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Masbate City’s local income last year increases by 132%

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The City of Masbate has recorded a 132% increase in its local source income in 2017, owing the success to the “intensive” and “efficient” collection campaign of the treasury department.

“Mainly due to the intensive and efficient collection campaign of the treasury department of the Masbate City Government, a 132 percent increase was registered at the close of calendar year 2017 compared to the collection in 2016,” the city said.

Masbate City said that local source income has two components, the tax revenue and the non-tax.

Tax revenue is composed of the collection on real property, on business and other taxes while the non-tax revenue are the regulatory fees such as permit and licenses, service and user charges (service income), the collection from the Economic Enterprise on business, and other receipts representing the other general income of the city government.

For the tax revenue last year, the city’s Treasury department raked in P60,236,059.79, 149% higher than 2016’s P40,488,282.73.

For the non-tax, it rose by 112%, or an increase of P3,918,055.06 to P37,826,984.84 from 2016’s P33,908,929.78.

“Over all, the total collection for the local source was P98,063,044.63 as 2017 closes compared to P74,397,212.51 in 2016,” the City said.

Morever, the collection of real property taxes rose by almost thee-fold last year to P18,381,543.68 from just P6,228,604.02 collected in 2016.

“The Office of the Assessor issues tax bill and it is the treasury department that collects the same,” the city said.

For collection for the payment of regulatory fees covering the permits and licenses, it shot up by 413% from P2,820.910.76 to P11,641,374.94.

OIC Treasurer Joey Zaldy J. Gallego said that the increase of the city’s revenue can be attributed to the initiatives and effective collection methods implemented by Mayor Rowena R. Tuason last year.