Yeongdeungpo-gu, 2023 Fiscal Year Settlement Audit... Budget Savings of 53.5 Billion Won

30-Day Settlement Audit Results: 53.5 Billion KRW Budget Savings Through Proactive Financial Management
Selected as Best Practices Including Increased Floor Area Ratio in Semi-Industrial Zones and Passage of Special Act on Railway Undergrounding
Continuous Communication and Forward-Looking Administration Realizing ‘Young City Yeongdeungpo’

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that as a result of completing the 2023 fiscal year revenue and expenditure settlement audit, it achieved a budget saving of approximately 53.5 billion KRW, about 6% compared to the 2024 main budget.

The settlement audit was conducted to ensure the appropriateness, transparency, and soundness of the district's budget execution, and took place from April 1 to 30 in the district office meeting room.

The audit committee consisted of six members, including district council members and tax accountants, who conducted an in-depth examination of the overall financial management including the 2023 fiscal year’s general and special accounts, funds, and performance reports, verifying whether the budget was executed in accordance with laws and project objectives.

The audit results highlighted excellent cases such as ▲ securing new growth engines for Yeongdeungpo’s next 100 years ▲ strengthening the district’s financial soundness through proactive fiscal management.

Firstly, under the key theme of ‘securing new growth engines,’ there were cases such as raising the floor area ratio up to 400% in semi-industrial areas through continuous cooperation with related organizations to swiftly resolve long-standing district projects, and the rapid promotion of redevelopment and reconstruction projects. Additionally, through collaboration with the district council, the proposal and enactment of a special law for the undergrounding of the Gyeongbu Line railway, which laid the foundation for the ‘great unification’ of Yeongdeungpo after 120 years of division, was highly evaluated as a visible achievement in pursuing long-term visionary policies for advancing into a cutting-edge future city.

Furthermore, ten outstanding projects for sound fiscal management were selected as excellent cases, achieving a total budget saving and revenue increase effect of 53.5 billion KRW through ‘proactive administration.’

Key projects included ▲ promotion of public housing projects in shantytown areas ▲ discovery of hidden tax sources amounting to 2.24 billion KRW through the development of collection techniques using big data ▲ securing a total of 6.86 billion KRW in national and local government funds through the promotion of district-specialized projects such as the beautification of Anyangcheon Stream.

Meanwhile, the audit committee recommended improvements regarding ▲ setting indicators and targets for budget performance reports ▲ establishing efficient budget planning methods for basic expenses ▲ and the imposition and collection system of parking and stopping violation fines.

The district plans to submit the 2023 fiscal year settlement details to the council by May 31, and after approval at the 1st regular session of the 2024 Yeongdeungpo District Council, it will be disclosed through the Yeongdeungpo-gu website.

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, stated, “Over the past year, through continuous communication with residents and proactive administration, we have accomplished significant projects that will lead Yeongdeungpo’s transformation. Moving forward, we will continue to strive for fiscal innovation and carefully prepare a future blueprint that reflects the hearts of our residents, so that Yeongdeungpo can leap forward as a vibrant and youthful city.”

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