

For CY 2011, the LGUs posted a negative inflow from Financing Activities of P391 Million downfrom P7.676 billion of the previous year. This was mainly due to the reduction of P8.008 Billion in loanacquisitions during the year. Total Cash Inflows totaled P12.017 Billion and Cash Outflows of P12.408Billion. Proceeds from the issuance of Debt Securities and Loan Acquisition are the main sources of

Cash for the activity. Cash Outflows recorded mainly pertain to Retirement/Redemption of DebtSecurities and Loan Amortizations.

Figure 24.0 – Proport ion of Debt Securi ties and Loans Cash Flows

The distribution of Cash Flow Activities per LGU Classification and per Fund is shown in thesucceeding graphs.

Figure 25.0 – Cash Infl ows by LGU Classif ication(in billion pesos)

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Figure 26.0 – Cash Outflows by LGU Classification(in billion pesos)

Figure 27.0 – Total Cash Inflows/Outflows by LGU Classification(in billion pesos)

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Figure 28.0 – Total Cash Inflows/Outflows by Fund(in billion pesos)

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Part III

Financial Statements

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FINANCIAL STATEMENTS

The consolidated financial statements were prepared based on the audited financial statementsof 1,682 LGUs, composed of 80 provinces, 138 cities and 1,464 municipalities. The financial statementsof the provinces, cities and municipalities include the three funds namely, General Fund, SpecialEducation Fund and Trust Fund.

The Financial Statements are representation of the Management. Section 76 of NGAS forLocal Government Units Vol. 1 states that “Local accountants shall prepare at the end of the year thefollowing financial statements for each fund: a)Balance Sheet; b)Statement of Income and Expenses;and c)Statement of Cash Flows. The Chief Accountant shall likewise prepare the consolidated financialstatements for all funds and the Notes to the Financial Statements.”

A pro-forma Statement of Management Responsibility for the Financial Statements executed bythe LCE and the Chief Accountant stated as follows:

“The Management of the _______________________ is responsible forall information and representation contained in the Balance Sheet as of

______________ and the related Statement of Income and Expenses andStatement of Cash Flows for the period then ended. The financial statementshave been prepared in conformity with generally accepted accountingprinciples and reflect amounts that are based on best estimates and informed judgement of management with an appropriate consideration of materiality.

In this regard, management maintains a system of accounting andreporting which provides for the necessary internal controls to ensure thattransactions are properly authorized and recorded, assets are safeguardedagainst unauthorized use or disposition and liabilit ies recognized.”

AUDITOR’S OPINION

There are four types of audit opinion rendered by the COA auditors on the presentation of thefinancial statements of the local government units: the unqualified, qualified, adverse and disclaimeropinion.

An unqualified opinion or clean opinion states that the financial statements present fairly, inall material respects, the financial position, result of operations, and cash flows of the entity inconformity with generally accepted accounting principles (GAAP).

A qualified opinion also states that the financial statements present fairly the financial

position, result of operations, and cash flows of the entity in conformity with the GAAP except for somequalification in the scope of audit which prevented application of alternate audit procedures, and eitherone or two deviations from GAAP exists.

An adverse opinion is issued when the financial statements contain very material departuresfrom GAAP which makes the financial statements not reliable and are not fairly presented.

A disclaimer of opinion is issued when the auditor is unable to issue an opinion on thefinancial statements taken as a whole due to an uncertainty or scope restriction which is so

(Name of the LGU)

(Date)

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fundamental that to express an opinion would not be adequate. The disclaimer should be so wordedthat an opinion cannot be given and clearly specifying the matters of uncertainty.

The table below shows the number of opinions rendered for CY 2011 as compared with thoseof CY 2009 and 2010:

Table 14.0 – Opinions Rendered for the Three-year period 2009-2011

YearOpinion Rendered

UQ % Q % A % D % Total

2009 165 13% 1,069 86% 14 1% 2 0% 1,248

2010 168 13% 985 77% 21 2% 103 8% 1,277

2011 209 12% 1,363 81% 46 3% 72 3% 1,690

For the three- year period 2009 to 2011, the AARs reflected an increasing number of unqualified and qualified opinions rendered due to increase of number of LGUs being reported whileadverse opinion increased consistently by 1%. The disclaimer dropped by 4% from 8% of last year or

from 103 to 72 opinions.

A tabulation of Audit Opinions issued by type by region is shown below with qualified opinionwith the highest number at 81%.

Table 15.0 – Summary of Types of Audit Opinion

SUMMARY OF TYPES OF AUDIT OPINION

CY 2011

Regions U Q A D Total

NCR - 7 2 8 17

CAR 39 31 10 2 82

Region I 19 109 1 - 129

Region II 17 79 2 - 98

Region III 17 111 9 - 137

Region IV 28 184 1 11 224

Region V 7 100 1 12 120

Region VI 40 90 - 1 131

Region VII - 112 9 9 130

Region VIII 2 130 4 11 147

Region IX 3 68 2 1 74

Region X 13 78 1 6 98

Region XI 7 45 1 - 53

Region XII 7 45 - 2 54

Region XIII 10 66 1 - 77

ARMM - 108 2 9 119

Total 209 1,363 46 72 1,690

Percent to Total 12% 81% 3% 4% 100%

The individual summary of audit opinions by LGU, by Region is shown in Annex 2.

