THE CITY’s legislative body has approved the proposed P7.8-billion budget for 2018, which is P2 million lower than the P8-billion allocation this year. The 2017 fund saw a 16% jump from the previous year’s P6.9 billion. The Internal Revenue Allotment, the local government’s share from the national coffers, is still the top source of the city’s budget for next year at P4.47 billion while the remaining amount will come from local income and funds. The city is aiming to increase its local income through the revised Schedule of Market Value (SMV) for real property tax, which is pending approval by the Department of Finance. Councilor Danilo C. Dayanghirang, chair of the council committee on finance ways, and means and appropriations, said they are hopeful that the new SMV and its corresponding higher taxes would be implemented by 2019. — Carmencita A. Carillo
