Hwaseong-si, Highest Grade in Financial Analysis for Two Consecutive Years

Excellent Fiscal Soundness... Management Debt Ratio at '0%'

Hwaseong City in Gyeonggi Province received the highest rating for the second consecutive year in the financial analysis category from the Ministry of the Interior and Safety, based on its solid fiscal soundness.

Hwaseong City announced on the 19th that it won the Grand Prize in the financial analysis category at the '2023 Korea Local Finance Awards' hosted by the Ministry of the Interior and Safety. This is the second consecutive year receiving the highest rating following last year's first Grand Prize.

The financial analysis evaluates 243 local governments nationwide by grouping them according to similar population and financial conditions, assessing the previous year's settlement data across three areas: soundness, efficiency, and planning.

Hwaseong City received the Grand Prize in Group 1 and was awarded a commendation from the Minister of the Interior and Safety along with a special grant of 100 million KRW.

The city recorded an 'integrated fiscal balance ratio' of 8.61%, surpassing the national average of 5.26%, calculated by subtracting expenditures from revenues. Notably, it maintained a 0% debt management ratio, demonstrating a debt-free and sound fiscal structure.

Additionally, the city added that its efficient financial management capabilities were recognized by actively improving the local tax collection rate through vigorous efforts to enhance local tax revenue.

Jung Myung-geun, Mayor of Hwaseong City, stated, "We will improve fiscal soundness through reducing current expenses, restructuring expenditure, and sustainably expanding revenue. We will carefully ensure that the budget is used where it is most needed so that the one million citizens of Hwaseong can enjoy a better life."

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