Ulsan City Receives Minister of the Interior Award for 'Best Overall' in Local Government Financial Analysis Evaluation

Securing 100 Million Won in Special Grants

Ulsan City has been selected as the ‘Best’ local government in the comprehensive category in the ‘2023 (Fiscal Year 2022) Local Government Financial Analysis Evaluation’ conducted by the Ministry of the Interior and Safety, receiving a commendation from the Minister of the Interior and Safety along with a special grant of 100 million KRW.

Ulsan City Hall.

The Ministry of the Interior and Safety announced the ‘2023 Local Government Financial Analysis Results,’ which analyzed and evaluated the financial status and performance of 243 local governments nationwide based on the fiscal year 2022 settlement data.

Ulsan City was selected as the ‘Best’ local government in the ‘comprehensive category,’ which analyzes financial soundness, efficiency, and planning.

According to this year’s financial analysis of Ulsan City, the change rate of managed debt was -2.17%, receiving high marks for securing financial soundness in 2022 without external local bond borrowing.

The city also had no external borrowing in 2023 and set an example for other local governments in terms of financial soundness by repaying 130 billion KRW of public bonds in a lump sum without refinancing in September.

By dispatching public officials to Hyundai Motor Company’s new electric vehicle factory in Ulsan and completing the factory construction permit?which normally takes about three years?in just 10 months, the city promoted investment activation by companies, resulting in a positive effect on the local tax revenue growth rate.

Ulsan City received favorable evaluations for enhancing efficiency by consolidating and merging public institutions from 13 to 9 by June this year, reducing subsidies by 4 billion KRW compared to the previous year (in terms of investment, subsidy, and transfer ratios).

At police sobriety checkpoints, the city conducted simultaneous crackdowns on delinquent vehicles and developed and utilized its own tools for seizing illegal license plates, carrying out systematic, field-centered collection activities, which also earned high marks for local tax collection rates.

An official from Ulsan City stated, “We have achieved good results by being recognized for sound financial management through timely and appropriate budget allocation, expenditure restructuring, debt repayment, and strong collection activities to realize tax justice. We will continue to analyze this financial analysis result carefully to develop areas of excellence and improve weaker areas.”

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