28 Billion KRW Saved Over the Past 4 Years... Reinvested in Major Projects
[Gangjin＝Asia Economy Honam Reporting Headquarters Reporter Kim Yong-su] Gangjin County, Jeollanam-do announced on the 25th that it saved 629 million KRW in budget last year through contract review operations.
The contract review system is a system designed to prevent budget waste factors in advance and ensure transparent and efficient budget management by reviewing the appropriateness of cost estimation before contracts for construction, services, and goods procurement ordered by local governments.
Last year, the county conducted contract reviews on 198 cases worth 59.1 billion KRW, including construction projects over 200 million KRW, services over 30 million KRW, and goods procurement over 10 million KRW, saving a total of 629 million KRW in budget. Over the past four years, 793 cases have saved 2.8 billion KRW in budget.
In particular, rather than focusing on reductions to increase performance, efforts were made to ensure trustworthy budget execution through fair and rational contract reviews.
The saved budget was reinvested in major projects of Gangjin County, creating a virtuous cycle effect that contributed to rational and flexible financial management and revitalization of the local economy. Early ordering and prompt execution were led by prior contract review consultations during the design phase with the ordering departments.
Lee Jun-beom, Director of Planning and Public Relations, stated, “Through meticulous and thorough operation of the contract review system, we will eliminate budget waste factors in advance and promote fair and rational cost analysis to ensure that the taxpayers’ money is not wasted, striving to execute budgets that the residents can trust.”
Gangjin=Asia Economy Honam Reporting Headquarters Reporter Kim Yong-su kys86120@asiae.co.kr
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