Suncheon-si Announces Last Year's Financial Settlement... Maintaining Sound Fiscal Health

Revenue 1.7633 Trillion KRW · Expenditure 1.3861 Trillion KRW

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 15th that it received approval for the fiscal year settlement plan at the 1st regular meeting of the Suncheon City Council and posted the settlement details on the city website and city bulletin.

Last year's settlement accounts were operated with one general account, nine special accounts, and ten funds, and in December of last year, an Integrated Financial Stabilization Fund was newly established.

As a result of the settlement, the current budget amount was 1.7447 trillion KRW, revenue was 1.7633 trillion KRW, and expenditure was 1.3861 trillion KRW, with revenue increasing by 102.9 billion KRW and expenditure increasing by 146.5 billion KRW compared to the previous year. The settlement surplus was 377.2 billion KRW, a 10.4% decrease compared to the previous year.

Looking at the major budget execution status, the largest amount of 401.6 billion KRW was spent in the ‘Social Welfare’ sector, and expenditure in the ‘Public Order and Safety’ sector was 114.4 billion KRW, showing the highest growth rate compared to the previous year due to COVID-19 disaster relief payments.

The net surplus, excluding the amount carried over to the next year and subsidy refunds from the settlement surplus, was 186.6 billion KRW and was included in this year’s budget.

Meanwhile, the city plans to produce a booklet titled ‘Suncheon Finances at a Glance for Fiscal Year 2020,’ which uses graphs and other visuals to make the main contents of the revenue and expenditure settlement easy for residents to understand, and distribute it to citizens next month. The settlement report will also be posted on the city website in E-Book format so that citizens can easily access it.

A city official said, “We will continue to operate a transparent and efficient budget and accounting system to become a fair and trusted Suncheon City.”

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