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Percent

ASSETS

CURRENT ASSETS

Cash 161,016,031 124,949,466 36,066,565 28.86

Receivables 85,089,892 74,170,029 10,919,864 14.72

Inventories 10,679,654 9,788,956 890,697 9.10

Prepayments 3,143,649 2,710,570 433,079 15.98

Other Current Assets 677,785 624,029 53,756 8.61

Total Current Assets 260,607,011 212,243,050 48,363,961 22.79

INVESTMENTS

Investments in Securities 2,560,408 3,311,512 (751,104) (22.68)

Sinking Fund 43,274 100,695 (57,421) (57.02)

Total Investments 2,603,682 3,412,207 (808,525) (23.70)

PROPERTY, PLANT AND EQUIPMENT

Land and Land Improvements 108,567,023 103,858,663 4,708,360 4.53

Buildings 187,511,952 172,105,882 15,406,070 8.95

Leasehold Improvements 17,798 27,742 (9,944) (35.84)

Office Equipment, Furniture and Fixtures 25,993,111 24,460,876 1,532,235 6.26

Machineries and Equipment 41,764,957 38,321,916 3,443,041 8.98

Transportation Equipment 17,030,726 15,415,515 1,615,211 10.48

Other Property, Plant and Equipment 6,223,832 5,837,354 386,479 6.62

Public Infrastructures 21,645,058 17,938,383 3,706,675 20.66

Reforestation Projects 302,256 304,927 (2,671) (0.88)

Construction in Progress 74,916,250 68,655,288 6,260,961 9.12

Total Property, Plant and Equipment 483,972,963 446,926,546 37,046,416 8.29

OTHER ASSETS 7,640,065 7,192,999 447,066 6.22

TOTAL ASSETS 754,823,721 669,774,802 85,048,919 12.70

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Payable Accounts 31,289,578 29,737,450 1,552,129 5.22

Inter-Agency Payables 40,293,364 32,973,497 7,319,867 22.20

Intra-Agency Payables 15,103,984 10,726,330 4,377,654 40.81

Other Liability Accounts 16,051,031 12,794,403 3,256,628 25.45

Total Current Liabilities 102,737,957 86,231,680 16,506,276 19.14

LONG-TERM LIABILITIES

Mortgate/Bonds/Loans Payable 72,038,926 68,346,272 3,692,654 5.40

TOTAL LIAB ILITIES 174,776,883 154,577,952 20,198,932 13.07

DEFERRED CREDITS 53,747,774 47,219,317 6,528,457 13.83

TOTAL LIABILITIES AND DEFERRED CREDITS 228,524,657 201,797,268 26,727,388 13.24

EQUITY 526,299,064 467,977,534 58,321,530 12.46

TOTAL LIABILITIES AND EQUITY 754,823,721 669,774,802 85,048,919 12.70

Increase

(Decrease)

Amoun t

Philippine Local Government Units

Comparative Condensed Balance Sheet

December 31, 2011

(in thousand pesos)

Particulars2011 2010

Increase

(Decrease)

