Gwangmyeong City to Strengthen Fiscal Capacity... Establishing a Strategic Resource Allocation System

Kickoff Briefing Held for the 'Strategic Financial Restructuring Study Service'


Financial Assessment to Cut Unnecessary Spending and Focus Resources on Core Projects Impacting Citizens

Gwangmyeong City in Gyeonggi Province is set to improve its financial structure in response to changes in local fiscal conditions due to shifts in population structure and increased demand for welfare.

Gwangmyeong City held a kickoff report meeting for the 'Gwangmyeong City Strategic Funding Restructuring Study Service' on the afternoon of the 19th in the conference room at the city hall. Provided by Gwangmyeong City

On the afternoon of the 19th, the city held a kickoff briefing session for the 'Gwangmyeong City Strategic Financial Restructuring Study Service' at the city hall conference room.

The purpose of this study is to address the limitations of short-term and project-specific financial management, and to establish a strategic resource allocation system to strengthen the city’s fiscal health by objectively analyzing budget and settlement data along with key financial indicators.

The city plans to focus the savings or reallocated resources on core projects that have a significant impact on citizens, such as livelihood, welfare, safety, and urban infrastructure.

To this end, the city will objectively assess fiscal rigidity and available financial resources by analyzing budget and settlement data, as well as major fiscal indicators, from the past five years.

In particular, for cash-based welfare projects and local subsidies, the city intends to enhance the efficiency of resource allocation by establishing objective criteria for streamlining, enabling a comprehensive review of project redundancy and policy effectiveness.

Furthermore, by reflecting policy significance and project effectiveness, the city will prepare evaluation and streamlining plans for each department’s projects, and will reorganize its financial management system so that resources can be strategically allocated to key projects according to spending priorities.

Based on the findings of this study, the city plans to develop expenditure restructuring strategies that can be applied in practice, starting with the formulation of the main budget for the year 2027.

Choi Hyemin, Deputy Mayor and Acting Mayor of Gwangmyeong City, stated, “It is time for our financial management approach to shift more strategically in line with changing administrative environments and citizens’ needs,” adding, “We will operate our finances in a way that enhances citizens’ quality of life and establishes a foundation for the city’s sustainable growth.”

The study is scheduled to run through September, during which fiscal strategy meetings will be held in parallel to enhance the objectivity and effectiveness of financial management strategies through expert consultation.

Meanwhile, about 20 people attended the meeting, including Acting Mayor Choi, directors of departments and bureaus, the heads of the Budget and Legal Affairs Division and the Policy Planning Division, external fiscal experts, and representatives from the Nara Salim Research Institute, the organization conducting the study service.

The meeting included a kickoff briefing for the study, as well as discussions on fiscal outlook, expenditure restructuring directions, and strategies for enhancing financial efficiency, shaping the future direction of Gwangmyeong City's fiscal management.

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