Municipality of Quezon, Isabela

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at December 31, 2017
(With Comparative Figures for CY 2016)
Note 2017 2016
ASSETS
Current Assets
Cash and Cash Equivalents 4 P 74,519,011.70 P 36,028,176.28
Receivables 5 2,036,327.08 3,214,739.22
Inventories - -
Prepayments and Deferred Charges - -
Total Current Assets P 76,555,338.78 P 39,242,915.50

Non-Current Assets
Investment Property
Property, Plant and Equipment 6 P 111,450,285.20 P 97,940,082.57
Biological Assets - -
Other Non-Current Assets - -
Total Non-Current Assets 111,450,285.20 97,940,082.57
Total Assets P 188,005,623.98 P 137,182,998.07

LIABILITIES
Current Liabilities
Financial Liabilities - -
Inter-Agency Payables 7 P 49,003,999.85 P 16,315,039.98
Intra-Agency Payables - -
Trust Liabilities - -
Deferred Credits/Unearned Income 8 1,408,900.69 1,955,255.87
Total Current Liabilties P 50,412,900.54 P 18,270,295.85

Non-Current Liabilities
Financial Liabilities 9 P 1,391,260.68 P 5,064,042.79
Provisions - -
Other Payables 9 100,000.00 100,000.00
Total Non-Current Liabilities 1,491,260.68 5,164,042.79
Total Liabilities P 51,904,161.22 P 23,434,338.64

NET ASSETS/EQUITY
Government Equity 136,101,462.82 113,748,659.43
Total Liabilities and Net Assets/Equity P 188,005,624.04 P 137,182,998.07

See Accompanying Notes to Financial Statements

4
Municipality of Quezon, Isabela
CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
For the Year Ended December 31, 2017
(With Comparative Figures for CY 2016)

Note 2017 2016

Revenue 10
Tax Revenue P 5,022,209.45 P 3,460,919.38
Share from Internal Revenue
Collections 90,381,024.00 80,558,040.00
Service and Business Income 22,002,922.65 22,063,435.76
Shares, Grants and Donations - -
Gains - -
Other Income 163,194.39 219,395.58
Total Revenue P 117,569,350.49 P 106,301,790.72

Less: Current Operating Expenses

Personnel Services 11 P 51,827,629.18 P 50,707,297.78
Maintenance and Other Operating
Expenses 12 45,970,252.17 36,608,465.20
Financial Expenses - -
Non-Cash Expenses 13 4,330,614.17 3,981,895.52
Current Operating Expenses P 102,128,495.52 P 91,297,658.50
Surplus (Deficit) from Current Operation P 15,440,854.97 P 15,004,132.22
Add (Deduct):
Transfers, Assistance and Subsidy
From - -
Transfers, Assistance and Subsidy To 1,134,259.80 829,406.72
Surplus (Deficit) for the period P 14,306,595.17 P 14,174,725.50

See Accompanying Notes to Financial Statements

5
Municipality of Quezon, Isabela
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2017
(With Comparative Figures for CY 2016)

2017 2016
Cash Flows from Operating Activities
Cash Inflows
Collection from taxpayers P 5,022,209.45 P 3,460,919.38
Share from Internal Revenue Allotment 90,381,024.00 80,558,040.00
Receipts from business/service income 22,002,922.65 22,063,435.76
Other Receipts 49,820,474.57 27,503,771.58
Total Cash Inflows P 167,226,630.67 P 133,586,166.72
Cash Outflows
Payment of expenses P 39,385,866.23 P 32,971,556.52
Payments to suppliers and creditors 13,646,679.63 21,422,234.68
Payments to employees 48,124,664.82 46,634,789.31
Other Expenses 12,376,647.28 23,278,320.87
Total Cash Outflows P 113,533,857.96 P 124,306,901.38
Net Cash Flows from Operating Activities P 53,692,772.71 P 9,279,265.34
Cash Flows from Investing Activities
Cash Inflows
Proceeds from Sale/Disposal of Property, Plant - -
& Equipment
Total Cash Inflows P - P -
Cash Outflows
Purchase/Construction of Investment Property P - P -
Purchase/Construction of Property, Plant and Equipment 13,231,125.23 5,996,186.47
Total Cash Outflows P 13,231,125.23 P 5,996,186.47
Net Cash Flows from Investing Activities P (13,231,125.23) P (5,996,186.47)
Cash Flows from Financing Activities
Cash Inflow
Total Cash Inflows P - P -
Cash Outflows
Payment of loan amortization 1,970,811.99 2,154,048.40
Total Cash Outflows P 1,970,811.99 P 2,154,048.40
Net Cash Flows from Financing Activities P (1,970,811.99) P (2,154,048.40)
Total cash Provided by Operating, Investing &
Financing Activities 38,490,835.49 1,129,030.47
Add: Cash at the Beginning of the year 36,028,176.28 34,899,145.81
Cash Balance at the End of the Year P 74,519,011.77 P 36,028,176.28

