Mandatory Council Reporting for New Treasury Designations
Transparency Expected to Improve
On May 20, the Gumi City Council in North Gyeongsang Province announced that the partial amendment ordinance to the "Ordinance on the Designation and Operation of Gumi City Treasury," proposed by Jungdo Kim of the People Power Party, was passed as originally drafted at the 2nd plenary session of the 287th extraordinary meeting.
This amendment specifically outlines the requirements for forming the Treasury Designation Review Committee in accordance with the Anti-Corruption and Civil Rights Commission's recommendations for improving corruption impact assessments. It also clarifies the rules for disqualification, avoidance, and recusal of committee members, and mandates that the city council must be informed whenever a new treasury is designated. The purpose is to further enhance the stability and transparency of treasury operations.
The main revisions include: ▲specifying the requirements for forming the review committee (Article 5, Paragraph 3 of the draft), ▲establishing rules for disqualification, avoidance, and recusal of committee members (Article 6 of the draft), and ▲imposing an obligation to report to the council when a new treasury is designated (Article 12 of the draft).
Jungdo Kim stated, "Although the designation and operation of the treasury are central to local financial management, there has been a lack of grounds for reporting new treasury designations to the council, which has led to insufficient oversight and checks. Through this amendment, we expect to promote healthy competition among local financial institutions and contribute to efficient local financial management by transparently disclosing detailed evaluation results."
This ordinance amendment is expected to further strengthen the reliability and transparency of Gumi City's financial operations.
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