As of the 2012 Annual Audit Report made by the Commission on Audit, Cagayan de Oro is in rank seven among the top 20 cities outside NCR with a financial status of P1,889,334,952. Davao City topped the list followed by Cebu City. Six cities in Mindanao made it namely Davao City, Zamboanga City, Cagayan de Oro, General Santos City, Iligan City, and Butuan City.
An annual audit report is the check and balance of every institution. It traces the flow of finances, where it went. It summarizes all financial transactions annually. In this case, it analyzes the expenditures and savings of the city. At the end of the day, it reflects the financial standing of an institution, city, municipality, etc.
Photo by mychem23