Ulsan City, the First Year of Flawless Management of Shared Property This Year

Ulsan City has established a systematic and practical foundation for managing public assets by implementing various measures to elevate the level of public asset management in line with the Ministry of the Interior and Safety's 2024 local finance soundness policy.

▲ Strengthening Asset Management through Detailed Public Asset Survey

To address the practical difficulties in managing public assets, Ulsan City conducted a detailed survey project by a specialized institution for the first time.

For this, the city secured a subsidy of 50 million KRW through a public offering project by the Korea Local Finance Association and invested a total of 150 million KRW to conduct a survey targeting 1,738 parcels of general property and 328 parcels of administrative property, completing the project.

Given Ulsan City's characteristics with a high proportion of island areas, the project focused on accurately identifying the occupancy status by combining field surveys and measurements based on the cadastral expertise of the Korea Land and Geospatial Informatix Corporation (LX).

An island area refers to a region where land boundaries were created on paper maps over 100 years ago using points and lines, resulting in very low positional accuracy.

Along with the land use status survey, the project also involved grouping small parcels with the same usage status and selecting parcels requiring changes in land category or consolidation, aiming to enhance the utility value of the assets.

Based on the survey results, optimal utilization plans to increase the value of city-owned assets will be developed in the future.

▲ Establishing a Reliable Asset Management Foundation through Comprehensive Public Asset Survey

Ulsan City is currently undertaking a large-scale asset ledger maintenance project following the first-ever implementation of the ‘Comprehensive Public Asset Survey’ this year. The city is aligning the public asset ledger with three types of official registers (land ledger, building ledger, and certified copy of register) and identifying omitted assets to correct errors.

The comprehensive public asset survey is a project aimed at updating asset management records and resolving discrepancies by analyzing the public asset ledger against official registers. Major errors include ▲non-existence of official registers ▲ownership discrepancies among official registers ▲omission of registration for acquired or disposed assets ▲discrepancies in area, land category, and other display items.

So far, 88% of land and 51% of buildings among the erroneous assets have been corrected, and the comprehensive survey is scheduled to be completed by June 2025. This work is expected to secure the reliability of city-owned asset status and establish a responsible management system.

In the second half of 2025, Ulsan City plans to disclose the list and basic information of idle and underutilized city-owned assets identified through the detailed survey and comprehensive survey results on the city’s website, enabling citizens interested in purchase or lease to actively utilize idle city-owned assets.

An official from Ulsan City stated, “Public assets are important resources for our city, and the management system is directly linked to financial soundness. We will continuously improve deficiencies to strengthen the foundation of public assets further.” He added, “In the future, we will provide high-quality public asset services both internally and externally to promote efficient utilization and contribute practically to Ulsan City’s finances.”

Ulsan City Hall.

원본보기 아이콘

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.