Andong City, Last Year's 'Budget Size' 1.6915 Trillion Won... 15% Increase Compared to Previous Year

'Financial Disclosure' on the Homepage on August 31

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] The scale of Andong City's budget last year was identified as a total of 1.6915 trillion KRW, an increase of about 257.8 billion KRW (15%) compared to the previous year. This amount is 634 billion KRW more than the average of similar local governments (1.0575 trillion KRW).

According to the '2019 Fiscal Year Financial Operation Results' disclosed on Andong City's official website on August 31, its own revenue was 166.8 billion KRW, which is 56.3 billion KRW more than the average of similar local governments (110.5 billion KRW), and transfer revenue was 1.0455 trillion KRW, 428.9 billion KRW more than the average of similar local governments (616.6 billion KRW).

Regarding debt per resident, while the average of similar local governments is 35,000 KRW, Andong City's debt per resident is 0 KRW. The scale of public assets is maintained at 2.6665 trillion KRW, which is 1.0458 trillion KRW more than the average of similar local governments (1.6207 trillion KRW).

As such, Andong City's finances have a larger total budget scale and excellent financial soundness compared to similar local governments. Although its own revenue is relatively low, the large total budget scale is explained by Andong City as a result of many efforts to secure transfer revenues such as local grants and national subsidies, due to limitations in expanding local tax revenue because of the city's characteristics of having developed traditional culture and agriculture.

An official from Andong City stated, "We will continue to make efforts to strengthen revenue independence by increasing own revenue through not only expenditure efficiency such as cost reduction and suppression of unnecessary spending but also discovering new tax sources and strengthening management of delinquent payments."

Meanwhile, the financial disclosure system summarizes and publicly discloses the budget details of local governments to residents for easy understanding. This helps residents understand local finances and ensures transparency and accountability of finances. It is regularly disclosed every February (budget for the current year) and August (settlement of accounts for the previous year).

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