Emphasis on 'Budget Utilization Efficiency' in Supplementary Budget Review
Lee Cheol, Vice Chairman of the Jeonnam Provincial Council (Democratic Party of Korea·Wando 1), announced on the 22nd that during the review of the supplementary budget under the jurisdiction of the Jeonnam Provincial Office of Planning and Coordination on the 21st, he emphasized "the efficient operation of contingency funds and the prudence in budget formulation, urging budget execution management to secure the trust of the residents."
Contingency funds are budgets stipulated under Article 43 of the Local Finance Act to be prepared within 1% of the total general account budget to cover unpredictable expenditures. In accordance with this legal basis, Jeonnam Province allocated 89.4 billion KRW as contingency funds in the 2024 supplementary budget. This represents a decrease of about 3.1% compared to the previously approved amount.
Vice Chairman Lee pointed out, "Contingency funds are important budgets prepared for unforeseen situations, but if excessive allocation leads to repeated unused funds, the trust of the residents may decline. Contingency funds must be efficiently allocated based on clear forecasts and analysis, and thoroughly managed to be used appropriately."
He continued, "The budget is the precious tax of the residents, so please exercise utmost caution in all processes of contingency fund allocation and execution to avoid wasting even a single won."
In response, Jang Heon-beom, Director of the Planning and Coordination Office, replied, "We will review the contingency fund allocation process more carefully and do our best to enhance the trust of the residents."
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