Choi Mugyeong, Jeonnam Provincial Assembly Member, Establishes Basis for Introducing Education Finance Stabilization Fund

Jeonnam Office of Education Expects to Ensure Financial Soundness and Safety in Education Budget

Choi Mugyeong, Jeonnam Provincial Assembly Member

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] The Jeonnam Provincial Council announced on the 8th that Assemblyman Choi Mugyeong proposed the "Jeollanam-do Office of Education Education Finance Stabilization Fund Establishment and Operation Ordinance" as a representative bill at the 342nd regular meeting on the 5th to ensure the soundness and safety of Jeonnam education finances.

This ordinance specifies the fund resources as contributions from the special education expense account and earnings from fund operations, and stipulates that if the revenue resources are judged to have significantly increased based on a comparison of the average growth rate over the past three years, the superintendent of education may allocate an amount decided through a review committee.

Additionally, the use of the fund is specified for cases where the revenue resources of the special education expense account decrease compared to the average amount of the past three years and require revenue compensation, or when the necessity of using the fund is recognized for responding to or preventing large-scale disasters or calamities, or when it cannot be covered by contingency funds.

Furthermore, it is stipulated that the fund can be used for repayment of principal and interest on local bonds, for Build-Transfer-Lease (BTL) projects, and for facility investments that require long-term expenditure.

Assemblyman Choi Mugyeong stated, "Local education finances heavily depend on external transfer income such as grants, and there is significant instability due to economic fluctuations," adding, "I hope that through the enactment of this ordinance, stable securing and balanced operation of education finances will lead to healthier and more efficient education finance."

Meanwhile, the ordinance is scheduled to be finally approved at the 2nd plenary session on the 17th.

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