Seongdong-gu's Net Assets Increase by 49 Billion Won Year-on-Year... Total 2.0789 Trillion Won

2021 Fiscal Year Settlement Results: Net Assets Increased by 49 Billion KRW and Non-Current Liabilities Decreased by 17 Billion KRW Compared to the Previous Year

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Wono) announced that overall fiscal soundness has been strengthened, with net assets increasing and liabilities decreasing compared to the previous year.

According to the '2021 Fiscal Year Settlement' results, Seongdong-gu's assets amounted to 2.1125 trillion KRW, liabilities were 33.6 billion KRW, and net assets, calculated by subtracting liabilities from assets, reached 2.0789 trillion KRW, an increase of 49 billion KRW compared to the previous year.

In particular, non-current liabilities (liabilities with repayment deadlines beyond one year) decreased by 17 billion KRW compared to the previous year, significantly improving fiscal management soundness.

The district explained that the main reason for the increase in assets was the substantial expansion of resident convenience facilities such as parking lots, parks, and social welfare facilities, while the main reason for the decrease in liabilities was the early repayment of unpaid development funds for the public complex building.

The general account's net surplus was 58.3 billion KRW, a 24.0% decrease compared to the previous year. This reflects the district's appropriate fiscal management throughout the year, avoiding excessive execution balances in accounting operations and allocating the budget properly to necessary areas.

To enhance transparency in fiscal management, Seongdong-gu will conduct a settlement audit for 30 days from March 21 to April 19, then submit the settlement report to the local council by May 31, and seek approval at the first regular council meeting.

Jeong Wono, Mayor of Seongdong-gu, stated, “We will systematically analyze the fiscal management performance of the 2021 fiscal year and reflect it in the next fiscal year's operations to increase accountability and transparency in accounting management and contribute to a virtuous cycle of revitalizing local finances.”

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