Hapcheon-gun Financial Independence Rate is 8.13% ... 2021 Fiscal Year Financial Disclosure

Exterior view of Hamcheon County Office

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hapcheon-gun, Gyeongnam announced on the 26th that it will disclose the financial status based on the 2021 fiscal year budget through the county website.

Financial disclosure is a system in which local governments regularly conduct financial operation plans and matters of interest to local residents regarding finances twice a year in accordance with relevant laws.

According to the disclosed data, Hapcheon-gun's 2021 budget size is 676.5 billion KRW, an increase of 19.6 billion KRW compared to 2020.

This amount is 138.5 billion KRW more than the average of similar local governments (538 billion KRW). The own revenue (local taxes and non-tax revenue) was 46.9 billion KRW, other revenues (local grants, adjustment grants, subsidies) were 508.1 billion KRW, and local bonds, compensation income, and internal transactions amounted to 21.2 billion KRW.

Hapcheon-gun's financial independence ratio, which is the ratio of own revenue to the initial general account budget size for this year, is 8.13%. The financial autonomy ratio, calculated by adding frequently used resources to own revenue, was recorded at 57.66%.

A county official stated, “Our county's financial scale is large compared to similar local governments, and although the financial independence ratio is low due to small own revenue such as local taxes, the financial autonomy ratio is relatively high thanks to securing other revenues such as grants. We believe it is necessary to seek ways to expand own revenue, including efforts to secure budgets for major policies, long-standing projects, and current issues that will contribute to the future development of our county.”

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