THE Baguio City Council has approved the city’s proposed annual budget for 2024 on third and final reading during its Monday session.
The proposed 2024 annual budget of the local government is P2.74 billion, roughly 14 percent or P335 million higher than the P2.409 million 2023 appropriations for this year.
“If you compare it to last year, we only had 2.3 billion (pesos), but now we are at 2.74. Hopefully, every year, it will increase and increase,” Baguio Mayor Benjamin Magalong said.
The estimated income from local and external sources as certified by the local finance committee are broken down as follows: beginning balance at P50 million, local internal sources such as tax revenue at P630,810,000, non-tax revenue at P565,977,000, external sources such as shares from national tax allotment at P1,234,987,171, shares from economic zones such as the Baguio City Economic Zone at P250,000,000, and finally, the shares from the Philippine Charity Sweepstakes Office (PCSO) at P3,500,000.
According to Magalong, the city must not become too dependent on tax for the provision of its funding and must continue to look for other ways to raise funds for its own activities.
“We should not only be dependent on the taxes. Every time we impose taxes, there is always a public reaction. So we should develop economic enterprises so it generates additional income for the local government of Baguio. The catalytic projects we are working on will generate around one billion for Baguio once we complete them three years from now,” Magalong said.
The income for Baguio is 14 percent higher than the 2023 income estimates and included in the non-tax revenue is an amount of P103 million representing the estimated increased income from the proposed amendment of business permit fees, for submission and consideration of the council.