Yongsan-gu Assets 1.0677 Trillion Won... Up 258.6 Billion Won from Previous Year

Yongsan-gu, 2023 Local Finance Disclosure... ‘2023 Local Finance Disclosure’ Based on the 2022 Fiscal Year Settlement Published on the Website

Yongsan-gu Budget Scale 1.0677 Trillion KRW... Increased by 258.6 Billion KRW Compared to the Previous Year

Includes Common and Special Disclosures on the District’s Financial Management and Fiscal Conditions Over the Past Year

Yongsan-gu (Mayor Park Hee-young) disclosed the ‘2023 Local Finance Disclosure’ data based on the 2022 fiscal year settlement on the district’s official website on the 18th.

The local finance disclosure system is a system that objectively discloses the results of financial management over the past year and matters of public interest to residents through a transparent procedure.

This disclosure includes common and special disclosure items such as the scale of the district’s budget, fiscal conditions, and the status of major investment projects based on the ‘2022 Fiscal Year Settlement Report.’

As of the 2022 fiscal year, Yongsan-gu’s budget scale totaled 1.0677 trillion KRW, an increase of 258.6 billion KRW compared to 2021. Although it is 233.5 billion KRW less than the average of other autonomous districts (1.3012 trillion KRW), it is 87 billion KRW more than the average own revenue (279.8 billion KRW). As of the end of 2022, the district has no debt.

The budget scale is the sum of own revenue, transferred funds, and internal transactions. Last year, the district’s own revenue (local taxes and non-tax revenue) was 366.8 billion KRW, transferred funds (local grants, adjustment grants, subsidies) were 400.8 billion KRW, and internal transactions (local bonds, compensation income, etc.) were 300.1 billion KRW.

A district official explained, “Compared to the 2021 settlement, the district’s shared assets increased by 242 billion KRW,” adding, “Although the district’s budget scale is smaller than other autonomous districts, the ratio of own revenue is favorable, and the finances are managed soundly without debt.”

Also, the total expenditure for the 2022 fiscal year was 851.1 billion KRW, an increase of 170 billion KRW compared to 2021. The annual local tax burden per resident is 910,000 KRW.

The average annual growth rate of expenditures over the past five years is 20%, with total expenditures increasing due to the expansion of welfare policies. Among the expenditure settlement amounts, the social welfare sector accounted for the largest share at 43%, and its growth rate was also the highest.

The status of funds for the 2022 fiscal year increased by 87.9 billion KRW from the previous year to 160.7 billion KRW. This is due to a significant increase in the establishment of the shared property management fund. Shared properties include the acquisition of 43 administrative properties (236.7 billion KRW), the sale of 35 general properties (17.1 billion KRW), maintaining a total scale of 2.4996 trillion KRW.

In addition to common disclosures, the district made special disclosures on nine key projects of high public interest, including ▲ Operation of Yongsan Youth Jium tailored youth programs ▲ Opening of Yongsan History Museum ▲ Promotion of Yongsan Yongmun Market modernization project ▲ Installation of a pedestrian bridge between Yongsan Station and Dragon City Hotel.

Park Hee-young, Mayor of Yongsan-gu, said, “We disclosed the results of financial management to enhance transparency and to allow residents to easily understand the scale of Yongsan-gu’s budget,” adding, “We will continue to strive to efficiently manage limited resources so that more benefits can be delivered to residents.”

The full text of the ‘2023 Local Finance Disclosure’ can be found in the administrative information section (Budget/Finance Information) on the district’s official website.

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