Republic of the Philippines

Province of Davao del Norte

City of Panabo
Consolidated Statement of Income and Expenses
For the year ended December 31, 2012
(With Comparative Figures of 2011)

2012

2011

INCOME
Local Taxes
Permits and Licenses
Service Income
Business Income
Other Income
Gain/Loss Account
Total Income

138,734,806.08
14,971,515.49
28,671,741.07
27,382,872.22
398,945,038.22
(870,067.72)
607,835,905.36

628,381,689.94

LESS: EXPENSES
Personal Services (Note 15)

199,978,335.86

180,227,015.51

227,815,445.80
15,944,510.33
443,738,291.99
164,097,613.37
4,023,049.41
168,120,662.78
3,518,000.00
164,602,662.78

222,889,809.00
17,445,632.81
420,562,457.32
207,819,232.62
5,085,842.27
212,905,074.89
9,998,842.27
202,906,232.62

Maintenance and Other Operating

Expenses (Note 16)
Financial Expenses (Note 17)
Total Expenses
Net Operating Income
Add: Subsidies from Other LGUs/Funds
Total
Less: Subsidies to Other LGUs/Funds
NET INCOME

131,068,208.47
13,388,077.53
25,501,716.49
19,341,467.85
439,082,219.60

(See accompanying Notes to Financial Statements)

Certified Correct:

WINONA J. AVENIDO, CPA, MPA

City Accountant