Note: differences in the figures are due to rounding off 39

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ASSETS

CURRENT ASSETS

Cash 161,016,031 21.33 124,949,466 18.66

Receivables 85,089,892 11.27 74,170,029 11.07

Inventories 10,679,654 1.41 9,788,956 1.46

Prepayments 3,143,649 0.42 2,710,570 0.40

Other Current Assets 677,785 0.09 624,029 0.09

Total Current Assets 260,607,011 34.53 212,243,050 31.69

INVESTMENTS

Investments in Securities 2,560,408 0.34 3,311,512 0.49

Sinking Fund 43,274 0.01 100,695 0.02

Total Investments 2,603,682 0.34 3,412,207 0.51


Land and Land Improvements 108,567,023 14.38 103,858,663 15.51

Buildings 187,511,952 24.84 172,105,882 25.70

Leasehold Improvements 17,798 0.00 27,742 0.00

Office Equipment, Furniture and Fixtures 25,993,111 3.44 24,460,876 3.65

Machineries and Equipment 41,764,957 5.53 38,321,916 5.72

Transportation Equipment 17,030,726 2.26 15,415,515 2.30

Other Property, Plant and Equipment 6,223,832 0.82 5,837,354 0.87

Public Infrastructures 21,645,058 2.87 17,938,383 2.68

Reforestation Projects 302,256 0.04 304,927 0.05

Construction in Progress 74,916,250 9.92 68,655,288 10.25

Total Property, Plant and Equipment 483,972,963 64.12 446,926,546 66.73

OTHER ASSETS 7,640,065 1.01 7,192,999 1.07

TOTAL ASSETS 754,823,721 100.00 669,774,802 100.00


CURRENT LIABILITIES

Payable Accounts 31,289,578 4.15 29,737,450 4.44

Inter-Agency Payables 40,293,364 5.34 32,973,497 4.92

Intra-Agency Payables 15,103,984 2.00 10,726,330 1.60

Other Liability Accounts 16,051,031 2.13 12,794,403 1.91

Total Current Liabilities 102,737,957 13.61 86,231,680 12.87


Mortgate/Bonds/Loans Payable 72,038,926 9.54 68,346,272 10.20

TOTAL LIAB ILITIES 174,776,883 23.15 154,577,952 23.08

DEFERRED CREDITS 53,747,774 7.12 47,219,317 7.05

TOTAL LIABILITIES AND DEFERRED CREDITS 228,524,657 30.28 201,797,268 30.13

EQUITY 526,299,064 69.72 467,977,534 69.87

TOTAL LIABILITIES AND EQUITY 754,823,721 100.00 669,774,802 100.00

2010

AmountPercentage

Distribution Amo unt

Percentage

Distribution


Comparative Condensed Balance Sheet

December 31, 2011

(in thousand pesos)

Particulars

2011


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ASSETS

CURRENT ASSETS

Cash 161,016,031 125,295,968 13,217,745 22,502,318

Receivables 85,089,892 57,627,583 20,914,956 6,547,353

Inventories 10,679,654 8,886,676 1,482,976 310,001

Prepayments 3,143,649 2,551,686 271,887 320,076

Other Current Assets 677,785 640,863 31,357 5,565

Total Current Assets 260,607,011 195,002,775 35,918,922 29,685,314

INVESTMENTS

Investments in Securities 2,560,408 2,490,892 5,654 63,862

Sinking Fund 43,274 43,274 - -

Total Investments 2,603,682 2,534,166 5,654 63,862


Land and Land Improvements 108,567,023 103,567,172 2,684,953 2,314,898

Buildings 187,511,952 147,346,274 36,591,600 3,574,078

Leasehold Improvements 17,798 17,244 304 250

Office Equipment, Furniture and Fixtures 25,993,111 20,896,678 4,643,661 452,772

Machineries and Equipment 41,764,957 40,000,566 1,252,506 511,884

Transportation Equipment 17,030,726 16,599,232 226,434 205,060

Other Property, Plant and Equipment 6,223,832 5,487,891 586,318 149,624

Public Infrastructures 21,645,058 19,441,935 34,430 2,168,693

Reforestation Projects 302,256 263,127 5 39,124

Construction in Progress 74,916,250 62,833,661 3,417,516 8,665,073

Total Property, Plant and Equipment 483,972,963 416,453,780 49,437,727 18,081,456

OTHER ASSETS 7,640,065 7,181,091 298,400 160,574

TOTAL ASSETS 754,823,721 621,171,812 85,660,703 47,991,206


CURRENT LIABILITIES

Payable Accounts 31,289,578 28,552,287 2,372,126 365,164

Inter-Agency Payables 40,293,364 16,246,238 961,671 23,085,455

Intra-Agency Payables 15,103,984 10,212,445 381,139 4,510,400

Other Liability Accounts 16,051,031 7,852,237 243,335 7,955,460

Total Current Liabilities 102,737,957 62,863,207 3,958,271 35,916,479


Mortgate/Bonds/Loans Payable 72,038,926 69,521,240 2,222,553 295,133

TOTAL LIAB ILITIES 174,776,883 132,384,447 6,180,824 36,211,612

DEFERRED CREDITS 53,747,774 33,042,230 20,319,523 386,021

TOTAL LIABILITIES AND DEFERRED CREDITS 228,524,657 165,426,677 26,500,347 36,597,633

EQUITY 526,299,064 455,745,135 59,160,356 11,393,573

TOTAL LIAB ILITIES AND EQUITY 754,823,721 621,171,812 85,660,703 47,991,206

Trust FundParticulars Total General Fund

Special

Education

Fund


Condensed Balance Sheet, By Fund

December 31, 2011

(in thousand pesos)


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Percent

TAX REVENUELocal Taxes 80,489,999 70,870,044 9,619,955 13.57

GENERAL INCOME ACCOUNTS 270,320,099 245,303,555 25,016,544 10.20

Internal Revenue Allotment 229,645,192 204,955,539 24,689,653 12.05

Permits and Licenses 5,341,942 4,859,048 482,894 9.94

Service Income 6,882,741 6,066,264 816,477 13.46

Business Income 13,952,357 12,267,833 1,684,524 13.73

Other Income 14,497,867 17,154,871 (2,657,005) (15.49) TOTAL OPERATING INCOME 350,810,098 316,173,599 34,636,499 10.95

