MUNICIPALITY OF ADAMS

STATEMENT OF FINANCIAL POSITION

ALL FUNDS
AS AT DECEMBER 31, 2020

Note 2020 2019

ASSETS
Current Assets
Cash and Cash Equivalents 4 31,782,526.84 34,210,675.09
Receivables 5 22,760,073.83 25,171,389.91
Inventories 6 5,059,867.59 3,724,067.14
Prepayments and Deferred Charges - 270,120.60
Total Current Assets 59,602,468.26 63,376,252.74

Non-Current Assets
Property, Plant and Equipment 7 188,609,156.12 171,685,468.89
Total Non-Current Assets 188,609,156.12 171,685,468.89

TOTAL ASSETS 248,211,624.38 235,061,721.63

LIABILITIES
Current Liabilities
Financial Liabilities 8 15,557,005.53 19,968,318.92
Inter-Agency Payables 8 4,651,312.02 4,290,124.43
Intra-Agency Payables 8 9,534,689.74 12,941,910.86
Trust Liabilities 8 14,617,464.19 23,004,535.38
Deferred Credits/Unearned Incom 8 1,171,965.83 1,413,053.40
Other Payables 9 45,358.95 43,761.22
Total Current Liabilities 45,577,796.26 61,661,704.21

Total Liabilities 45,577,796.26 61,661,704.21

NET ASSETS/EQUITY
Government Equity 202,633,828.12 173,400,017.42

TOTAL LIABILITIES AND NET 248,211,624.38 235,061,721.63

ASSETS/EQUITY

4
 MUNICIPALITY OF ADAMS
STATEMENT OF FINANCIAL PERFORMANCE
ALL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2020

Note 2020 2019

Revenue
Tax Revenue 10 590,620.12 710,526.22
Share from Internal Revenue Collections 10 69,762,866.00 56,948,617.00
Other Share from National Taxes 10 9,246,006.00 5,177,147.00
Service and Business Income 11 875,623.56 403,995.61
Shares, Grants and Donations 12 8,613,572.00 50,000.00
Total Revenue 89,088,687.68 63,290,285.83

Less: Current Operating Expenses

Personnel Services 14 35,887,924.57 32,305,350.53
Maintenance and Other Operating 15, 16, 21,739,113.19 20,250,011.62
Expenses 19, 20
Non-cash Expenses 22, 23 12,770,010.40 9,112,372.86
Financial Expenses 21 1,087,576.99 1,451,033.01
Current Operating Expenses 71,484,625.15 63,118,768.02

Surplus (Deficit) from Current 17,604,062.53 171,517.81

Operation
Add (Deduct):
Transfers, Assistance and Subsidy From 12 4,010,000.00 -
Transfers, Assistance and Subsidy To
Transfers, Assistance and Subsidy To 17, 18 (1,459,987.31) (1,071,475.64)
Net Financial Assistance/Subsidy 2,550,012.69 (1,071,475.64)

Other Non-Operating Income/Losses:

Miscellaneous Income 34,248.07 79,921.07
Losses (24,499.59)
Net Non-Operating Income/Losses 9,748.48 79,921.07

Surplus(Deficit) for the Period 20,163,823.70 (820,036.76)

5
 MUNICIPALITY OF ADAMS
STATEMENT OF CHANGES IN NET ASSETS/EQUITY
ALL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2020

2020 2019
Balance at January 1, 2020 173,400,017.42 164,979,391.04
Add (Deduct)
Transfer of Asset from (to) TF 12,332,416.47 9,167,076.14
Change in Accounting Policy - -
Prior Period Errors (3,262,251.87) 73,587.00
Restated Balance 182,470,182.02 174,220,054.18
Add (Deduct) Changes in Net
Assets/Equity During the Year
Adjustment of Net Revenue (177.61) -
Recognized Directly in Net
Assets/Equity
Surplus (Deficit) for the Period 20,163,823.71 (820,036.76)
Total Recognized Revenue and Expenses 20,163,646.10 (820,036.76)
for the Period
Balance at December 31, 2020 202,633,828.12 173,400,017.42

