In a recent update, the City Treasurer’s Office has disclosed the city’s impressive financial standing, revealing that the total revenue collection until October has reached 94% of the year’s target.
The actual collection has reached P1.376 billion, a commendable achievement considering the estimated target for 2023 is P1.465 billion.
Breaking down the sources of local revenue, real property tax stands out with a substantial collection of P350.169 million, followed by business tax at P493.677 million. Other significant contributors include other taxes (P84.162 million), regulatory fees (P117.342 million), service charges (P203.505 million), and other receipts (P127.781 million).
The report further highlights the efficiency of revenue collection from specific sectors. Real property taxes and business taxes have seen impressive collection rates of 63.67% and 82.28%, respectively. This indicates a robust financial performance and adherence to fiscal targets.
The City Treasurer’s Office’s successful management of revenue sources underscores effective financial planning and execution. The noteworthy achievement in revenue collection positions the city well for continued economic stability and growth as it approaches the end of the fiscal year.
(Source: Bacolod City Public Information Office)