EXPENSES

PERSONAL SERVICES 123,993,697 111,886,348 12,107,349 10.82

Salaries and Wages 72,712,946 63,826,569 8,886,377 13.92

Other Compensation 32,838,434 30,787,035 2,051,400 6.66

Personnel Benefits Contributions 9,798,581 8,595,018 1,203,563 14.00

Other Personnel Benefits 8,643,736 8,677,727 (33,991) (0.39) MAINTENANCE AND OTHER OPERATING EXPENSES 134,459,146 121,773,120 12,686,026 10.42

Travelling Expenses 4,029,979 3,536,798 493,181 13.94

Training and Scholarship Expenses 2,675,539 2,275,417 400,122 17.58

Supplies and Material Expenses 28,250,325 25,783,499 2,466,827 9.57

Utility Expenses 10,932,959 9,620,168 1,312,791 13.65

Communication Expenses 1,587,079 1,384,427 202,652 14.64

Membership Dues and Contributions to Organizations 241,640 243,156 (1,516) (0.62)

Awards and Indemnities Expenses 101,229 61,753 39,476 63.93

Advertising Expense 461,202 363,560 97,641 26.86

Printing and Binding Expenses 307,036 271,674 35,362 13.02

Rent Expenses 627,258 540,356 86,902 16.08

Representation Expenses 1,459,637 1,362,230 97,407 7.15

Transportation and Delivery Expenses 104,675 103,008 1,667 1.62

Storage Fees 10,788 1,241 9,547 769.28

Subscriptions Expenses 60,899 59,008 1,891 3.20

Survey Expenses 43,413 49,134 (5,721) (11.64)

Rewards and Other Claims Expenses 50,056 35,574 14,482 40.71

Professional Services 17,118,938 14,993,086 2,125,852 14.18

Repairs and Maintenance 15,797,037 15,885,757 (88,720) (0.56)

3,028,165 3,246,875 (218,709) (6.74)

Taxes, Insurance Premiums and Other Fees 1,282,668 1,208,199 74,469 6.16

Depreciation 15,345,433 13,121,704 2,223,729 16.95

Depletion 2,170 872 1,299 149.04

Other Maintenance and Operating Expenses 30,941,022 27,625,627 3,315,396 12.00 TOTAL OPERATING EXPENSES 258,452,843 233,659,469 24,793,374 10.61

INCOME FROM OPERATIONS 92,357,255 82,514,130 9,843,124 11.93 FINANCIAL EXPENSES 5,494,214 5,831,170 (336,956) (5.78)

Income before Subsidies, Donations and Extraord inary I tems 86,863,041 76,682,960 10,180,080 13.28

Add/(Less): Subsidies (net) (6,918,532) (5,884,003) (1,034,529) 17.58

Donations (11,643,672) (10,779,524) (864,148) 8.02 Extraordinary Items 895,941 916,829 (20,889) (2.28)

NET INCOME 69,196,778 60,936,263 8,260,515 13.56

Increase

(Decrease)

Confidential, Intelligence, Extraordinary and Miscellaneous

Expenses


Comparative Condensed Statement of Income and Expenses

For th e Year Ended December 31, 2011

(in thousand pesos)

Increase

(Decrease)

