Busan City Selected as 'Top Institution' in Rapid Fiscal Execution Assessment for First Half of the Year

Selected as 'Top Agency' for Three Consecutive Times in Ministry of the Interior and Safety Evaluation... Secures 290 Million Won in Special Grant Tax

Record High of Over 10.1 Trillion Won Executed in First Half, Contributing to Regional Economic Circulation

Busan City has been selected as the 'Best Institution' in the Ministry of the Interior and Safety's '2024 First Half Fiscal Rapid Execution Evaluation,' securing a special grant tax of 290 million KRW.

Busan City Hall.

Following its selection as the best institution in the first quarter's fiscal rapid execution evaluation this year, which secured a special grant tax of 140 million KRW, the city has once again been selected as the best institution in this first half evaluation, securing an additional 150 million KRW in special grant tax.

With this evaluation result, the city has achieved the remarkable feat of being selected as the 'Best Institution' for three consecutive times in the Ministry of the Interior and Safety's local finance execution evaluation, following the first and second halves of last year.

Among Busan's basic local governments, Dong-gu, Saha-gu, Yeonje-gu, and Geumjeong-gu were selected as best institutions, while Seo-gu, Gangseo-gu, Buk-gu, Dongnae-gu, Busanjin-gu, and Haeundae-gu were selected as excellent institutions, all receiving special grant tax.

Amidst difficult economic conditions due to persistent high inflation and high interest rates, the city made active efforts to vitalize the local economy in a way citizens could feel, by continuously managing the execution rate of large-scale investment projects with budgets over 1 billion KRW and executing project funds.

As a result, the city raised its local fiscal execution rate in the first half of this year to 67.1%, which is 7.1% higher than the government's target rate of 60.0%, and executed a record-high amount of over 10.1 trillion KRW in fiscal spending for the first half.

Lee Joonseung, Deputy Mayor for Administrative Affairs of Busan City, stated, "In the second half of this year as well, we will do our utmost to realize 'Busan, the City of Citizen Happiness' by actively utilizing available resources and minimizing budget carryovers and unused funds through systematic and proactive fiscal execution management to vitalize the local economy."