as their revenues outstripped expenses.
San Andres had the biggest surplus at P15.8 million, followed by San Miguel with P13.3 million, while the other eight municipalities had figures below P10 million: Bato, P9.8 million; Panganiban, P7.3 million; Baras, P6.8 million; Pandan, P5.4 million; Caramoran, P5.1 million; Bagamanoc, P3.0 million; Gigmoto, P2.7 million; and Viga, P20,000.
Virac registered a deficit of P44.8 million from revenues of P342 million and expenses of P373 million, the same report stated.
However, said deficit is due to the depreciation of completed projects turned over to the municipality by the Department of Public Works and Highways (DPWH).
In an interview with the Tribune, Municipal Accountant Aries Balda said that a thorough review of financial records determined that the variance was primarily due to the depreciation expense associated with completed DPWH projects that were undertaken between 2015 and 2020.
As per accounting principles, the depreciation of these projects with a total value of P746 million were recorded in the LGU’s books, with the substantial cumulative depreciation of P46.8 million considered as a non-cash accounting adjustment, Balda said.
“It is important to note that while the depreciation expense affects the Statement of Financial Performance, it does not have a direct impact on the cash flow of the organization, as it is a non-cash item,” he stressed.
“We emphasize that this is a paper-based adjustment and does not reflect any actual cash shortfall or impact on the municipal government’s liquidity,” the accountant clarified.
Virac had a positive cash position of P222 million at the end of 2023, substantially higher than those of the other 10 towns: San Andres, P95 million; Viga, P81 million; Baras, P80 million; Bagamanoc, P55 million; Caramoran, P55 million; Panganiban, P51 million; Bato, P45 million; Pandan, P35 million; Gigmoto, P34 million; and San Miguel, P26 million.
Meanwhile, the same COA report showed that as of 2023 year-end Catanduanes had total assets of P4.8 billion, the smallest among the six provinces in the Bicol region.
Camarines Sur tallied the largest assets at P33.4 billion, followed by Albay with P12.3 billion, Masbate with P11.5 billion, Camarines Norte with P9 billion, and Sorsogon with P6.5 billion.
Camarines Sur also had the biggest surplus at nearly P1.3 billion, four times that of Sorsogon’s P323 million. Camarines Norte and Catanduanes also had surpluses of P306 million and P253 million, respectively, while Albay and Masbate registered deficits of P131 million and P169 million respectively.
Catanduanes likewise posted a positive cash position at the end of said year with just over P1 billion while the rest of the Bicol provinces had positive cash balances, led by Camarines Sur’s P3.2 billion and Albay’s P2.8 billion.