Hwaseong City Wins Grand Prize in Financial Analysis Category at 'Korea Local Finance Awards' from Ministry of Interior and Safety

[Suwon Ilbo=Ki-ho Choi] Hwaseong City won the grand prize in the financial analysis category at the 'Korea Local Finance Awards' ceremony hosted by the Ministry of Interior and Safety held at the Seoul Government Complex Annex on the 22nd, receiving a ministerial commendation and 90 million won in special educational grants.

The Ministry of Interior and Safety annually evaluates 243 local governments across the nation by dividing municipalities with similar population and fiscal conditions into groups, assessing prior-year settlement data across 13 financial indicators in three categories—soundness, efficiency, and planning—to award the 'Korea Local Finance Awards.'

Hwaseong City won the grand prize in City-1 Group, which includes cities such as Suwon, Seongnam, and Yongin.

With the shift to a surplus budget driven by increased real estate tax revenue, the city recorded an integrated fiscal balance ratio of 6.42%, significantly higher than the national average of 1.94%, demonstrating sound fiscal health.

Particularly, while making independent cost-cutting efforts in response to COVID-19, the city was confirmed to possess efficient and proactive fiscal management capabilities, including restraint in the increase of local subsidy ratios and enhanced local tax collection rates.

Hwaseong City Mayor Jung Myung-keun stated, "Going forward, we will do our utmost to enhance fiscal soundness through operational expense reductions, continuous restructuring of expenditure, and sustainable revenue expansion so that we can improve the quality of life for our citizens."