Ministry of the Interior and Safety: "Gyeongnam Province Managed Finances Very Well" ... Selected as Best in Planning in 2022 Local Government Financial Analysis

Securing a 50 Million Won Financial Incentive

Gyeongnam Provincial Government. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do was selected as the best organization in the planning sector of the 2022 local government financial analysis.

Gyeongnam Province announced on the 9th that it was chosen as the best organization in the local government financial analysis results evaluated by the Ministry of the Interior and Safety based on the 2021 fiscal year, and will receive a financial incentive of 50 million KRW.

According to the province, local government financial analysis is a local finance monitoring system promoted by the Ministry of the Interior and Safety to enhance the soundness and efficiency of local finances and to ensure accountability in local finance.

The financial analysis is conducted by classifying 13 indicators in three areas?soundness, efficiency, and planning?into 13 types of local governments with similar population and financial conditions.

Despite difficult conditions such as domestic and international economic uncertainties and unpredictable changes in the financial environment, the province succeeded in financial management with accurate forecasts, achieving a tax revenue error rate of 92.95%, exceeding the national average of 85.65%, and a medium-term financial plan budget reflection rate of 103.93%, surpassing the national average of 95.39%.

Min Gisik, the budget officer, said, “We will actively reflect the results of this financial analysis and continue to manage the provincial finances soundly.”

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