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2008 2007

Current AssetsCash (Note 5) P 122,315,983.87 P 104,929,087.27Receivables (Note 6) 267,386,956.23 206,542,245.53Inventories (Note 7) 1,914,955.00 1,914,955.00Prepayments (Note 8) 9,164,434.32 9,164,434.32Total Current Assets P 400,782,329.42 P 322,550,722.12

Property, Plant and Equipment (net depreciation) (Note 9)Land P 63,828,118.29 P 53,155,393.47Land Improvements 22,851,059.22 23,066,094.59Buildings 42,109,913.43 43,518,639.15

Office Equipment, Furniture and Fixtures 30,072,845.24 26,529,632.44Machineries and Equipment 37,809,218.48 40,359,997.61Transportation Equipment 31,246,671.31 30,737,419.71Other Property, Plant and Equipment 6,253,054.22 6,381,247.55Public Infrastructures 3,336,240.68 3,859,919.88Construction in Progress 358,144,946.48 320,514,955.88Total Property, Plant & Equipment 595,652,067.35 548,123,300.28

Other Assets (Note 10) 13,260,796.42 13,200,896.42TOTAL ASSETS P 1,009,695,193.19 P 883,874,918.82

Current Liabilities (Note 11) P 24,513,730.78 P 37,074,685.49Long Term Liabilities (Note 12) 66,083,489.06 55,480,900.59Deferred Credits (Note 13) 176,793,610.73 158,068,688.29

Total Liabilities P 267,390,830.57 P 250,624,274.37

Government Equity, beginning P 633,250,644.45 560,497,793.95Add/Deduct:

Retained Operating Surplus 112,707,169.69 115,070,795.46

Prior Years Adjustments (3,107,725.12) (628,739.32)Transfers to Registry (545,726.40) (41,689,205.64)

Government Equity, End 742,304,362.62 633,250,644.45TOTAL LIABILITIES AND EQUITY P 1,009,695,193.19 P 883,874,918.82

ASSETS

LIABILITIES

City of HimamaylanConsolidated Balance Sheet

As of December 31, 2008(With Comparative Figures for CY 2007)

EQUITY (Note 14)

(See accompanying Notes to Financial Statements)

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2008 2007Income(Note 15)

National taxes P 16,355.60 P 10,805.00 Local Taxes 6,189,389.04 10,401,498.16 Permits and Licenses 1,336,187.30 1,168,657.32 Service Income 296,310.00 251,135.00 Business Income 1,925,361.93 1,505,579.03 Other Income 303,108,962.91 289,582,822.60 Gain/Loss Accounts 4,044,086.93 -

Total Income P 316,916,653.71 P 302,920,497.11 Less: Expenses (Note 16)

Personal Services P 66,578,847.06 P 60,740,503.19 Maintenance and Other Operating Expenses 126,038,571.96 124,223,407.18 Financial Expenses 4,003,102.27 24,085.28 Total Expenses P 196,620,521.29 P 184,987,995.65

Net Operating Income P 120,296,132.42 P 117,932,501.46 Add:Subsidies from - - Total P 120,296,132.42 P 117,932,501.46 Less:Subsidies to (Note 17) 7,588,962.73 2,861,706.00 Net Income P 112,707,169.69 P 115,070,795.46

(See accompanying Notes to Financial Statements)

City of HimamaylanConsolidated Statement of Income and Expenses

For the Year Ended December 31, 2008(With Comparative Figures for CY 2007)

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Cash Flow from Operating Activities : 2008 2007Cash Inflows :

Collection from Taxes P 19,609,646.60 P 16,013,942.03 Share from Internal Revenue collections 284,458,633.65 275,335,971.67 Other Receipts 5,655,507.33 12,811,870.00 Total Cash Inflows P 309,723,787.58 P 304,161,783.70

Cash OutFlows :Payments-To Suppliers and Creditors P 100,498,073.13 P 146,078,795.51

To Employees 124,949,508.19 68,864,713.99 Financial Expenses 709,795.06 122,491.17 Total Cash Outflows P 226,157,376.38 P 215,066,000.67

Net Cash Operating Activities P 83,566,411.20 P 89,095,783.03 Cash Flow from Investing Activities :Cash Inflows:

From Collection of Other Income P 13,167.00 P 705,103.58 Total Cash Inflows P 13,167.00 P 705,103.58

Cash OutFlows :To Purchase of Property , Palnt and Equipment P 56,603,830.39 P 77,712,629.48

Total Cash Outflows P 56,603,830.39 P 77,712,629.48 Net Cash Investing Activities P (56,590,663.39) P (77,007,525.90) Cash Flow from Financing Activities :

Cash Inflows :From Acquisition of Loans P - P - Total Cash Inflows P - P -

Cash OutFlows :Payment of Loan Amortization P 9,588,851.21 P 7,701,500.02 Total Cash Outflows P 9,588,851.21 P 7,701,500.02

Net Cash From Financing Activities P (9,588,851.21) P (7,701,500.02)

Net Increase in Cash 17,386,896.60 4,386,757.11 Cash at the Beginning of the year 104,929,087.27 100,542,330.16 Cash at the End of the Period P 122,315,983.87 P 104,929,087.27

City of HimamaylanConsolidated Statement of Cash FlowsFor the Year Ended December 31, 2008

(With Comparative Figures for CY 2007)

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