Pocheon Mayor Baek Younghyeon: "Strengthening Urban Competitiveness with Zero Debt and Sound Finances"

Pocheon City in Gyeonggi Province (Mayor Baek Younghyeon) announced on September 3 that it has posted the results of the 2024 fiscal year local government financial settlement on its official website.

Pocheon City Hall exterior. Provided by Pocheon City.

According to the announcement, the total settlement for the 2024 fiscal year amounted to 1.7787 trillion won. Revenue settlements totaled 2.0863 trillion won, while expenditure settlements reached 1.7787 trillion won.

Notably, the amount of local government debt, which is raised by securing local tax revenue rights as collateral for project investment funds, was recorded as zero. This demonstrates the soundness of Pocheon City's finances, especially when compared to the average debt of 20.9 billion won among local governments of similar size.

Additionally, based on double-entry bookkeeping, liabilities decreased by 1.6 billion won from 31.4 billion won to 29.8 billion won, while current and investment assets increased by 131.9 billion won from 4.1613 trillion won to 4.2932 trillion won, reflecting a stable financial position.

The fiscal independence ratio stood at 19%, and the fiscal self-reliance ratio at 51.6%, both showing a slight decline from the previous year. This was due to an increase in national and provincial funding, which are dependent financial resources.

Looking at expenditures by sector, social welfare accounted for the largest share at 324.1 billion won (28.5%), followed by land and regional development at 153.2 billion won (13.5%), and transportation and logistics at 114.4 billion won (10%). This reflects a focus on budget allocation to areas with high public impact, such as protecting vulnerable groups and improving living infrastructure.

Baek Younghyeon, Mayor of Pocheon City, stated, "The finances of Pocheon City under the 8th popularly elected administration are the result of growth and strategic choices, simultaneously achieving the goals of enhancing citizen happiness and restoring livelihoods. We will continue to pursue responsible fiscal management to create changes that citizens can truly feel and to firmly establish a sustainable urban foundation."