See Accompanying Notes to Financial Statements

7
Municipality of Quezon, Isabela
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS/EQUITY
For the Year Ended December 31, 2017
(With Comparative Figures for CY 2016)

2017 2016
Balance, Beginning P 113,748,659.43 P 103,766,809.08
Add (Deduct)
Change in Accounting Policy
Prior Period Errors 8,046,208.22 (4,192,875.15)
Restated Balance P 121,794,867.65 P 99,573,933.93
Add (Deduct) Changes in net assets/equity
during the year
Adjustment of net revenue recognized
directly in net assets/equity
Surplus (Deficit) for the period 14,306,595.17 14,174,725.50
Total recognized revenue and expenses P 14,306,595.17 P 14,174,725.50
for the period
Balance at December 31, 2016 P 136,101,462.82 P 113,748,659.43

7
Municipality of Quezon
STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS
For the Year Ended December 31, 2017

Budgeted Amounts
Particulars Difference Original Difference Final
Actual Amounts
Original Final and Final Budget Budget and Actual

Revenue
A. Local Sources
1. Tax Revenue
a. Tax Revenue - Property 1,490,720.00 1,490,720.00 - 1,120,184.56 370,535.44
b. Tax Revenue - Goods and - - - 0 0
Services
c. Other Local Taxes 1,511,919.66 1,511,919.66 - 2,457,973.78 (946,054.12)
Total Tax Revenue 3,002,639.66 3,002,639.66 3,578,158.34 (575,518.68)
2. Non-Tax Revenue
a. Service Income 12,323,906.23 15,757,010.73 3,433,104.50 2,332,735.33 13,424,275.40
b. Business Income 10,780,505.36 10,780,505.36 - 19,670,187.32 (8,889,681.96)
c. Other Income and Receipts 1,837,596.03 1,837,596.03 163,194.39 1,674,401.64
Total Non-Tax Revenue 23,104,411.59 28,375,112.12 5,270,700.53 22,166,117.04 6,208,995.08
B. External Sources
1. Share from the (IRA) 90,381,024.00 90,381,024.00 - 90,381,024.00 -
2. Other Receipts - - - 0 0
Total Revenues and Receipts 116,488,075.25 121,758,775.78 5,270,700.53 116,125,299.38 5,633,476.40
Expenditures
General Public Services
Personnel Services 36,514,377.10 36,848,137.10 333,760.00 35,489,078.58 1,359,058.52
Maintenance and Other Operating 18,621,809.40 21,081,153.90 2,459,344.50 21,081,153.90 -
Services
Capital Outlay 1,294,500.00 1,294,500.00 - 1,294,500.00 -
Social Services and Social
Welfare
Personnel Services 13,316,349.94 13,316,349.94 - 13,268,392.43 47,957.51
Maintenance and Other Operating 12,205,000.00 12,845,000.00 640,000.00 12,845,000.00 -
Services
Capital Outlay 650,500.00 650,000.00 - 650,500.00 -
Economic Services
Personnel Services 2,476,742.08 2,476,742.08 - 2,391,897.95 84,844.13
Maintenance and Other Operating 3,726,728.69 3,726,728.69 - 3,726,728.69 -
Services
Capital Outlay 890,370.00 890,370.00 - 890,370.00 -
Other Purposes:
Debt Service 1,970,816.99 1,970,816.99 - 1,970,816.99 -
Financial Expense
Amortization
LDRRMF
Maintenance and Other Operating 3,244,884.47 3,244,884.47 - 1,361,356.19 1,883,528.28
Services
Capital Outlay 1,544,063.75 1,544,063.75 - 537,939.99 1,006,123.76
20% Development Fund
Maintenance and Other Operating 7,616,149.32 7,616,149.32 - 5,645,332.33 1,970,816.99
Services
Capital Outlay 8,708,589.32 10,546,185.35 5,165,474.08 5,380,711.27
Allocation for Senior Citizen
and PWD
Maintenance and Other Operating 447,500.00 447,500.00 - 447,500.00 -
Services
Capital Outlay
Others
Maintenance and Other Operating 4,356,448.22 4,356,448.22 - 4,139,585.90 216,862.32
Services
Capital Outlay
Total Expenditures 117,584,829.28 122,855,029.81 3,433,104.50 110,905,627.03 11,949,902.78
Surplus(Deficit) for the Period (1,096,754.03) (1,096,254.03) 0.00 5,219,672.35 (6,316,426.38)