Seonghwan Kim, Seoul City Council Member, Proposes Ordinance on Designation and Operation of Seoul Metropolitan Office of Education Treasury

Expectations for Ensuring Transparency and Fairness in Education Office Treasury Selection

[Asia Economy Reporter Jong-il Park] Seoul Metropolitan Council member Kim Saeng-hwan (photo, Democratic Party of Korea, Nowon 4) has taken the lead in proposing the "Ordinance on the Designation and Operation of the Seoul Metropolitan Office of Education Treasury," which includes evaluation criteria for the Seoul Metropolitan Office of Education treasury.

The ordinance sets the contract period for the sub-treasury at 4 years and stipulates that the Treasury Designation Deliberation Committee shall be composed of 9 to 12 members, including general service officials of grade 3 or higher belonging to the Office of Education, school principals, 2 Seoul Metropolitan Council members, professors, and accountants as private experts, ensuring that the majority of members are non-government officials from the Office of Education to enhance the transparency of treasury deliberations.

Furthermore, the evaluation criteria for designating the Office of Education treasury are broadly divided into five categories. The criteria are ▲ the internal and external creditworthiness and financial stability of the financial institution ▲ loan and deposit interest rates for the Office of Education ▲ convenience of use for education consumers and educational institutions ▲ treasury management capability ▲ contribution to educational institutions and cooperative projects with the Office of Education.

The ordinance also includes a provision that the ranking and total scores of financial institutions participating in the treasury designation must be disclosed based on the evaluation results through the committee.

Council member Kim Saeng-hwan stated, “I thought it was necessary to clarify the regulations on the designation and operation of the Office of Education treasury, which have so far been established and operated only by rules, through an ordinance, which led to the proposal of this ordinance.” He expressed his expectations, saying, “If the amendment passes, the designation of the Seoul Metropolitan Office of Education treasury and financial management are expected to be operated more transparently and fairly.”