The 20th City Council of Cagayan de Oro has approved in principle City Hall’s budget for 2024 amounting to P11.2 billion during the executive budget hearing held last November 7, 2023 at the Mallberry Suites Business Hotel. The proposed budget is an 8.9% increase of the annual budget for 2023. The 2024 budget will be scheduled for approval by the council on plenary during their regular afternoon session on Monday, November 13.
Out of the P11.2 billion budget, about P8.3 billion is earmarked for City Hall’s programs and operational expenditures while P2.9 billion is set aside as a loan to fund construction of the new government center which includes the new city hall and development of the nearby Eco Park at Upper Dagong, Barangay Carmen. The loan with Land Bank of the Philippines (LBP) covers cost for land acquisition (P1.5 billion), construction of the New City Hall Building Complex (P920 million) and Land Development (P250 million).
Further, out of the P8.3 billion for City Hall’s projects and operating expenditures, about P44.36 percent or P4.96 billion will be allocated to bolster the city’s income or revenue generating capacity and these includes P3.6 billion for various infrastructure programs including Project Lunhaw Phase 2.
City Hall also will set aside P3.397 billion or 30.34 percent for social services which will fund the city’s health, nutrition and hospital services. Meanwhile, about P2.83 billion will be allocated for programs on peace and order and public safety, among others.