Gyeongbuk Provincial Council Budget and Accounts Committee Conducts 2020 Fiscal Year Settlement Review

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju Cheol-in] The Budget and Accounts Special Committee of the Gyeongbuk Provincial Council will begin reviewing the approval of the 2020 fiscal year revenue and expenditure settlement and contingency fund spending submitted by the Governor of Gyeongbuk Province and the Superintendent of Gyeongbuk Office of Education from the 23rd to the 24th.

According to the Gyeongbuk Provincial Council on the 22nd, the 2020 fiscal year revenue and expenditure settlement to be reviewed this time shows that the revenue settlement amount under the province’s jurisdiction is 12,145,411,000,000 KRW.

The expenditure settlement amount is 11,544,096,000,000 KRW. The remaining amount after subtracting expenditures from revenues is 601,315,000,000 KRW, of which the carried-over project expenses are 295,098,000,000 KRW and subsidy refunds are 5,796,000,000 KRW, resulting in a net global surplus of 300,421,000,000 KRW.

The revenue settlement amount under the jurisdiction of the Office of Education is 5,020,189,000,000 KRW, and the expenditure settlement amount is 4,868,875,000,000 KRW.

The remaining amount after subtracting expenditures from revenues is 332,934,000,000 KRW, of which carried-over project expenses are 229,347,000,000 KRW, and the net global surplus including unspent subsidy balances is 103,587,000,000 KRW.

During this settlement review, the Budget and Accounts Committee members will examine, based on the preliminary review results of each standing committee, whether the budget was executed appropriately according to its original purpose and how efficiently it was executed, and will actively urge that the results of the settlement review be reflected in the financial management of the executive branch going forward.

Choi Byung-jun, Chairperson of the Budget and Accounts Special Committee, said, “Due to the impact of COVID-19 last year, some projects inevitably incurred unused and carried-over amounts, but continuous management and special measures must be prepared for the recurring issues of unspent balances and carried-over budgets.”

Meanwhile, the 2020 fiscal year settlement and contingency fund approval for the province and the Office of Education will be submitted to the 3rd plenary session on the 25th for final approval.