CAGAYAN DE ORO CITY—City Hall announced yesterday an 8.27-percent increase in its 2010 income which translates into P1.82billion, P149.4 million higher than its 2009 income of P1.65 billion, proving once more that this capital city of Northern Mindanao is the fastest growing economy in the entire country.

In his annual report to the Office of the City Mayor, City Treasurer Lino Daral said the bulk of the city’s annual income came from its Internal Revenue Allotment (IRA of P840.7 million.

But City Hall’s top man, Mayor Vicente Y. Emano attributed this increase to a stable economy and a vibrant business climate.

Daral said the significant increase of the city’s income is due to the concerted efforts of the City Finance Department personnel who adopted the spirit of “bayanihan” in the delivery of tax billings and the collection of taxes in order to achieve its target collection.

He said that revenues generated from local business taxes reached only P323.9 million.

Revenue generated from other fees, taxes and charges followed next with P203.8 million; real property taxes-basic (70 percent), P163.7 million; and real property taxes-additional 1 percent Special Education Fund, P138.4 million.

Other major sources of local revenue were real property taxes basic (30-percent village share), P70.2 million; income from public markets, P50.8 million; eastbound-westbound terminal and public market, P12.3 million; and slaughterhouse, P2.99 million.

In 2010, the local government unit of Cagayan de Oro City also collected P16.4 million in amusement tax (P12.09 million); mining tax (P2.84 million); and tax for sand and gravel and other quarry products (P1.51 million).

The city also received last year its national share from the PCSO-Lotto income amounting to P6.98 million.

The examination and audit of business operators’ books of account indicated that the city earned P6.39 million in deficiency taxes aside from the verification of 16,348 business establishments that generated P2.35 million.

As part of its intensified tax inspection and tax mapping activities in 62 urban and rural villages, the City Treasurer’s Office issued 5,123 demand letters to business establishments with no mayor’s permit.