"Increase the Budget Execution Rate"... Pyeongtaek City Launches All-Out Effort

Budget Execution Rate at 63%, Falling Short of 85% Target
Measures Prepared Including Daily Monitoring and Shortening Bid Duration

Pyeongtaek City in Gyeonggi Province has launched an all-out effort to increase this year’s fiscal execution rate, which remains at around 63%.

On the 18th, Pyeongtaek City announced that it held the ‘2023 Second Half Fiscal Execution Promotion Meeting’ in the morning at the City Hall Comprehensive Situation Room to revitalize the local economy.

Presided over by Mayor Jeong Jang-seon, about 30 participants including heads of various offices, bureaus, and divisions as well as key project department heads attended the meeting to discuss the current status of fiscal execution and ways to improve the execution rate, and to review the progress of large-scale investment projects.

The reason Pyeongtaek City is striving to raise the fiscal execution rate is that out of the annual budget of 3.9824 trillion won, the amount executed as of the 6th was 1.6508 trillion won, resulting in an execution rate of 63%. The city has decided to focus its capabilities to raise the budget execution rate to 85% by the end of the year.

The city analyzed that the sluggish budget execution rate is due to delays in preliminary procedures and consultation compensations for major investment projects.

Accordingly, under the responsibility of all office, bureau, and division heads, the city plans to conduct a comprehensive review of the progress of large-scale projects exceeding 2 billion won, implement daily monitoring of execution performance, shorten the period required for urgent bidding announcements, and actively utilize related systems such as early payment of advances to improve the execution rate.

Mayor Jeong Jang-seon urged at the meeting, "Since difficulties are expected in next year’s city budget, all departments should do their best to meticulously review this year’s projects to enhance the efficiency of fiscal execution and serve as a catalyst for revitalizing the local economy."

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