6
 MUNICIPALITY OF ADAMS
STATEMENT OF CASH FLOW
ALL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2020
2020 2019
Cash Flows from Operating Activities
Cash Inflows
Collection from Taxpayers 353,694.73 471,294.87
Share from Internal Revenue Allotment 69,762,866.00 62,125,764.00
Receipts from Business/Service income 905,253.44 499,366.69
Interest Income 39,894.28 33,382.29
Other Receipts 27,007,961.70 22,444,108.90
Total Cash Inflows 98,069,670.15 85,573,916.75
Cash Outflows
Payment of Expenses 5,293,363.17 8,481,163.32
Payments to Suppliers and Creditors 5,508,385.27 12,712,403.81
Payments to Employees 36,111,093.58 28,948,577.74
Interest Expense - -
Other Expenses 14,887,417.82 23,536,727.16
Total Cash Outflows 61,800,259.84 73,678,872.03
Net Cash Flows from Operating Activities 36,269,410.31 11,895,044.72
Cash Flows from Investing Activities
Cash Inflows
Proceeds from Sale of Investment Property - -
Proceeds from Sale/Disposal of Property, 13,240.00 -
Plant and Equipment
Proceeds from Sale of Non-Current
- -
Investments
Collection of Principal on Loans to Other - -
Entities
Total Cash Inflows 13,240.00 -
Cash Outflows
Purchase/Construction of Investment Property - 178,813.60
Purchase/Construction of Property, Plant and 34,220,798.56 28,590,692.08
Equipment
Investment - -
Purchase of Bearer Biological Assets - -
Purchase of Intangible Assets - -
Grant of Loans - -
Total Cash Outflows 34,220,798.56 28,769,505.68
Net Cash Flows from Investing Activities (34,207,558.56) (28,769,505.68)
Cash Flows from Financing Activities
Cash Inflows
Proceeds from Loans - -
Total Cash Inflows - -
Cash Outflows
Payment of Long-Term Liabilities - -
Retirement/Redemption of Debt Securities - -
Payment of Loan Amortization and Interest 4,490,000.00 5,997,519.66
Total Cash Outflows 4,490,000.00 5,997,519.66
Net Cash Flows from Financing Activities (4,490,000.00) (5,997,519.66)

7
Total Cash Provided by Operating, Investing (2,428,148.25) (22,871,980.62)
and Financing Activities
Add: Cash at the Beginning of the Period 34,210,675.09 57,082,655.71
CASH BALANCE AT THE END OF THE 31,782,526.84 34,210,675.09
YEAR

8
 MUNICIPALITY OF ADAMS
STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS
FOR THE YEAR ENDED DECEMBER 31, 2020
(absolute amounts)

ADAMS
Budgeted Amounts Difference Actual Difference
Particulars
Original and Final Budget and
Original Final Amounts
Final Budget Actual

Revenue
A.  Local Sources
1.  Tax Revenue
a.  Tax Revenue - Property 35,000.00 35,000.00 - 199,055.83 (164,055.83)
b.  Tax Revenue - Goods and Services 186,000.00 186,000.00 - 113,688.80 72,311.20
c.  Other Local Taxes 100,000.00 100,000.00 - 277,875.49 (177,875.49)
Total Tax Revenue 321,000.00 321,000.00 - 590,620.12 (269,620.12)
2.  Non-Tax Revenue
a.  Service Income 108,500.00 108,500.00 - 700,529.73 (592,029.73)
b.  Business Income 160,000.00 160,000.00 - 175,093.83 (15,093.83)
c.  Other Income and Receipts 500.00 500.00 - 34,248.07 (33,748.07)
Total Non-Tax Revenue 269,000.00 269,000.00 - 909,871.63 (640,871.63)
B. External Sources
1.  Share from the National IRA 70,049,144.00 69,762,866.00 286,278.00 69,762,866.00 -
2.  Share from GOCCs - -
3.  Other Shares from National Tax Collections 9,246,006.00 9,246,006.00 - 9,246,006.00 -
a.  Share from Ecozone - -
b. Share from EVAT - -
c.  Share from National Wealth - -
d. Share from Tobacco Excise Tax 9,246,006.00 9,246,006.00 - 9,246,006.00 -
4.  Other Receipts - - - 8,613,572.00 (8,613,572.00)

