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2018 Fiscal Year Budget and Accounting Committee Held

2018 회계연도 결산안 예산결산안 위원회 열려

2018 Fiscal Year Budget and Accounting Committee Held

 

The Gwangju Metropolitan Council held a meeting regarding City Halls 2018 budget execution.

Yeongju Ahn has details.

 

The Budget and Accounting Committee meeting of the 2018 Fiscal Year was held on June 12th from 10am at Gwangju Metropolitan City Council, in attendance with related committee members and the Gwangju Administrative Vice Mayor Jeong Jong Jae.

 

According to data released by the Gwangju Metropolitan Council's Special Committee on Budget and Accounts on Wednesday, the budget for 2018 including the previous year's transfer amount was estimated at some 5.2 trillion won and based on the report, the budget, which was not implemented last year reached 74.7 billion won.

 

This is the largest amount carried forward over five years from 2014 to 2018. Last years budget execution rate was also only 87.7 percent, the lowest in the last five years.

 

The council pointed out in a report that the excessive transfer amount is not only inconsistent with the principle of fiscal independence, but also wastes the huge budget in time. The report also noted that, efficient measures should be taken to reduce future carryover amounts.

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