10/19/2011 - CEBU CITY, Cebu, Philippines (PNA) — The Cebu City Treasurer’s Office has collected over P2.6 billion in revenues as of October 15 this year.
With the inclusion of the close to P930 million shares from the Internal Revenue Allotment, Cebu City currently has a total revenue of P3.585 billion, about a billion short of its expected income this year.
The biggest income from the city comes from business taxes and community tax certificates that reached P1.17 billion.
Another source of income is the collection of real property taxes, including garbage fees and penalties amounting to P601.6 million.
Cebu City Treasurer Tessie Camarillo also expects real property tax collection to increase in 2012 from the over 30 hotels, condominiums and commercial establishments that were built in the city this year.
When some of these establishments start to become operational, Camarillo said he expects the collection of real property tax to contribute substantially to the proposed 2012 budget for the city, which is P11.8 billion.
The Cebu City government is also entitled to the collection of business taxes in those said properties.
Regulatory fees from the Cebu City Traffic Operations Management, City Health Department, Civil Registrar Fees and the City Environmental Sanitation Enforcement Team (Ceset) came to P71.2 million so far.
Also earning for the city are seven economic enterprises under the City Government, namely the Market Authority, Cebu City Abattoir, Fort San Pedro, Cebu Zoo, City Condominium, Tubig Project and the Cebu City Medical Center which, altogether, posted gains of almost P111 million.
Camarillo said collection in the markets is expected to increase next year with the new market code and its amendments.
Meanwhile, receipts from SM Prime Holdings Inc. and Filinvest Land Inc. in the South Road Properties came to almost P700 million. (Manila Bulletin)