9
 a.  Grants and Donations - 8,613,572.00 (8,613,572.00)
b.  Other Subsidy Income - -
5.  Inter-local Transfer - -
6.  Capital /Investment Receipts - - - - -
a.  Sale of Capital Assets - -
b.  Sale of Investments - -
c. Proceeds from Collections of Loan Receivables - -
C. Receipts from Borrowings - -
Total Revenue and Receipts 79,885,150.00 79,598,872.00 286,278.00 89,122,935.75 (9,524,063.75)
Expenditures
Current Appropriations
General Public Services
Personal Services 28,055,717.97 27,437,384.34 618,333.63 27,362,702.53 74,681.81
Maintenance and Other Operating Expenses 10,661,022.66 11,574,544.87 (913,522.21) 10,923,299.08 651,245.79
Capital Outlay 340,000.00 1,699,116.89 (1,359,116.89) 600,188.65 1,098,928.24
Education
Personal Services - -
Maintenance and Other Operating Expenses - -
Capital Outlay - -
Health, Nutrition and Population Control - -
Personal Services 3,728,760.60 3,544,305.95 184,454.65 3,478,991.70 65,314.25
Maintenance and Other Operating Expenses 4,761,804.00 4,626,804.00 135,000.00 4,534,962.06 91,841.94
Capital Outlay 1,305,168.00 1,355,168.00 (50,000.00) 1,229,848.69 125,319.31
Labor and Employment - -
Personal Services - -
Maintenance and Other Operating Expenses - -
Capital Outlay - -
Housing and Community Development - -
Personal Services - -
Maintenance and Other Operating Expenses - -
Capital Outlay - -
Social Services and Social Welfare - -
Personal Services 1,607,105.76 1,706,566.02 (99,460.26) 1,693,737.88 12,828.14

10
 Maintenance and Other Operating Expenses 381,400.00 431,400.00 (50,000.00) 425,879.18 5,520.82
Capital Outlay 20,000.00 70,000.00 (50,000.00) 42,587.93 27,412.07
Economic Services - -
Personal Services 3,073,481.58 3,352,972.85 (279,491.27) 3,352,492.46 480.39
Maintenance and Other Operating Expenses 359,800.00 210,400.00 149,400.00 156,861.82 53,538.18
Capital Outlay 40,000.00 140,000.00 (100,000.00) - 140,000.00
Other Purposes: - -
Debt Service - -
Financial Expense - -
Amortization 5,728,355.19 5,619,368.29 108,986.90 5,619,368.29 -
LDRRMF - -
Maintenance and Other Operating Expenses 2,851,497.76 2,851,497.76 - 2,034,082.45 817,415.31
Capital Outlay 680,459.44 680,459.44 - 427,124.44 253,335.00
20% Development Fund - -
Maintenance and Other Operating Expenses 2,875,140.99 2,875,140.99 - 2,842,027.06 33,113.93
Capital Outlay 6,484,680.48 6,484,680.48 - 4,951,889.96 1,532,790.52
Share from National Wealth - -
Maintenance and Other Operating Expenses - -
Capital Outlay - -
Allocation for Senior Citizens and PWD - -
Maintenance and Other Operating Expenses 654,391.44 604,391.44 50,000.00 584,556.00 19,835.44
Capital Outlay 52,000.00 52,000.00 - 51,700.00 300.00
Others - -
Personal Services - -
Maintenance and Other Operating Expenses 3,479,000.00 1,723,932.44 1,755,067.56 1,697,432.85 26,499.59
Capital Outlay 105,000.00 105,000.00 - 103,500.00 1,500.00
Total Current Appropriations 77,244,785.87 77,145,133.76 99,652.11 72,113,233.03 5,031,900.73
Continuing Appropriations
General Public Services
Capital Outlay 1,835,127.75 1,835,127.75 - 1,780,065.67 55,062.08
Education - -
Capital Outlay - -
Health, Nutrition and Population Control - -
Capital Outlay 5,088.20 5,088.20 - 5,088.20 -
Labor and Employment - -
Capital Outlay - -
Housing and Community Development - -
Capital Outlay - -
Social Services and Social Welfare - -
Capital Outlay 23,362.07 23,362.07 - 23,362.07 -
Economic Services - -
Capital Outlay 4,811,471.71 4,811,471.71 - 1,857,643.87 2,953,827.84
Other Purposes: - -
Capital Outlay 1,399,371.90 1,399,371.90 - 1,111,501.14 287,870.76

11
 Total Continuing Appropriations 8,074,421.63 8,074,421.63 - 4,777,660.95 3,296,760.68
Total Appropriations 85,319,207.50 85,219,555.39 99,652.11 76,890,893.98 8,328,661.41
Surplus (Deficit) for the period (5,434,057.50) (5,620,683.39) 186,625.89 12,232,041.77 (17,852,725.16)

12