A Model for Local Finance, Outstanding Competence in Fiscal Management
Lee Wanseop, mayor of Seosan, along with related officials, celebrated on the 20th in the mayor's office at City Hall for achieving a triple crown in the local finance evaluation hosted by the Ministry of the Interior and Safety. /Seosan City
Seosan City in South Chungcheong Province has achieved a remarkable feat by becoming the only municipality in the Chungcheong region to win three awards in the field of local finance evaluations organized by the Ministry of the Interior and Safety this year.
On the 20th, the city announced that it had been selected as △the top local government in the 2024 Fiscal Analysis △the winner of the Minister of the Interior and Safety Award at the 17th Korea Local Finance Awards △and an excellent local government in the 2024 First Quarter Rapid Execution Evaluation.
With this triple crown achievement, Seosan City will receive a fiscal incentive of 180 million KRW in special grants.
In the 2024 Fiscal Analysis Evaluation conducted for 243 local governments, the city achieved the highest national grade, “A,” received the Minister of the Interior and Safety Award, and secured 100 million KRW in special grants.
The city was highly praised for its efforts to prevent fiscal leakage, analyze timely and appropriate budget investments, and reduce unused funds, especially amid the global economic crisis and the government’s tight fiscal policy.
Additionally, at the “17th Korea Local Finance Awards,” the highest honor in the local finance sector hosted by the Ministry of the Interior and Safety, the city received the Minister’s Award and 50 million KRW in special grants for its achievements in budget savings.
Through a waste wood free consignment processing agreement, the city efficiently utilized its budget by saving 340 million KRW annually in waste incineration costs.
Seosan City was also selected as an excellent local government in the “First Quarter Local Finance Rapid Execution Evaluation,” which was conducted to enhance the efficiency of fiscal operations through a virtuous cycle in the local economy and strategic budget execution and management.
Through this, the city secured 30 million KRW in special grants and, by organizing and operating a rapid execution task force this year, executed 206.3 billion KRW in the first quarter, surpassing the target of 179 billion KRW and achieving an execution rate of 115%.
This triple crown achievement is seen as a testament to the city’s systematic and efficient fiscal management strategies, which have greatly contributed to improving the quality of life for citizens and revitalizing the local economy.
As an outstanding best practice, Seosan City has demonstrated its fiscal management capabilities externally and plans to continue focusing its administrative efforts on sound and efficient local fiscal operations.
Mayor Lee Wan-seop stated, “Based on our fiscal management achievements, we plan to establish even more advanced fiscal strategies and contribute to regional development,” adding, “We will continue to do our best to establish a virtuous cycle of fiscal operations through sound and efficient fiscal management.”
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