Namhae-gun Selected as the Only Comprehensive Excellence Award Winner in Gyeongnam Following Local Government Financial Analysis

Received 90 Million KRW in Administrative Safety Minister's Award and Special Tax Incentive

Namhae-gun Office, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Song Jong-gu] Namhae-gun, Gyeongnam, was the only local government in Gyeongnam to be selected as the ‘Overall Best Organization’ in the 2022 local government financial analysis results by the Ministry of the Interior and Safety.

The Ministry of the Interior and Safety recently announced that it selected 42 excellent organizations from among 243 local governments nationwide based on the 2022 (fiscal year 2021) local government financial analysis results.

This financial analysis comprehensively analyzed local finances using 13 indicators across three areas: soundness, efficiency, and planning.

Local governments with similar population and financial conditions were categorized into 13 types of counties for evaluation, and Namhae-gun was classified as County-Ⅲ type (20 local governments).

The main indicators of the financial analysis system included management debt ratio, self-revenue ratio such as local taxes and non-tax revenues, delinquent tax management ratio, local subsidy ratio, investment and contribution transfer ratio, mid-term financial plan reflection ratio, tax revenue error ratio, and unused funds ratio. Based on the fiscal year 2021 settlement data, the financial status and performance of local governments were evaluated.

Despite the unpredictable changes in the financial environment due to domestic and international economic uncertainties, Namhae-gun has operated a tight budget without issuing local bonds since 2016, achieving a debt management indicator of 0% (national average 7.06%) and a local tax delinquency management ratio of 0.10% (national average 0.92%), demonstrating successful financial management.

Namhae-gun was selected as the overall best organization among 11 top-scoring organizations in the comprehensive score category and was the only one in Gyeongnam to receive the Minister’s Commendation and a financial incentive of 90 million won from the Ministry of the Interior and Safety.

Jang Chung-nam, the county governor, said, “We will thoroughly reflect the results of this financial analysis in the entire process of budget formulation, deliberation, and execution to promote the soundness and efficiency of local finances.”

The results of this local government financial analysis will be disclosed on the local finance integrated disclosure system, ‘Local Finance 365.’

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