Will Corruption in 'Bokmajeon' Reconstruction and Redevelopment Disappear? Gyeonggi-do Establishes Budget and Accounting Regulations

Gyeonggi Provincial Government

Gyeonggi Province has established the 'Standard Budget and Accounting Regulations for Maintenance Projects' to ensure accounting transparency in the expenditure of business promotion expenses and congratulatory and condolence expenses by redevelopment and reconstruction associations.

The newly established standard budget and accounting regulations include ▲prohibition of using the budget for purposes other than intended ▲mandatory preparation of various statements and presentation of supporting details ▲unification of account titles in budget and accounting reports ▲standards for card usage and business promotion expense usage.

For business promotion expenses, the execution purpose, date, location, and execution target (affiliation of meeting attendees and number of attendees) must be recorded in supporting documents, and if the amount exceeds 500,000 KRW, the affiliation and name of the main counterpart must also be recorded in the supporting documents.

The details of business promotion expense usage must be posted in a designated place easily accessible to landowners by the 15th of the following month or disclosed via the internet.

Additionally, holding cash is prohibited, but if the association head deems it unavoidable for expenses such as congratulatory and condolence costs that must be paid in cash, cash may be kept within the limit of 500,000 KRW.

Gyeonggi Province plans to conduct specialized training for maintenance project staff and association executives by the first half of next year to promote and disseminate the standard regulations, and will produce and distribute educational videos.

Furthermore, by 2025, a comprehensive management IT system for maintenance projects will be established to mandate the use of the standard regulations.

Kim Ki-beom, Director of the Urban Regeneration Promotion Division of Gyeonggi Province, stated, "There are many cases where redevelopment and reconstruction projects are delayed due to disputes arising from improper budget use, which leads to increased project costs and ultimately harms association members and residents. We expect that these standard budget and accounting regulations will serve as a solution to ensure transparency and promptness in the projects."

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