Achieved the Highest Grade 'Grade A' in Financial Efficiency... Secured Special Grants Along with Commendation from the Minister of the Interior and Safety
[Asia Economy Reporter Jong-il Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) was selected as the "Best Local Government" in the 2020 (Fiscal Year 2019) Local Government Financial Analysis conducted by the Ministry of the Interior and Safety.
The district received the highest grade, "Grade A," in financial efficiency and "Grade C" in planning, resulting in an overall "Grade A" and being selected as the "Best Local Government," securing a commendation from the Minister of the Interior and Safety and special grants.
This achievement is the result of maintaining a stable revenue and expenditure structure with more income than expenditure through an increase in self-generated revenue such as local taxes, as well as securing external resources including grants, adjustment grants, and incentive project funds.
Additionally, due to active delinquent tax management efforts such as collecting large delinquent amounts, the local tax collection rate reached 99.54%, significantly improving financial efficiency and earning favorable evaluations.
The local financial analysis is a representative local finance monitoring system that comprehensively analyzes and evaluates the financial status and operational performance of local governments based on the previous year's settlement data.
It was conducted targeting 243 local governments nationwide, evaluating based on 13 major financial indicators across three areas: 4 indicators of soundness, 6 indicators of efficiency, and 3 indicators of planning.
Through this, among Seoul's autonomous districts, Gangseo-gu and one other district were selected as the best local governments in financial management for 2020 (Fiscal Year 2019).
Meanwhile, this year the district was awarded the grand prize at the Manifesto Best Practice Competition and was selected as an excellent district in the government joint evaluation. It also ranked first in Seoul's Gross Regional Domestic Product (GRDP) growth rate as of 2017, receiving favorable evaluations in various fields both domestically and internationally.
Mayor Noh Hyun-song said, "Considering the district's financial condition where social welfare expenditure accounts for 60%, this achievement was made possible by the united efforts of all public officials to expand revenue and reduce expenditure," and added, "We will continue to eliminate budget waste factors and meticulously manage the district's finances to increase financial efficiency so that residents can enjoy more benefits."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
