Gyeonggi Provincial Office of Education Falls Short 49.5 Billion Won in 2013 Grants

Gyeonggi Provincial Office of Education is expected to face a major blow to this year's education budget after failing to receive 49.5 billion won in 2013 grants from the Ministry of Education.

According to the Provincial Office of Education on the 16th, the Ministry of Education was supposed to transfer 803.36 billion won in local education finance grants for 2013, but only transferred 798.41 billion won by the end of last month, the accounting closure deadline, failing to transfer 4.95 billion won (0.6%).

The reason for the shortfall is that government tax revenue came in lower than originally planned.

Due to this, the Ministry of Education recently notified the Provincial Office of Education that 4.95 billion won from the 2013 grants would be treated as unutilized funds and could not be transferred.

The Provincial Office of Education maintains that there should be no immediate problem receiving fewer grants, as there were unused portions in the 2013 expenditure budget. However, it projects that there will be an impact on the 2014 budget.

The Provincial Office of Education can use any remaining budget from comparing 2013 revenues and expenditures as a source for the 2014 supplementary budget; however, with reduced grants from the Ministry of Education, it cannot secure that amount as a source for this year's supplementary budget.

An official from the Provincial Office of Education stated, "We feel like we're grasping at straws due to budget shortages, and it is unfortunate that the transfer of 2013 grants has been reduced," adding, "We will do our best to secure the necessary budget so that there will be no disruptions to this year's education projects."