Gwangju Buk-gu Ranks 1st Nationwide Among Basic Local Governments in Fiscal Execution for 2022

Buk-gu, Gwangju City, has taken the lead in overcoming the prolonged regional economic crisis by ranking first in the '2022 Local Finance Execution Rate' among 226 basic local governments nationwide.

According to Buk-gu on the 17th, the '2022 National Local Government Budget Settlement Analysis' by the National Fiscal Research Institute showed that Buk-gu recorded the highest financial execution rate of 92.9% among basic local governments nationwide.

The 2022 budget for Buk-gu was 1.1686 trillion KRW, the largest among the five autonomous districts of Gwangju. Last year, Buk-gu executed 1.1359 trillion KRW out of the 1.2221 trillion KRW budget target (including the previous year's carryover), achieving an outstanding execution rate exceeding 90%, the only basic local government nationwide to do so.

In particular, in the consumption and investment sectors that directly affect the regional economy, Buk-gu executed 254.1 billion KRW, exceeding the target amount of 171.5 billion KRW by 82.6 billion KRW, playing a leading role in revitalizing the regional economy, which had been contracted due to COVID-19 and the Russia-Ukraine war.

Additionally, Buk-gu recorded a carryover rate of 3.8% in 2022, lower than the national average carryover rate of 7.7% for local governments, indicating that planned pending projects are progressing at a steady pace.

According to a Buk-gu official, since the 7th local government administration, thanks to the proactive administration of public officials, the budget size has increased every year, opening the era of a 1 trillion KRW budget in 2020 and managing finances exceeding 1 trillion KRW for four consecutive years up to this year. At the same time, based on active execution strategies such as analyzing causes of execution delays and preparing alternatives, the execution rate has also risen to the highest level nationwide.

A Buk-gu official stated, "Low financial execution rates in the public sector reduce the effectiveness of limited budgets and negatively impact regional economic growth. Since the budget is transparent information and a plan disclosed to residents, we will continue to do our best in budget execution, which is like a promise to residents, and carry out trustworthy district administration for the residents."

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