The consolidated financial statements of the Province of the Occidental Mindoro have been prepared in accordance with the Philippine Public Sector Accounting Standards. The accounting standards and policies have been applied starting the year 2015.
The following figures were excerpt from the Consolidated Financial Statements for the Year Ended December 31, 2024, prepared by the Provincial Accounting Office.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2024
| ASSETS | Total | General | Special Education Fund | Trust Fund | Special Health Fund |
|---|---|---|---|---|---|
| Current Assets | |||||
| Cash and Cash Equivalents | 688,515,544.70 | 369,550,766.94 | 70,140,192.83 | 248,814,584.93 | 10,000.00 |
| Receivables | 303,642,498.19 | 251,207,643.54 | 14,330,317.10 | 38,104,537.55 | - |
| Inventories | 191,273,828.33 | 126,127,576.77 | 3,049,013.60 | 62,097,237.96 | - |
| Prepayments and Deferred Charges | 21,814,352.63 | 12,824,550.70 | - | 8,989,801.93 | - |
| Total Current Assets | 1,205,246,223.85 | 759,710,537.95 | 87,519,523.53 | 358,006,162.37 | 10,000.00 |
| Non-Current Assets | |||||
| Investments | 3,650,000.00 | 3,650,000.00 | - | - | - |
| Property, Plant and Equipment | 4,037,177,775.93 | 3,943,134,801.24 | 4,049,000.00 | 89,993,974.69 | - |
| Total Non-Current Assets | 4,054,165,355.83 | 3,960,122,381.14 | 4,049,000.00 | 89,993,974.69 | - |
| Total Assets | 5,259,411,579.68 | 4,719,832,919.09 | 91,568,523.53 | 448,000,137.06 | 10,000.00 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2024
| LIABILITIES | Total | General | Special Education Fund | Trust Fund | Special Health Fund |
|---|---|---|---|---|---|
| Current Liabilities | |||||
| Financial Liabilities | 319,758,863.17 | 310,868,087.14 | 8,886,497.02 | 4,279.01 | - |
| Inter-Agency Payables | 54,164,591.28 | 23,524,535.29 | 954,564.49 | 29,685,491.50 | - |
| Intra-Agency Payables | 55,903,051.84 | 34,542,068.78 | 8,024.46 | 21,342,958.60 | 10,000.00 |
| Trust Liabilities | 94,480,537.53 | 26,291,658.81 | 27,771.82 | 68,161,106.90 | - |
| Deferred Credits / Unearned Income | 1,441,513.96 | 733,098.32 | 708,415.64 | - | - |
| Other Payables | 177,751,327.05 | 5,901,852.14 | 5,083.68 | 171,844,391.23 | - |
| Total Current Liabilities | 703,499,884.83 | 401,861,300.48 | 10,590,357.11 | 291,038,227.24 | 10,000.00 |
| Non-Current Liabilities | |||||
| Financial Liabilities | 3,958,182.11 | 3,958,182.11 | - | - | - |
| Other Payables | 3,922,466.36 | - | - | 3,922,466.36 | - |
| Total Non-Current Liabilities | 7,880,648.47 | 3,958,182.11 | - | 3,922,466.36 | - |
| Total Liabilities | 711,380,533.30 | 405,819,482.59 | 10,590,357.11 | 294,960,693.60 | 10,000.00 |
| NET ASSETS / EQUITY | |||||
| Government Equity | 4,548,031,046.38 | 4,314,013,436.50 | 80,978,166.42 | 153,039,443.46 | - |
| Total Liabilities and Net Assets / Equity | 5,259,411,579.68 | 4,719,832,919.09 | 91,568,523.53 | 448,000,137.06 | 10,000.00 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(With Comparative Figures for CY 2023)
As of December 31, 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | 688,515,544.70 | 874,672,697.08 | |||
| Investments | - | 3,650,000.00 | |||
| Receivables | 303,642,498.19 | 288,962,410.78 | |||
| Inventories | 191,273,828.33 | 162,270,548.48 | |||
| Prepayments and Deferred Charges | 21,814,352.63 | 25,508,371.63 | |||
| Total Current Assets | 1,205,246,223.85 | 1,355,064,027.97 | |||
| Non-Current Assets | |||||
| Investments | 3,650,000.00 | - | |||
| Receivables | - | - | |||
| Property, Plant and Equipment | 4,037,177,775.93 | 3,876,054,999.84 | |||
| Biological Assets | 7,441,949.90 | 7,435,580.00 | |||
| Total Non-Current Assets | 4,054,165,355.83 | 3,884,254,227.34 | |||
| TOTAL ASSETS | 5,259,411,579.68 | 5,239,318,255.31 | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(With Comparative Figures for CY 2023)
As of December 31, 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| LIABILITIES | |||||
| Current Liabilities | |||||
| Financial Liabilities | 319,758,863.17 | 253,840,603.31 | |||
| Inter-Agency Payables | 54,164,591.28 | 100,874,264.82 | |||
| Intra-Agency Payables | 55,903,051.84 | 95,957,560.51 | |||
| Trust Liabilities | 94,480,537.53 | 92,543,721.87 | |||
| Deferred Credits/Unearned Income | 1,441,513.96 | 388,176.42 | |||
| Other Payables | 177,751,327.05 | 230,479,194.69 | |||
| Total Current Liabilities | 703,499,884.83 | 774,083,521.62 | |||
| Non-Current Assets | |||||
| Financial Liabilities | 3,958,182.11 | 20,909,970.09 | |||
| Other Payables | 3,922,466.36 | 3,922,566.36 | |||
| Total Non-Current Liabilities | 7,880,648.47 | 24,832,436.45 | |||
| TOTAL LIABILITIES | 711,380,533.30 | 798,915,958.07 | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(With Comparative Figures for CY 2023)
