Busan Office of Education to Designate Educational Budget Management Bank

Evaluation of Five Criteria Including Creditworthiness and Financial Stability

Top-Rated Financial Institution to Operate for Four Years Starting January Next Year

The Busan Metropolitan Office of Education is set to designate an educational treasury to ensure the smooth operation and efficient fund management of the Special Account for Educational Expenses and related funds.

The Busan Metropolitan Office of Education (Superintendent Ha Yoonsoo) announced on the 12th the 'Plan for Designating the Busan Office of Education Treasury,' which will handle the deposit and management of Busan education budgets for the next four years starting next year.

This measure follows the expiration at the end of this year of the agreement period with Busan Bank, which has operated as the educational treasury since January 2021.

The Office of Education will hold an information session on the 27th for financial institutions wishing to be designated as the treasury and will accept proposals until the 13th of next month.

In September, the office plans to form a 'Treasury Designation Review Committee' consisting of 9 to 12 members, including 'internal members' such as the Deputy Superintendent (Chair) and officials of grade 4 or higher, as well as 'external members' such as university professors, lawyers, certified public accountants, and tax accountants.

The committee will objectively and fairly review and evaluate the submitted proposals based on evaluation criteria covering five categories and 18 sub-categories.

The evaluation items include: ▲ Internal and external credit rating and financial stability of the financial institution (27 points) ▲ Loan and deposit interest rates offered to the Office of Education (21 points) ▲ Convenience of use for education consumers and institutions (22 points) ▲ Treasury management capability (23 points) ▲ Contribution to educational institutions and cooperative projects with the Office of Education (7 points), with a total possible score of 100 points.

The financial institution receiving the highest score and designated as the sole treasury will operate the Busan Office of Education treasury for four years, from January 1, 2025, to December 31, 2028, following processes such as signing a treasury agreement.

For more details, refer to the announcement on the Office of Education's website or contact the Finance Division of the Office of Education.

The total budget of the Busan Office of Education for this year, based on the first supplementary budget, is 5.4268 trillion won for the 'Special Account for Educational Expenses' and 1.4357 trillion won for four funds, including the 'Integrated Education Finance Stabilization Fund.'

Busan Metropolitan Office of Education.

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