Nowon-gu Achieved Budget Savings and Successfully Attracted External Funding Last Year... Managed Finances Well

[Seoul District News] Nowon-gu Attracts Approximately 7.7 Billion KRW for 46 Projects Through External Agency Competitions in 2021; Saves About 1.3 Billion KRW in Budget via Routine Audits and Contract Cost Reviews for District Office Projects

[Asia Economy Reporter Jong-il Park] Nowon-gu (District Mayor Oh Seung-rok) announced that it secured 7.7 billion KRW in external funding through public contest project selections last year and saved 1.3 billion KRW in budget through routine audits and contract cost reviews.

First, the district attracted a total of 7.73 billion KRW in external funds by having 46 projects selected as excellent projects in various public contests conducted by the government, Seoul city, and private organizations.

These projects achieved outstanding results in areas such as job creation and economic revitalization, child and youth welfare, resolving welfare blind spots, and expanding lifelong education opportunities, aimed at helping residents recover their daily lives exhausted by COVID-19.

Looking at the selection details by major project categories: ▲ Job creation and economic revitalization 2.149 billion KRW (13 projects), child and youth welfare 1.417 billion KRW (14 projects), urban environment improvement and transportation 3.444 billion KRW (8 projects), lifelong learning and education 425 million KRW (6 projects), culture, sports, and health promotion 268 million KRW (5 projects).

In particular, 16 projects secured over 1 billion KRW each in external contest funding, marking a remarkable achievement that laid the foundation to rapidly advance projects for local residents despite difficult financial conditions.

This accomplishment is even more meaningful given the reduction in the scale of external institution public contests due to the prolonged COVID-19 pandemic.

Furthermore, financial soundness was enhanced through budget savings from routine audits and contract review systems.

Routine audits and contract reviews are systems that examine the appropriateness, validity, and suitability of contract methods and cost calculations before contract signing to prevent financial waste.

Last year, the district introduced routine audits and cost review systems for 505 cases including various contracts, goods purchases, and construction orders, saving a total of 1.319 billion KRW in budget. This accounts for about 2.3% of the planned expenditure amount of 56.392 billion KRW.

Oh Seung-rok, Mayor of Nowon-gu, stated, “We caught two rabbits with one stone by securing external funding through public contests and saving budget through reviewing the appropriateness of basic calculations. We will continue to strive for transparent and efficient budget management and securing external funds.”

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