The city's reported value of its property and equipment is not accurate, leading to a qualified audit opinion. The physical inventory and accounting records do not match by more than ₱206 million. Some unusable or missing items are still counted as assets, some demolished or donated items were not recorded correctly, and some purchases were put in the wrong category.

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Original Audit Finding Excerpt

"Republic of the Philippines COMMISSION ON AUDIT Commonwealth Avenue, Quezon City ANNUAL AUDIT REPORT on the CITY OF BALIWAG PROVINCE OF BULACAN For the Year Ended December 31, 2024 i EXECUTIVE SUMMARY A. Introduction Republic Act (RA) No. 11929 lapsed into law on July 22, 2022. This contained the conversion of the Municipality into a component city and standardized its name to the “City of Baliwag”. A plebiscite was held on December 17, 2022, in which 17,814 residents voted in favor of conversion to a component city, while only 5,702 dissented. The City Government of Baliwag is a third-class component city located at the northern part of the Province of Bulacan. B. Financial Highlights The comparative data on the financial condition, results of operation and sources and application of funds of the City for the years 2024 and 2023 are presented below: Increase (Decrease) 2024 2023 Amount % Financial"

Source Document