As of December 31, 2024
| 2024 | 2023 | |
|---|---|---|
| NET ASSETS/EQUITY | ||
| Government Equity | 4,548,031,046.38 | 4,440,402,297.24 |
| Total Liabilities and Net Assets/Equity | 5,259,411,579.68 | 5,239,318,255.31 |
CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
For the Year Ended December 31, 2024
| Revenue | Total | General | Special Education Fund | Trust Fund | Special Health Fund |
|---|---|---|---|---|---|
| Tax Revenue | 83,489,586.52 | 48,871,837.89 | 34,617,748.63 | - | - |
| Share from Internal Revenue Collections (IRA) | 2,127,498,798.00 | 2,127,498,798.00 | - | - | - |
| Service and Business Income | 39,824,797.96 | 39,824,797.96 | - | - | - |
| Shares, Grants and Donations | 19,520,900.71 | 19,520,900.71 | - | - | - |
| Gains | 432,907.40 | 432,907.40 | - | - | - |
| Other Income | 124,907.63 | 124,907.63 | - | - | - |
| Total Revenue | 2,270,891,898.22 | 2,236,274,149.59 | 34,617,748.63 | - | - |
| Less: Current Operating Expenses | |||||
| Personnel Services | 700,200,561.79 | 700,200,561.79 | - | - | - |
| Maintenance and Other Operating Expenses | 1,774,666,535.82 | 1,123,856,169.79 | 22,838,229.37 | 627,972,136.66 | - |
| Financial Expenses | 3,977,371.04 | 3,977,371.04 | - | - | - |
| Non-Cash Expenses | 198,722,164.87 | 198,722,164.87 | - | - | - |
| Current Operating Expenses | 2,677,566,633.52 | 2,026,756,267.49 | 22,838,229.37 | 627,972,136.66 | - |
| Surplus (Deficit) from Current Operations | (406,674,735.30) | 209,517,882.10 | 11,779,519.26 | (627,972,136.66) | - |
| Add: Transfers, Assistance and Subsidy From | 785,079,110.87 | - | - | 785,079,110.87 | - |
| Surplus (Deficit) for the Period | 378,404,375.57 | 209,517,882.10 | 11,779,519.26 | 157,106,974.21 | - |
CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
(With Comparative Figures for CY 2023)
For the Year Ended December 31, 2024
| 2024 | 2023 | |
|---|---|---|
| Revenue | ||
| Tax Revenue | 83,489,586.52 | 101,678,809.19 |
| Share from Internal Revenue Collections (IRA) | 2,127,498,798.00 | 2,002,720,711.00 |
| Service and Business Income | 39,824,797.96 | 33,186,653.73 |
| Shares, Grants and Donations | 19,520,900.71 | 12,197,153.29 |
| Gains | 432,907.40 | 154,226.32 |
| Other Income | 124,907.63 | 451,664.70 |
| Total Revenue | 2,270,891,898.22 | 2,162,220,579.34 |
| Less: Current Operating Expenses | ||
| Personnel Services | 700,200,561.79 | 633,011,639.22 |
| Maintenance and Other Operating Expenses | 1,774,666,535.82 | 1,460,286,057.98 |
| Financial Expenses | 3,977,371.04 | 6,568,501.76 |
| Non-Cash Expenses | 198,722,164.87 | 102,588,185.80 |
| Current Operating Expenses | 2,677,566,633.52 | 2,202,454,384.76 |
| Surplus (Deficit) for the Period | 378,404,375.57 | 410,040,651.83 |
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS/EQUITY
For the Year Ended December 31, 2024
| Total Accumulated Surplus/Deficits 2024 | General | Special Education Fund | Trust Fund | Special Health Fund | |
|---|---|---|---|---|---|
| Balance as of January 1, 2024 Add (Deduct) Changes in Accounting Policy Prior Period Adjustments |
4,440,402,297.24 (273,821,111.43) |
4,351,494,749.05 (266,736,443.24) |
77,579,108.47 (7,084,668.19) | 11,328,439.72 - | - |
| Restated Balance | 4,166,581,185.81 | 4,084,758,305.81 | 70,494,440.28 | 11,328,439.72 | - |
| Add (Deduct) Changes in net assets/equality during the year
Adjustments of net revenue recognized directly in net Surplus (Deficit) for the Period Total Recognized revenue and expenses for the year |
3,045,485.00 378,404,375.57 381,449,860.57 |
19,737,248.59 209,517,882.10 229,255,130.69 |
(1,295,793.12) 11,779,519.26 10,483,726.14 |
(15,395,970.47) 157,106,974.21 141,711,003.74 |
- |
| Balance as of December 31, 2024 | 4,548,031,046.38 | 4,314,013,436.50 | 80,978,166.42 | 153,039,443.46 | - |
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS/EQUITY
(With Comparative Figures for CY 2023)
| Accumulated Surplus/Deficits | ||
|---|---|---|
| 2024 | 2023 | |
|
Balance as of January 1, 2024 Add (Deduct) Changes in Accounting Policy Prior Period Adjustments |
4,440,402,297.24 (273,821,111.43) |
4,101,488,230.71 (92,144,081.10) |
| Restated Balance | 4,166,581,185.81 | 4,009,344,149.61 |
|
Add (Deduct) Changes in net assets/equity during the year Adjustments of net revenue recognized directly in Surplus (Deficit) for the Period Total Recognized revenue and expenses for the period |
3,045,485.00 378,404,375.57 381,449,860.57 |
21,017,495.80 410,040,651.83 431,058,147.63 |
| Balance as of December 31, 2024 | 4,548,031,046.38 | 4,440,402,297.24 |
CONSOLIDATED STATEMENT OF CONDENSED CASH FLOWS
For the Year Ended December 31, 2024
