Gangnam-gu Records 1st Place in Seoul for Standard Financial Demand Satisfaction Rate at 203.1%P

Gangnam-gu 2020 Budget Standard Financial Disclosure '1.3523 Trillion Won at a Glance... Integrated Fiscal Balance Surplus of 15.5 Billion Won ... Opening Era of 1 Trillion Won Expenditure Budget'

[Asia Economy Reporter Jongil Park] Gangnam-gu (District Mayor Jeong Soon-gyun) has been disclosing the '2020 Budget-Based Financial Disclosure' on its website since the 28th of last month to help residents understand financial management and to enhance accountability and transparency.

This year, the district's general account revenue scale is ▲own revenue (local taxes and non-tax revenue) 565.6 billion KRW ▲transfer resources (local grants, adjustment grants, subsidies) 313.9 billion KRW ▲local bonds, compensation income, and internal transactions 472.8 billion KRW, totaling 1.3523 trillion KRW, an increase of 164.3 billion KRW compared to the previous year.

The general and special account expenditure budget increased by about 16.6 percentage points (144.6 billion KRW) from the previous year to 1.0162 trillion KRW, with social welfare accounting for 41%, general public administration 12%, and environmental protection 9% by sector.

The financial independence ratio, which indicates the financial condition operable by own revenue, is 52.3%, down 2.1 percentage points from the previous year, but it is about 19.9 percentage points higher in operational autonomy than the average of other local governments. The integrated financial balance (total revenue - total expenditure) showed a surplus of 15.5 billion KRW.

The district recorded 203.1% in the standard financial demand satisfaction rate, ranking first in Seoul, and is the only one among all 25 autonomous districts that does not receive adjustment grants.

This content was produced with the assistance of AI translation services.