The Total Household Economy of Muju-gun in 2020 Was 578.6 Billion Won

Muju-gun Announces Operation Results of '2020 Fiscal Year Settlement-Based Local Finance'

[Muju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Muju County announced on the 3rd that it has disclosed the results of the '2020 Fiscal Year Settlement-Based Local Finance' operation on the Muju County website.

According to the disclosed content, the total budget size of Muju County in 2020 was 578.6 billion KRW, an increase of 25.6 billion KRW compared to the previous year.

Among the revenue sources, subsidies increased by 37.7 billion KRW, which was mainly due to support related to COVID-19 and heavy rain damage.

In addition, local taxes and non-tax revenues, which are self-generated income, amounted to 39.6 billion KRW, and the annual local tax burden per resident was calculated to be 850,000 KRW.

Other transfer revenues such as local allocation tax, adjustment grants, and subsidies totaled 358.6 billion KRW, while local bonds, compensation income, and internal transactions amounted to 180.4 billion KRW.

Notably, Muju County was found to have no debt.

When comparing the budget size with similar local governments, it was 24.5 billion KRW less.

Meanwhile, local finance disclosure is a system under Article 60 of the Local Finance Act, whereby local governments disclose financial operation results and matters of public interest to residents through objective procedures, twice a year in February (budget basis) and August (settlement basis).

Muju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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