The local government unit (LGU) of Makati City attained anew the highest audit rating from the Commission on Audit (COA) for its 2019 financial statements, an unprecedented “three-peat” achievement for a city government.
Mayor Abigail “Abby” Binay said she was “extremely delighted” by COA’s ‘unmodified opinion’ — the highest audit rating rendered by the state auditor — after concluding that the city’s financial statements were presented fairly and in conformity with generally accepted accounting principles.
The Makati LGU said it received the good news through a letter dated July 6 and signed by COA director Omar Roque.
With this latest finding, Binay said Makati now holds the record of earning COA’s highest audit rating for three consecutive years.
The mayor also said Makati posted a four percent-revenue growth in the first half of the year.
According to City Treasurer Jesusa Cuneta, business tax collections jumped four percent to P6.69 billion in June 2020 from P6.42 billion the previous year, while the revenue from real property tax increased by three percent to P4.72 billion from P4.58 billion in the same period.
Cuneta also said that, as of June 2020, the city has obtained 73 percent of its revenue target for 2020 with a total of P12.98 billion in actual collections. Per the Makati LGU, the target revenue collection for the year is P17.76 billion.
“I’m heartened by these positive developments as the city grapples with the pandemic. We’re thankful for meeting COA’s stringent standards for the third straight year,” Binay said.
The mayor also said she was “pleasantly surprised” to learn that the city achieved a four percent year-on-year gain in revenue collections for the first half of 2020 despite the challenges posed by COVID-19.
“We hope to sustain the upward trend for our income in the coming months,” Binay said.