Gyeonggi Province's Local Fiscal Transfer Fixed at 2.5885 Trillion Won

Gyeonggi Province announced on the 8th that the scale of local fiscal transfer payments for 2014 has been fixed at 2.5885 trillion won, an increase of 104 billion won compared to the previous year.

Regular transfer payments to the provincial government increased by 8.6 billion won to 121.1 billion won, representing a 7.7% increase from the previous year, while municipal and county governments received a total of 2.2038 trillion won, up 89 billion won or 4.2% from the previous year.

By municipality and county, Yangpyeong County received the largest allocation at 153.3 billion won among Gyeonggi Province's cities and counties, followed by Pocheon City with 138.7 billion won and Yeoncheon County with 131.3 billion won. Non-recipient municipal entities that do not receive regular transfer payments include six cities—Suwon, Seongnam, Gwacheon, Goyang, Yongin, and Hwaseong—which is the same as the previous year.

Decentralization transfer payments amount to 166.4 billion won for the provincial government and 97.2 billion won for municipal and county governments.

Special transfer payments in 2013 to the provincial government totaled 70.3 billion won, an increase of 38.1 billion won or 119% from the previous year, while municipal and county governments received 144.9 billion won, up 37.7% from the previous year.

The province explained that it received 3.2 billion won in special transfer payments for the Yongchi military facilities improvement project in the northern region and 22.9 billion won for flood damage recovery, which greatly helped advance disaster recovery projects that could not be funded due to limited available resources.

A provincial official stated, "Through active identification of standard financial needs and special transfer payment demands, the transfer payments increased significantly."