ULSAN < invest Korea

Ulsan City announced its status of financial management in 2012 to enhance city’s responsibility and transparency and fulfill citizens’ right to know.

The announcement addresses the city’s financial management, including revenue and expenditures, debts, short-term loans, bonds and financial reports, and 2012 financial analysis by the Ministry of Security and Public Administration (MOSPA).

Total budget increased by KRW 319.6 billion to reach KRW 3.2975 trillion.

Debts due to large projects, including establishment of new general industrial complexes, reached KRW 531.3 billion, showing a decrease of KRW 48.8 billion from last year.

City’s debt per person stood at KRW 463,000, which is lower than the average of metropolitan cities (KRW 539,000) by KRW 76,000. This was supported by prudent financial management and advanced redemption debt.

To enhance financial efficiency and stable management, Ulsan plans to continue to reduce debts.

Public property was aggregated to reach KRW 4.2554 trillion, which was increased by KRW 403.3 billion from last year with land purchases for establishment of roads and industrial complexes.

Fund operation reached KRW 177.8 billion, showing a KRW 8.5 billion growth from last year.

Ulsan also made special announcements on seven projects in six fields, including installation of organic waste biogas plant, establishment of Ulsan Bridge and access roads and relocation of Jungbu fire station.

More details can be accessed at the city website (www.ulsan.go.kr).

Ulsan was selected as an outstanding city for budget efficiency by the MOSPA in 2012. The city plans to stabilize life of working classes with optimal budget allocation and strategic planning.

** This article was translated from the Korean.