Busan City Selected as 'Best Institution' in the 2023 Second Half Fiscal Rapid Execution Evaluation
Selected as the Best Institution for Two Consecutive Times in the Ministry of the Interior and Safety Evaluation... Secured 300 Million KRW in Special Grants
Basic Local Governments: Yeonje-gu Selected as Best Institution, Geumjeong-gu and Saha-gu
Busan City was selected as the 'Best Institution' in the Ministry of the Interior and Safety's '2023 Second Half Rapid Fiscal Execution Evaluation,' securing a special grant of 300 million KRW.
With this evaluation, the city achieved the distinction of being named the best institution for two consecutive times in the local finance evaluations conducted twice a year in the first and second halves, following last year's first half selection as the best institution.
Among Busan's basic local governments, Yeonje-gu was selected as the best institution, while Geumjeong-gu and Saha-gu were selected as excellent institutions and will receive special grants.
Under the sound fiscal policy in the second half of last year, the city made every effort to minimize unused funds by actively managing large-scale investment projects and focusing budget execution on stabilizing livelihoods, such as supporting vulnerable groups and small business owners, by utilizing surplus funds to the fullest extent.
As a result, the city raised the local fiscal execution rate for the second half of 2023 to 90.5%, which is 1.5 percentage points higher than the government target rate of 89.0%, and executed a record-high amount of approximately 28.1 trillion KRW. This achievement led to the selection as the best institution and securing a fiscal incentive of 300 million KRW.
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Mayor Park Hyung-jun stated, “The difficult economic situation with high inflation and high interest rates is expected to continue in the first half of this year, so we will promote proactive and preemptive fiscal execution that citizens can feel, rather than mandatory rapid execution.” He added, “Furthermore, by thoroughly reviewing various projects and promoting fiscal execution, we will do our best to stabilize livelihoods and revitalize the local economy.”
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