PARTICULARS

Amount

2011 2010


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TAX REVENUE

Local Taxes 80,489,999 62,278,996 18,211,003

GENERAL INCOME ACCOUNTS 270,320,099 270,162,813 157,286

Internal Revenue Allotment 229,645,192 229,645,192 0

Permits and Licenses 5,341,942 5,341,704 238

Service Income 6,882,741 6,881,667 1,074

Business Income 13,952,357 13,946,309 6,048

Other Income 14,497,867 14,347,941 149,926

TOTAL OPERATING INCOME 350,810,098 332,441,809 18,368,289

EXPENSES

PERSONAL SERVICES 123,993,697 119,918,866 4,074,831

Salaries and Wages 72,712,946 70,953,781 1,759,165

Other Compensation 32,838,434 31,132,962 1,705,472

Personnel Benefits Contributions 9,798,581 9,630,763 167,818

Other Personnel Benefits 8,643,736 8,201,360 442,376

MAINTENANCE AND OTHER OPERATING EXPENSES 134,459,146 125,482,955 8,976,191

Travelling Expenses 4,029,979 3,886,263 143,716

Training and Scholarship Expenses 2,675,539 2,397,713 277,826

Supplies and Material Expenses 28,250,325 26,164,380 2,085,945

Utility Expenses 10,932,959 9,827,094 1,105,865

Communication Expenses 1,587,079 1,510,360 76,719

Membership Dues and Contributions to Organizations 241,640 236,646 4,994

Awards and Indemnities Expenses 101,229 98,171 3,058

Advertising Expense 461,202 460,903 299

Printing and Binding Expenses 307,036 274,072 32,964

Rent Expenses 627,258 616,183 11,075

Representation Expenses 1,459,637 1,425,686 33,951

Transportation and Delivery Expenses 104,675 98,129 6,546

Storage Fees 10,788 10,788 -

Subscriptions Expenses 60,899 59,504 1,395

Survey Expenses 43,413 42,920 493

Rewards and Other Claims Expenses 50,056 48,095 1,960

Professional Services 17,118,938 16,259,322 859,615

Repairs and Maintenance 15,797,037 15,240,800 556,237

3,028,165 2,991,846 36,319

Taxes, Insurance Premiums and Other Fees 1,282,668 1,256,996 25,671

Depreciation 15,345,433 13,376,110 1,969,323

Depletion 2,170 2,062 109

Other Maintenance and Operating Expenses 30,941,022 29,198,913 1,742,110

TOTAL OPERATING EXPENSES 258,452,843 245,401,821 13,051,022

INCOME FROM OPERATIONS 92,357,255 87,039,988 5,317,267

FINANCIAL EXPENSES 5,494,214 5,326,284 167,930

Income before Subs id ies , Donat ions and Extrao rd inary Items 86,863,041 81,713,704 5,149,337

Add/(Less): Subsidies (net) (6,918,532) (6,863,601) (54,931)

Donations (11,643,672) (11,297,049) (346,623)

Extraordinary Items 895,941 901,928 (5,987)

NET INCOME 69,196,778 64,454,982 4,741,796



Expenses

Particulars Total General FundSpecial Education

Fund

Condensed Statement of Income and Expenses, By Fund

(in thousand pesos)

For the Year Ended December 31, 2011


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TAX REVENUELocal Taxes 80,489,999 6,923,090 60,317,977 13,248,932

GENERAL INCOME ACCOUNTS 270,320,099 76,288,283 84,736,485 109,295,331

Internal Revenue Allotment 229,645,192 67,295,670 67,616,404 94,733,118

Permits and Licenses 5,341,942 118,314 3,455,567 1,768,060

Service Income 6,882,741 1,728,238 3,462,580 1,691,923

Business Income 13,952,357 3,527,029 5,685,455 4,739,874

Other Income 14,497,867 3,619,032 4,516,480 6,362,355

TOTAL OPERATING INCOME 350,810,098 83,211,373 145,054,462 122,544,263

EXPENSES

PERSONAL SERVICES 123,993,697 28,445,408 44,807,418 50,740,871

Salaries and Wages 72,712,946 16,965,157 26,138,016 29,609,773

Other Compensation 32,838,434 6,940,076 11,671,732 14,226,626

Personnel Benefits Contributions 9,798,581 2,321,128 3,506,249 3,971,204 Other Personnel Benefits 8,643,736 2,219,047 3,491,421 2,933,268

MA INTENA NCE A ND OTHER OPERA TING EXPENSES 134,459,146 27,889,736 60,061,829 46,507,581

Travelling Expenses 4,029,979 773,815 623,991 2,632,174

Training and Scholarship Expenses 2,675,539 601,617 788,212 1,285,709

Supplies and Material Expenses 28,250,325 8,129,773 10,679,986 9,440,567

Utility Expenses 10,932,959 1,336,276 6,611,442 2,985,241

Communication Expenses 1,587,079 319,611 516,942 750,526

Membership Dues and Contributions to Organizations 241,640 29,381 116,881 95,378

Awards and Indemnities Expenses 101,229 15,717 61,375 24,137

Advertising Expense 461,202 128,366 225,423 107,413

Printing and Binding Expenses 307,036 63,497 175,855 67,685

Rent Expenses 627,258 157,822 295,935 173,501

Representation Expenses 1,459,637 501,890 360,098 597,649

Transportation and Delivery Expenses 104,675 39,293 12,025 53,356 Storage Fees 10,788 390 94 10,303

Subscriptions Expenses 60,899 15,621 26,374 18,904

Survey Expenses 43,413 3,203 14,994 25,217

Rewards and Other Claims Expenses 50,056 19,345 6,637 24,075

Professional Services 17,118,938 2,587,994 9,582,956 4,947,988

Repairs and Maintenance 15,797,037 3,441,216 3,847,122 8,508,698

3,028,165 809,729 884,267 1,334,169

Taxes, Insurance Premiums and Other Fees 1,282,668 284,119 612,516 386,034

Depreciation 15,345,433 3,483,592 7,587,006 4,274,835

Depletion 2,170 - 222 1,948

Other Maintenance and Operating Expenses 30,941,022 5,147,470 17,031,475 8,762,077

TOTAL OPERATING EXPENSES 258,452,843 56,335,144 104,869,247 97,248,452

INCOME FROM OPERATIONS 92,357,255 26,876,229 40,185,215 25,295,811 FINANCIAL EXPENSES 5,494,214 1,275,212 2,613,843 1,605,159

Income before Subsid ies, Donat ions and Extraord inary Items 86,863,041 25,601,017 37,571,372 23,690,652

Add/(Less): Subsidies (net) (6,918,532) (2,787,148) (2,831,613) (1,299,771)

Donations (11,643,672) (5,347,061) (3,112,583) (3,184,028)

Extraordinary Items 895,941 (2,643) 900,214 (1,630)

