Holding of the Gwangyang Bay Area Free Economic Zone Association Meeting

Deliberation and Resolution on the Appointment of the Settlement Audit Committee Member and Others

The Gwangyang Bay Area Free Economic Zone Association Council (Chairman Choi Byung-yong, Jeonnam Provincial Assembly member) announced that on the 27th, it held the 141st temporary association council meeting and deliberated and resolved two agenda items: the appointment of the 2023 fiscal year settlement inspection committee members and the "Regulations on the Establishment and Operation of the Gwangyang Bay Area Free Economic Zone Authority Integrated Financial Stabilization Fund."

As settlement inspection committee members, Im Hyeong-seok, a Jeonnam Provincial Assembly member from Gwangyang, was appointed as the representative member, along with Kang Dae-seon, a specialist from Shinhan Accounting Corporation, and Yang Hyo-seok, a certified public accountant, as members.

[Photo by Gwangyang Economic Promotion Agency]

The settlement inspection is scheduled to take place from April 3 to 5 to examine whether the budget was executed transparently and efficiently in accordance with laws, regulations, and the original project objectives, and to check for any improper execution or wasteful cases.

Additionally, with the establishment of the "Regulations on the Establishment and Operation of the Gwangyang Bay Area Free Economic Zone Authority Integrated Financial Stabilization Fund," a basis was created to enable deposits and receipts between special accounts and funds, allowing resources to be managed through the fund.

Chairman Choi Byung-yong ordered a thorough and meticulous review, emphasizing that the purpose of the settlement inspection is to systematically analyze financial management performance and to feedback the results into the budget formulation and financial management of the following year.

Member Im Hyeong-seok mentioned the ambiguous regulations regarding the resources and usage of the integrated account and urged the concretization of standards by referring to government guidelines.

Member Han Suk-gyeong (a Jeonnam Provincial Assembly member from Suncheon) inquired about the deposit period of the integrated financial stabilization fund and the current status of the designated treasury and requested efficient management of the fund.

Song Sang-rak, Director of the Gwangyang Bay Area Free Economic Zone Authority, stated, “According to the Local Finance Act and related laws, it was necessary to establish a separate fund to manage surplus funds exceeding the contingency reserve within the special account balance. With the establishment of the Integrated Financial Stabilization Fund, we will efficiently manage the deposits of the special account for industrial complex development projects and enhance the efficiency of financial operations.”