City Treasurer Victor Endriga said yesterday that Quezon City, to date, has a cash balance of P1,748,422,816.22.
Endriga said the city government had a negative cash balance of P10 million when Mayor Feliciano Belmone Jr. assumed office in July 2001.
"We have prioritized our expenses despite dramatic increase in revenue collections. This explains why I can proudly say that the cash balance of P1,748,422,816.22 will be translated as our surplus at the end of this year," Endriga said.
He added that the city collected more than P5.3 billion in revenues this year, exceeding the P1.5-billion annual budget.
Endriga said the city government exceeded the annual budget of P5.175 billion by as much as P139 million.
"It is believed to be a first in the history of Quezon City," Endriga said.
While the increase in revenue collections is attributed to an ordinance passed by the City Council which increased the tax rates of some businesses, Endriga pointed out that the honest and efficient tax administration also played a vital role in the success in collections.
The Quezon City Treasurer’s Office also initiated the investigation of unscrupulous and erring employees involved in anomalous transactions and issuance of fake real estate tax receipts, noting that some of the cases are now filed with the Office of the Ombudsman. – Pia Lee-Brago