Jindo-gun Sets Record for Highest Ever Public Deposit Interest Income

Published 30 Jan.2024 14:51(KST)

Public Deposit Interest Income of 5.7 Billion Won in 2023... 127% Increase Compared to Previous Year

Jindo County in Jeollanam-do achieved 5.7 billion KRW in interest income from public deposits by managing general account public funds in 2023.

According to the county on the 30th, this figure represents a 127% increase from the previous year's 4.5 billion KRW, setting a new record for the highest interest income from public deposits in Jindo County's history.

Jindo-gun Government Office Building Exterior View

Despite difficulties in fund management due to decreased revenue amid the economic downturn and a reduction in general grants from the central government, the county secured independent resources by appropriately utilizing long- and short-term fixed deposits with high interest rates.

For large expenditures, the county consulted relevant departments in advance and flexibly managed standby funds to ensure stable management.

Additionally, by monitoring daily account balances in real time according to daily deposit and withdrawal status and minimizing idle funds in ordinary deposits, the county achieved high interest income results.

As a result, the county was able to achieve 5.7 billion KRW in interest income from public deposits, which accounts for 22.4% of the 25.4 billion KRW in local non-tax revenue collected by Jindo County throughout 2023.

A county official stated, “In 2024, we will establish a comprehensive fund management plan on a monthly and quarterly basis to ensure systematic and effective fund operation,” adding, “We will do our best to increase fiscal revenue by maximizing interest income.”