DAVAO CITY (MindaNews/24 November) – The City Council approved on third and final reading on Tuesday the proposed P6.315 billion budget for 2016, up by 8.7 percent from the budget approved for 2015 at P5.813 billion.
Of the total proposed budget, 58 percent is from the city’s internal revenue allotment while the remaining 42 percent will come from the estimated local sources.
Tax revenues comprised the largest chunk of the local sources at 80.48 percent. The rest come from fees, permits and licenses (6.44 percent), service income (6.18 percent), business income (0.48 percent) and economic enterprise (4.[]
88 percent).
Revenues classified under the “other income” comprised 1.
52 percent of the local sources.
The city has also reserved 19 percent of the total budget, or P1.186 billion, for the development fund that will go to hard and soft projects.
Sources for the development fund will come from a transfer from the General Fund Proper worth P460,213,004 and P721,918,825 from the IRA.
Of the proposed budget for next year, the General Fund Proper will get the biggest chunk at 79 percent, or equivalent to P5 billion, covering the expenditures of various offices of the city government.
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