Sejong City to Designate Next City Treasury with Annual Scale of 2 Trillion Won

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City is starting the procedure to designate the next city treasury bank.

The city announced on the 24th that it will begin the designation of the financial institution to perform the next city treasury duties, starting with a public competitive announcement.

The financial institution that will be entrusted with the next city treasury will carry out related tasks from next year until 2026. The current city treasury contract period expires on December 31 of this year.

The city treasury will be designated after evaluation by the Treasury Designation Deliberation Committee, composed of experts in relevant fields, in accordance with the "Sejong City Treasury Designation and Operation Ordinance."

The evaluation criteria are broadly divided into six categories: ▲internal and external credit rating and financial structure stability of the financial institution ▲loan and deposit interest rates for the city ▲convenience for citizens ▲management capability of treasury operations ▲contribution to the local community and cooperative projects with the city ▲and other matters.

The city plans to designate the first and second treasury banks based on the overall evaluation ranking of the applicant financial institutions.

The first treasury bank will manage the general account and the Integrated Fiscal Stabilization Fund, totaling approximately 1.86 trillion KRW based on this year's main budget, while the second treasury bank will manage special accounts and funds (excluding the Integrated Fiscal Stabilization Fund) totaling about 460 billion KRW.

The city will hold an explanatory meeting for interested financial institutions on the 14th of next month in the large conference room on the 5th floor of City Hall and will accept proposals over two days from October 17 to 18.

Subsequently, the Treasury Designation Deliberation Committee will be formed in October to conduct the evaluation process, and the final treasury contract is planned to be completed by November.

Lee Hong-jun, Director of the City Autonomy Administration Bureau, said, "The next city treasury will play the role of a partner in city administration by managing city funds more economically over the next four years, enhancing financial functions for ordinary citizens, and improving tax payment convenience for citizens. We will do our best to ensure that the city treasury is designated through a fair and transparent process."

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