Garcia: City to turn over P12.1B in cash assets to incoming admin

With the city’s money in the bank, Garcia said it reflects both efficient revenue collection and prudent spending, contradicting the notion that the next administration would face a deficit.

- 

“Zero debts, zero utang,” said Garcia.

He reiterated that Cebu City topped the list in collection efficiency for local revenue among local governments in Region 7, as recognized by the Bureau of Local Government Finance (BLGF).

“It is obvious that now that I already gave the figures nga naa pa man diay tay P12 billion, makaingon gyud ta nga the city is financially healthy and that we are turning over substantial amount to the next administration,” Garcia said.

He emphasized that the city has no outstanding debts, with loans such as the one for the South Road Properties already settled. He added that the city’s cash reserves are enough to sustain operations for at least the next three years.

Garcia also acknowledged that decisions on the retention of City Hall employees are up to the new administration. However, he urged a fair performance evaluation of personnel before contracts are renewed.