GenSan’s 2008 income puts it in the Billionaires Club! Economy grows 12.7%!

General Santos City’s economy is really on a roll!

In the 2008 Annual Audit Report released by the Commission on Audit of the financial operations of the local government units,  General Santos City had a total income of P1,005,912,377.66!

This makes the Tuna Capital of the Philippines a certified member of the Billionaires Club!

This is also 12.7% increase from previous year’s (2007) income of P892,530,170.71!

Check out this comparative analysis between the incomes of 2007 and 2008 below…

Out of this 2008 total income of GenSan (which includes the IRA – Internal Revenue Allotment from the National Government), expenditures amounted to the following:

• Personal Services – ——————— ————–            P  402,030,712.39
• Maintenance and Operating Expenses –               P  391,552,510.80

TOTAL EXPENDITURES              –                                           P  793,583, 223.19

Deducted from the Total Income for 2008, this leaves the city with a Net Operating Income of P212,329,154.47 in 2008.

According to City Administrator Marcelino Dospueblos, a portion of this will go to paying off ongoing Capital Projects which are part of “continuing appropriations.”  The other portions will be subject for appropriations for the succeeding years.

NOTE: “Continuing Appropriations” is money devoted to Infrastructures and Capital Items which have not yet been completed or have not yet been started.

Congratulations to General Santos City for continuing to grow, glow and go!

Kudos to the local government under Mayor Jun Acharon for steering the wheel towards making the city truly a Magandang GenSan!