Yongsan-gu Household Budget of 625.8 Billion Won Based on 2019 Data...

Based on the 2019 Fiscal Year Settlement... Budget Size 625.8 Billion Won... Increased by 109.1 Billion Won Compared to Previous Year

[Asia Economy Reporter Jongil Park] Yongsan-gu (District Mayor Seongjanghyun) has posted the 2019 local financial settlement results on the district website.

Financial disclosure is a system that objectively reveals the results of financial management over one year and matters of resident interest to the residents through a transparent procedure.

As of the 2019 fiscal year, the scale of Yongsan-gu's budget was 625.8 billion KRW, an increase of 109.1 billion KRW compared to 2018.

The budget scale refers to the total amount of ▲own revenue ▲transferred funds ▲internal transactions. Last year, the district's own revenue (local taxes, non-tax revenue) was 202.4 billion KRW, transferred funds (local allocation tax, adjustment grants, subsidies) were 267.7 billion KRW, and internal transactions (local bonds, compensation income, etc.) were 155.7 billion KRW.

A district official stated, “Although the district's budget scale is 189.7 billion KRW less than the average of similar local governments such as Jongno, Gwangjin, and Dongdaemun-gu, the own revenue alone is 49.8 billion KRW more,” adding, “This means the district's own tax revenue ratio is favorable and the financial condition is relatively sound.”

As of the end of 2019, the district has no debt. The value of public assets (based on acquisition cost) increased by 144.3 billion KRW compared to the 2018 fiscal year, reaching 2.2016 trillion KRW. This is 468 billion KRW more than the average of similar local governments.

The total expenditure of the district for the 2019 fiscal year was 516.5 billion KRW, an increase of 11.6 billion KRW compared to 2018. The expenditure per resident was 1.98 million KRW, up 440,000 KRW from the previous year. The average annual expenditure growth rate over the past five years was 12.1%, reflecting an increasing trend due to the expansion of welfare policies.

Expenditures are divided into ▲general accounts (454.5 billion KRW) ▲special accounts (10.9 billion KRW) ▲funds (51.1 billion KRW). The execution rate of the general account was highest in social welfare (43%), followed by general public administration (7%) and environmental protection (7%).

In addition to the common disclosures, the district also made special disclosures on eight current projects including the expansion of the Itaewon 2-dong public daycare center, improvement of pedestrian environment around Baemoon High School, operation of Yongsan Craft Center, repair and reinforcement of the inflow pipeline at Hangang-ro pump station, and construction of the Lee Bong-chang Memorial Hall.

Seongjanghyun, Mayor of Yongsan-gu, said, “We have disclosed last year's financial management results and matters of resident interest on the district website,” and added, “We will continue to strive to efficiently manage limited resources so that more benefits can be delivered to residents.”

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