NET INCOME 69,196,778 17,464,165 32,527,390 19,205,223



Expenses

Condensed Statement of Income and Expenses, By LGU Clasiffication

For the Year Ended December 31, 2011

MunicipalitiesPARTICULARS Total Provinces Cities

(in thousand pesos)


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Percent

Cash Flows From Operating Activities

Total Cash Inflows 437,175,317 382,668,514 54,506,802 14.24

Total Cash Outflows 353,964,332 325,150,696 28,813,636 8.86

Cash Provided by (Used In) 83,210,985 57,517,818 25,693,167 44.67

Cash Flows From Investing Activities

Total Cash Inflows 2,645,986 1,698,506 947,480 55.78

Total Cash Outflows 51,313,413 58,488,076 (7,174,664) (12.27)

Cash Provided by (Used In) (48,667,427) (56,789,570) 8,122,143 (14.30)

Cash Flows From Financing Activities

Total Cash Inflows 12,017,146 20,139,497 (8,122,351) (40.33)

Total Cash Outflows 12,408,066 12,463,758 (55,692) (0.45)

Cash Provided by (Used In) (390,920) 7,675,739 (8,066,659) (105.09)

Net Cash Provided By (Used In) 34,152,638 8,403,987 25,748,651 306.39

Cash at the Beginning of the Period 126,863,393 116,545,481 10,317,912 8.85 Cash at the End of the Period 161,016,031 124,949,466 36,066,565 28.86

Percent

Cash Inflows

Operating Activities 437,175,317 382,668,514 54,506,802 14.24

Investing Activities 2,645,986 1,698,506 947,480 55.78

Financing Activities 12,017,146 20,139,497 (8,122,351) (40.33)

Total Cash Inflows 451,838,449 404,506,517 47,331,931 29.70

Cash Outflows

Operating Activities 353,964,332 325,150,696 28,813,636 8.86

Investing Activities 51,313,413 58,488,076 (7,174,664) (12.27)

Financing Activities 12,408,066 12,463,758 (55,692) (0.45) Total Cash Outflows 417,685,811 396,102,531 21,583,280 (3.85)

Net Cash Provided By (Used In) 34,152,638 8,403,987 25,748,651 306.39

Cash at the Beginning of the Period 126,863,393 116,545,481 10,317,912 8.85

Cash at the End of the Period 161,016,031 124,949,466 36,066,565 28.86

Increase

(Decrease)


Comparative Condensed Statement of Cash Flows

December 31, 2011

(in thousand pesos)

PARTICULARS

Amo unt

2011 2010Increase

(Decrease)


Comparative Condensed Statement of Cash Flows

December 31, 2011

(in thousand pesos)

PARTICULARS

Amo unt

2011 2010Increase

(Decrease)

Increase

(Decrease)


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Cash Flows From Operating ActivitiesTotal Cash Inflows 437,175,317 110,826,205 173,648,524 152,700,588

Total Cash Outflows 353,964,332 91,828,717 135,532,853 126,602,762

Cash Provided by (Used In) 83,210,985 18,997,488 38,115,671 26,097,826


Total Cash Inflows 2,645,986 1,042,789 1,336,355 266,842


Cash Provided by (Used In) (48,667,427) (10,445,837) (21,939,083) (16,282,507)


Total Cash Inflows 12,017,146 2,813,878 5,988,382 3,214,886


Cash Provided by (Used In) (390,920) (343,373) 281,676 (329,223)

Net Cash Provided By (Used In) 34,152,638 8,208,278 16,458,264 9,486,096

Cash at the Beginning of the Period 126,863,393 34,548,200 57,603,640 34,711,553

Cash at the End of the Period 161,016,031 42,756,478 74,061,904 44,197,649

Cash Inflows

Operating Activities 437,175,317 110,826,205 173,648,524 152,700,588

Investing Activities 2,645,986 1,042,789 1,336,355 266,842

Financing Activities 12,017,146 2,813,878 5,988,382 3,214,886


Cash Outflows


Investing Activities 51,313,413 11,488,626 23,275,438 16,549,349

Financing Activities 12,408,066 3,157,251 5,706,706 3,544,109


Net Cash Provided By (Used In) 34,152,638 8,208,278 16,458,264 9,486,096 Cash at the Beginning of the Period 126,863,393 34,548,200 57,603,640 34,711,553



Condensed Statement of Cash Flows, By LGU Clasiffication

December 31, 2011

(in thousand pesos)



Condensed Statement of Cash Flows, By LGU Clasiffication

December 31, 2011

(in thousand pesos)



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Cash Flows From Operating Activities



Cash Provided by (Used In) 83,210,985 68,393,131 6,325,881 8,491,973


Total Cash Inflows 2,645,986 1,725,884 6,798 913,304


Cash Provided by (Used In) (48,667,427) (42,795,490) (3,379,105) (2,492,832)


Total Cash Inflows 12,017,146 11,481,479 299,571 236,096

Total Cash Outflows 12,408,066 11,977,640 306,898 123,528

Cash Provided by (Used In) (390,920) (496,161) (7,327) 112,568


Cash at the Beginning of the Period 126,863,393 100,194,488 10,278,296 16,390,609 Cash at the End of the Period 161,016,031 125,295,968 13,217,745 22,502,318

