The Budget and Accounts Special Committee of the Changwon Special City Council in Gyeongnam has completed a comprehensive review of the 2024 fiscal year settlement and reserve fund expenditures.
The committee conducted a comprehensive review of the 2024 fiscal year settlement and reserve fund expenditures on June 25 and 26, and adopted the review report.
The review report is scheduled to be finalized at the 4th plenary session of the 144th regular meeting on June 30.
A comprehensive review is being conducted by the Budget and Accounts Special Committee of Changwon City Council, Gyeongnam. Provided by Changwon Special City Council
Previously, Changwon City executed 4.2129 trillion won out of the total 4.742 trillion won budget for the 2024 fiscal year.
Of the remaining funds, 374.6 billion won was carried over, and 35.7 billion won in subsidies was returned, resulting in a final net surplus of 187.4 billion won.
The committee pointed out the large amount of funds being carried over. This is because carrying over project funds leads to increased construction costs and overall project expenses due to factors such as inflation.
In response, Acting Mayor Jang Geumyong stated, "The amount carried over has been decreasing compared to the previous year's settlement," and added, "However, since the carried-over funds mean that finances have not been injected into the local community, we will strive to further reduce the amount carried over."
Chairperson Hwang Jeombok said, "I hope that the various issues identified during this settlement review will be faithfully reflected in next year's budget planning so that fiscal management can become even more sound and efficient."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
