Gyeongnam Province Sees Increases in Both Financial Independence and Autonomy Compared to Previous Year

Increases of 35.56% and 44.64% Respectively

Fiscal Disclosure of 12.7427 Trillion Won This Year

On the 28th, Gyeongsangnam-do announced through its official website that this year's budget size is 12.7427 trillion KRW.

According to the province, the budget disclosed on this day is based on the 2023 main budget and includes the budget size and financial management plans.

Financial disclosure is a system in which local governments disclose financial management results and matters of public interest based on budgets and settlements, and it is announced twice a year in February and August.

Gyeongnam Provincial Government Office.
Photo by Lee Seryeong

This year's budget size of the province increased by 898.3 billion KRW compared to last year's main budget.

On the revenue side, local taxes increased by 13.7% and local allocation tax increased by 22.64% compared to the previous year, raising both financial independence and financial autonomy.

The financial independence ratio rose by 2.61 percentage points from 32.95% last year to 35.56%, and the financial autonomy ratio also increased by 3.83 percentage points from 40.81% last year to 44.64%.

On the expenditure side, the industrial/small and medium enterprises and energy sectors and the public order and safety sectors increased by 44.80% and 24.61%, respectively, compared to the previous year.

Among the financial management plan items, overseas travel expenses of 1.4 billion KRW are 1.6 billion KRW less than the provincial average, business promotion expenses of 2.6 billion KRW are 400 million KRW less than the provincial average, event and festival expenses of 11.5 billion KRW are 5.9 billion KRW less than the provincial average, and local subsidies of 55.7 billion KRW are 47.1 billion KRW less than the provincial average, indicating that ordinary expenses were budgeted lower than the metropolitan provincial average.

Financial disclosure data by local governments nationwide, which can be understood at a glance, will be available through Local Finance 365 in March.

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