Cash Inflows


Investing Activities 2,645,986 1,725,884 6,798 913,304

Financing Activities 12,017,146 11,481,479 299,571 236,096


Cash Outflows


Investing Activities 51,313,413 44,521,374 3,385,903 3,406,136

Financing Activities 12,408,066 11,977,640 306,898 123,528



Cash at the Beginning of the Period 126,863,393 100,194,488 10,278,296 16,390,609



Condensed Statement of Cash Flows, By Fund

December 31, 2011

(in thousand pesos)

Particulars Total General Fund

Special

Education

Fund

Trust Fund


Condensed Statement of Cash Flows, By Fund

December 31, 2011

(in thousand pesos)

Particulars Total General Fund Special

EducationTrust Fund


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Detailed Financial

Statements

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AmountPercentage


Percentage

Distribution

ASSETS

Current Assets

CashCash on Hand 5,346,034 0.71 4,620,627 0.69

Cash in Vault 2,890,226 0.38 2,341,171 0.35

Cash-Disbursing Officers 1,683,825 0.22 1,406,311 0.21

Petty Cash Fund 78,981 0.01 82,854 0.01

Payroll Fund 693,002 0.09 790,292 0.12

Cash in Banks-Local Currency 154,978,474 20.53 119,615,741 17.86

Cash in Bank -Local Currency, Current Account 89,201,548 11.82 64,233,283 9.59

Cash in Bank -Local Currency, Savings Account 15,765,377 2.09 12,017,171 1.79

Cash in Bank -Local Currency, Time Deposits 50,011,549 6.63 43,365,287 6.47

Cash in Banks- Foreign Currency 691,524 0.09 713,098 0.11

Cash in Bank - Foreign Currency, Current Account 129,186 0.02 122,244 0.02

Cash in Bank - Foreign Currency, Savings Account 9,020 0.00 40,176 0.01

Cash in Bank -Foreign Currency, Time Deposits 553,319 0.07 550,678 0.08

Total Cash 161,016,031 21.33 124,949,466 18.66

Receivables Receivable Accounts 53,420,655 7.08 47,964,568 7.16

Accounts Receivable 2,247,971 0.30 2,213,940 0.33

Notes Receivable 489,583 0.06 283,127 0.04

Due from Officers and Employees 2,861,222 0.38 2,527,978 0.38

Loans Receivable-GOCCs 800,773 0.11 616,045 0.09

Loans Receivable-LGUs 340,948 0.05 374,201 0.06

Loans Receivable-Others 2,905,730 0.38 2,576,513 0.38

Real Property Tax Receivable 25,962,271 3.44 23,645,895 3.53

Special Education Tax Receivable 17,363,723 2.30 15,303,849 2.28

Interests Receivable 448,434 0.06 423,020 0.06

Inter-agency Receivables 8,270,676 1.10 7,441,652 1.11

Due from NGAs 1,852,760 0.25 1,955,028 0.29

Due from GOCCs 437,543 0.06 552,173 0.08

Due from LGUs 4,765,810 0.63 3,940,380 0.59

Due from NGOs/POs 1,214,564 0.16 994,072 0.15

Intra-agency Receivables 13,273,274 1.76 9,767,135 1.46

Due from Other Funds 13,273,274 1.76 9,767,135 1.46

Other Receivables 10,125,287 1.34 8,996,673 1.34

Receivables - Disallowances/Charges 2,131,702 0.28 2,023,887 0.30

Advances to Officers and Employees 4,670,569 0.62 3,792,670 0.57

Other Receivables 3,323,016 0.44 3,180,116 0.47

Total Receivables 85,089,892 11.27 74,170,029 11.07

Inventories

Materials 134,181 0.02 120,261 0.02

Raw Materials Inventory 12,206 0.00 10,972 0.00

Work-in Process Inventory 1,281 0.00 1,034 0.00

Finished Goods Inventory 1,837 0.00 2,202 0.00

Merchandise Inventory 118,858 0.02 106,053 0.02

Supplies 10,323,385 1.37 9,469,558 1.41

Office Supplies Inventory 1,305,842 0.17 1,265,615 0.19

Accountable Forms Inventory 343,026 0.05 330,484 0.05

Animal/Zoological Supplies Inventory 69,210 0.01 62,223 0.01

Food Supplies Inventory 185,651 0.02 225,999 0.03

Drugs and Medicine Inventory 1,748,374 0.23 1,440,698 0.22

Medical, Dental and Laboratory Supplies Inventory 1,720,203 0.23 1,448,393 0.22

Gasoline, Oil and Lubricants Inventory 1,003,090 0.13 882,134 0.13

Agricultural Supplies Inventory 262,494 0.03 317,888 0.05

Textbooks and Instructional Materials Inventory 1,083,370 0.14 927,337 0.14

Military and Police Supplies Inventory 21,244 0.00 5,804 0.00


Comparative Detailed Balance Sheet

December 31, 2011

Particulars

20102011

(in thousand pesos)

