Hwaseong City Shows 'Sound' Financial Status Based on 2012 Settlement

Hwaseong City has posted the "2013 Hwaseong City Local Finance Public Notice" based on the 2012 settlement on its Participatory Budget Portal (http://money.hscity.net) to help citizens easily understand financial information.

According to the local finance public notice, Hwaseong City's total revenues for 2012, including general accounts, special accounts, and funds, reached 1.3966 trillion won, an increase of 188.2 billion won compared to the previous year, while expenditures totaled 1.1048 trillion won, up 75.2 billion won from the previous year.

Although the revenue scale is somewhat smaller than the average of 1.7490 trillion won for comparable local governments with 500,000 or more residents, the "financial independence ratio," which represents the ratio of self-generated revenue relative to the 2012 final budget general account budget size, stands at 59.36%, higher than the average of 48.63% for comparable local governments. In particular, the "financial autonomy ratio," calculated by adding independent fiscal resources to self-generated revenue, is 76.97%, exceeding the average of 69.83% for comparable local governments, indicating that Hwaseong City maintains sound financial health.

As citizens' interest in the city's financial status continues to grow, the city plans to continuously provide materials to help citizens easily check the city's financial status by utilizing the Participatory Budget Portal (http://money.hscity.net) financial information, finance public notice inquiry, and other resources to meet citizens' interests.