Gwangjin-gu Council Budget and Accounts Committee Approves 2019 Fiscal Year Settlement

Review of Departmental Budget Execution Appropriateness by the 2nd, Final Approval at the Plenary Session on the 18th

[Asia Economy Reporter Park Jong-il] The Budget and Settlement Special Committee of the Gwangjin-gu Council (Chairperson Jang Kyung-hee) approved the 2019 fiscal year revenue and expenditure settlement and contingency fund spending as originally submitted by the district on the 2nd during the 4th Budget and Settlement Special Committee meeting.

The Budget and Settlement Special Committee, formed to review the 2019 fiscal year settlement, consists of a total of 13 council members led by Chairperson Jang Kyung-hee. The committee conducted the settlement review over three days from May 29 to June 2.

The scale of the 2019 fiscal year settlement for Gwangjin-gu was 628.874 billion KRW, showing an increase of 76.572 billion KRW compared to the previous year.

In particular, the revenue settlement amount collected 95.5% of the decided collection amount, with the actual collection rate compared to the decided collection amount increasing by 0.8% from the previous year. The expenditure settlement amount was executed at 87% of 628.874 billion KRW, the same execution rate as the previous year.

During this settlement review, the following improvements were requested: ▲ Thorough budget identification for temporary non-tax revenue to minimize errors between budget and decided collection amounts ▲ Minimization of deemed processing budgets and thorough execution with clear reporting on detailed expenditure items ▲ Clear evaluation and strict execution of projects to minimize unused budget amounts ▲ Reflecting the amount of successful bidders in the supplementary budget for efficient utilization ▲ Reviewing the validity of contingency fund usage ▲ Avoiding repetitive performance indicators in budget performance reports and establishing appropriate performance indicators to preserve the original purpose of performance evaluation.

Chairperson Jang urged, “Please faithfully reflect the improvements suggested by this settlement inspection in next year’s budget formulation and financial management to ensure transparent and sound financial operations.”

The 2019 fiscal year revenue and expenditure settlement and contingency fund spending approval plan submitted by the district was referred to the Budget and Settlement Special Committee on May 29 after preliminary reviews by standing committees on May 27-28, and is expected to be finally approved at the plenary session on the 18th.

Following the Gwangjin-gu Council’s settlement approval, the district plans to disclose the 2019 fiscal year settlement report, including notes and additional comments on identified issues, to residents through the district office website.

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