Slump in levies income pulls into deficit

As reflected in the recently released report by the Auditor General for the financial year ended March 31, 2014, the regulatory authority’s income declined from P46.51 million in the previous year to P41.48 million in the year under review.

This represents a decline of 10.8 percent, mainly comprising supervisory levies which significantly declined from P43.17 million in the previous year to P28.29 million in the year under review. Expenditure increased from P30.54 million in the previous year to P42.79 million in the year under review. This is an increase of 40 percent, mainly attributable to staff and training costs. The authority’s working capital position as at March 31, 2014 showed current assets of P50.37 million and current liabilities of P7.33 million, giving a net current assets position of P43.04 million.