FINANCIAL ACHIEVEMENTS

CORPORATE POWERS

The City constitutes a political body corporate and as such is endowed with the attributes of perpetual succession and possessed the powers which pertain to a municipal corporation to be exercised in conformity with the provisions of its Charter. The City has the following corporate powers:

1. To have a continuous succession in its corporate name
2. To sue and be sued
3. To have and use a corporate seal
4. To acquire and convey real or personal property
5. To enter into contracts
6. To exercise such other powers as are granted to corporations, subject to the limitations provided in this Act and other laws

The year 2006 saw an increased tax collection from the constituents. The total revenue of the city for the year totaling P953,842,296.49 registered an increase of P141,882,726.10 which is 17.5% over that of last year which was P811,959,570.39.

Assessed value of real properties attained an increase from P18,296,385,770.00 as of December 31, 2005 to P18,727,164,610.00 as of December 31, 2006, which amounts to P430,778,840.00 or a percentage increase of 2.35% for 2006.

Though political turmoil, some natural disaster and economic setbacks occurred in the country during fiscal year 2006, nevertheless, it does not affect our zeal in the collection services which resulted in a steady collection gross. This year’s actual collection on business establishment had amounted to P67,519,399.15 having an 18% increase over that of last year which was P57,118,929.41.

The City’s Internal Revenue Allotment this year totalling P535,391,473.33 registered an increase of 18% over that of last year which was P452,553,291.00.