Note: differences in figures are due to rounding off 53

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AmountPercentage


Percentage

Distribution



December 31, 2011

Particulars

20102011

(in thousand pesos)

Other Supplies Inventory 1,486,995 0.20 1,555,523 0.23

Confiscated/Abandoned/Seized Goods Inventory 7,084 0.00 1,698 0.00

Spare Parts Inventory 266,621 0.04 229,768 0.03 Construction Materials Inventory 820,182 0.11 775,995 0.12

Agr icu ltu ral, Fi shery and Fores try Prod uct s 222,087 0.03 199,137 0.03

Livestock Inventory 163,814 0.02 143,793 0.02

Crops and Fruits Inventory 27,256 0.00 31,472 0.00

Other Agricultural, Fishery and Forestry Products Inventory 31,017 0.00 23,872 0.00

Total Inventories 10,679,654 1.41 9,788,956 1.46

Prepayments

Prepaid Rent 5,448 0.00 6,029 0.00

Prepaid Insurance 132,412 0.02 139,620 0.02

Prepaid Interest 19,203 0.00 27,543 0.00

Deposit on Letters of Credit 506,472 0.07 237,782 0.04

Advances to Contractors 1,671,021 0.22 1,632,394 0.24

Deferred Charges 620,088 0.08 476,307 0.07

Other Prepaid Expenses 189,005 0.03 190,895 0.03

Total Prepayments 3,143,649 0.42 2,710,570 0.40 Other Current Assets

Guaranty Deposits 336,267 0.04 292,362 0.04

Other Current Assets 341,518 0.05 331,667 0.05

Total Other Current Assets 677,785 0.09 624,029 0.09 Total Current Assets 260,607,011 34.53 212,243,050 31.69

Investments

Investment in Securities 2,560,408 0.34 3,311,512 0.49

Investments in Treasury Bills 99,845 0.01 363,358 0.05

Investments in Stocks 527,350 0.07 638,393 0.10

Investments in Bonds 71,337 0.01 604,325 0.09

Other Investments and Marketable Securities 1,861,876 0.25 1,705,436 0.25

Sinking Fund 43,274 0.01 100,695 0.02

Sinking Fund 43,274 0.01 100,695 0.02 Total Investments 2,603,682 0.34 3,412,207 0.51

Property, Plant and Equipment

Land and Land Improvements

Land 80,211,615 10.63 75,828,399 11.32

Land Improvements 24,694,248 3.27 24,684,326 3.69

Electrification, Power and Energy Structures 3,661,160 0.49 3,345,938 0.50

Total Land Improvements 108,567,023 14.38 103,858,663 15.51

Buildings

Office Buildings 61,127,616 8.10 57,488,353 8.58

School Buildings 50,407,927 6.68 47,362,766 7.07

Hospitals and Health Centers 15,121,293 2.00 13,087,403 1.95

Markets and Slaughterhouses 23,225,434 3.08 20,879,602 3.12

Other Structures 37,629,682 4.99 33,287,758 4.97

Total Buildings 187,511,952 24.84 172,105,882 25.70

Leasehold Improvements

Leasehold Improvements, Land 8,645 0.00 6,786 0.00

Leasehold Improvements, Buildings 8,182 0.00 20,235 0.00

Other Leasehold Improvements 972 0.00 722 0.00

Total Leasehold Improvements 17,798 0.00 27,742 0.00

Office Equipment, Furniture and Fixtures

Office Equipment 7,729,445 1.02 7,455,126 1.11

Furniture and Fixtures 7,999,452 1.06 7,673,102 1.15

IT Equipment and Software 9,108,241 1.21 8,113,249 1.21

Library Books 1,155,973 0.15 1,219,399 0.18

Total Office Equipment, Furniture and Fixtures 25,993,111 3.44 24,460,876 3.65

Note: differences in figures are due to rounding off 54

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AmountPercentage


Percentage

Distribution



December 31, 2011

Particulars

20102011

(in thousand pesos)

Machineries and Equipment

Machineries 1,258,954 0.17 1,429,432 0.21

Agricultural, Fishery and Forestry Equipment 1,147,293 0.15 1,040,718 0.16 Communication Equipment 2,729,792 0.36 2,580,570 0.39

Construction and Heavy Equipment 20,751,746 2.75 18,230,886 2.72

Firefighting Equipment and Accessories 958,360 0.13 1,131,136 0.17

Hospital Equipment 4,197,984 0.56 3,932,253 0.59

Medical, Dental and Laboratory Equipment 2,725,506 0.36 2,467,299 0.37

Military and Police Equipment 428,966 0.06 408,400 0.06

Sports Equipment 221,861 0.03 187,664 0.03

Technical and Scientific Equipment 1,719,652 0.23 1,776,184 0.27

Other

2011_afr_lgus_vol3a

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