Gyeongsan City Saves 2.8 Billion Won Budget Through Routine Audits and Contract Cost Reviews

Contributing to the Soundness of Local Finances through Fair Evaluation

Gyeongsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Gyeongsan City announced on the 17th that it conducted routine audits and contract cost reviews on a total of 278 projects worth 258.2 billion KRW, including construction, services, and goods procurement, over the past year, achieving a budget saving of 2.8 billion KRW.

Routine audits and contract cost reviews are preliminary audits that examine and assess the legality and validity of projects. This system prevents budget waste and ensures efficient financial management by reviewing project cost estimation, selection of construction methods, and appropriateness of design changes.

The specific savings include ▲construction 109 cases 2.1 billion KRW ▲services 16 cases 300 million KRW ▲others (goods and private subsidies) 12 cases 400 million KRW.

Gyeongsan City takes pride in these results, attributing them to the know-how gained from being selected as an excellent or top institution for contract cost reviews by Gyeongsangbuk-do Province over the past two years, as well as the thorough reviews conducted by the responsible public officials.

Choi Young-jo, Mayor of Gyeongsan City, pledged, "We will strive to reinvest the budget saved last year into the local economy, which has been stagnated due to the outbreak of COVID-19."