Gangseo-gu Selected as ‘Best Institution’ in Local Finance Execution Evaluation

Gangseo-gu, Seoul (Mayor Jin Gyo-hoon) announced on the 9th that it was selected as the best local government in the Ministry of the Interior and Safety’s “2023 Second Half Local Finance Execution Evaluation,” securing a special grant of 100 million KRW.

This achievement follows three consecutive years of being selected as an “excellent” organization, and it is the first time in seven years since 2016 that Gangseo-gu has been chosen as the “best” local government. The special grant of 100 million KRW received as an incentive will be invested in projects to revitalize the local economy.

The local finance execution evaluation is a system designed to secure a virtuous cycle in the local economy through prompt expenditure of public resources and to enhance the efficiency of financial management through systematic budget execution control.

The Ministry of the Interior and Safety evaluated the local finance execution performance and consumption investment performance of 243 local governments nationwide, divided into metropolitan (cities/provinces) and basic (cities/counties/districts) levels.

Despite the difficult situation of decreased tax revenues such as local grants, the district conducted expenditure budget restructuring and made efforts for active budget execution management by analyzing execution performance weekly and improving causes of underperformance. As a result, out of the 1.4713 trillion KRW target for financial execution in the second half of 2023, 1.299 trillion KRW (88.3%) was executed.

This exceeded the Ministry of the Interior and Safety’s target of 84.7% (1.2462 trillion KRW) by 3.6 percentage points in the financial execution sector. In the consumption investment sector, 1.726 trillion KRW was executed, exceeding the initial target of 132 billion KRW by 40.6 billion KRW, leading to the selection as the best organization.

Mayor Jin Gyo-hoon said, “This achievement is the result of efficiently executing the necessary budget based on meticulous forecasting amid difficult financial conditions,” adding, “We will do our best to eliminate wasteful budgets through thorough financial management and to invigorate the local economy through prompt financial execution.”