Gwanak-gu Selected as an 'Excellent Institution' in the 2020 Local Government Financial Analysis Evaluation

Highly Rated in Financial Planning for Sound and Planned Fiscal Management... 50 Million Won Special Financial Incentive Grant Used for Projects Benefiting Residents

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee, photo) was selected as an excellent institution in the 2020 Local Government Financial Analysis Comprehensive Evaluation conducted by the Ministry of the Interior and Safety.

The comprehensive financial analysis evaluation compares and analyzes the financial status of 243 local governments nationwide for the 2019 fiscal year by comprehensively evaluating 13 major financial indicators in three areas: ▲ soundness ▲ planning ▲ efficiency.

The district announced that it achieved the great success of being selected as an excellent institution by receiving the highest grade, ‘Ga’ grade, in the comprehensive financial analysis evaluation through sound and planned financial management.

This is the result of efforts for systematic management of financial operations from budget formulation to financial execution, such as establishing financial operation plans, strategically reflecting investment projects in the mid-term local financial plan, promoting prompt execution, and reducing internal expenses.

In particular, due to active financial execution, the ratio of unused and unexecuted funds was 6.75%, which is 5.16 percentage points lower than the average ratio of other districts, and the tax revenue error ratio was 91.79%, which is 1.28 percentage points higher than the average ratio of districts, receiving good scores in the financial planning area.

Also, with this excellent institution selection, a special financial incentive grant of 50 million won was allocated, which will be invested and utilized in various projects for residents in the future.

Mayor Park Junhee said, “As the prolonged COVID-19 pandemic has deepened the contraction of private consumption and investment, prompt and accurate execution of local finances is important to revitalize the local economy,” and added, “We will continue to do our best to recover the stagnant livelihood economy caused by COVID-19 through active budget securing and strategic budget investment.”

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