Gyeongnam Office of Education to Receive Additional 7.5 Billion KRW in Ministry of Education Grants This Year
Selected as an Excellent Financial Execution Institution for 2 Consecutive Years
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] The Gyeongnam Office of Education will receive an additional 7.5 billion KRW in grants from the Ministry of Education this year as well.
The provincial Office of Education announced on the 1st that it secured an additional 7.5 billion KRW in grants for the second consecutive year by exceeding the 2022 special account for education expenditure execution target.
According to the provincial Office of Education, the Ministry of Education reflects the efforts of city and provincial offices of education when distributing general grants to revitalize the local economy, which has been stagnant due to COVID-19, and to improve the efficiency of local education finances.
If the financial execution rate from two years ago exceeds the target set by the Ministry of Education, an additional 7.5 billion KRW is given; if it falls short, the grant is reduced according to the degree of underachievement.
Last year, the financial execution rate of the Gyeongnam Office of Education was 96.8%, surpassing the Ministry of Education’s target of 96.0% by 0.8 percentage points.
The provincial Office of Education explained that this was the result of analyzing execution performance monthly and encouraging financial execution through a financial execution inspection team led by the vice superintendent.
They added that for long-term facility project expenses over two years, the continuing budget system was utilized to minimize carryover and unused funds.
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Lee Kyung-gu, Director of Policy Planning, said, “This year as well, we will do our best to revitalize the local economy through efficient budget execution and ensure that local education finances are used timely where they are most needed.”
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