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S. Korea: Local Gov'ts Growing Less Financially Independent
Source: world.kbs.co.kr
Source Date: Monday, October 08, 2012
Focus: ICT for MDGs, Institution and HR Management
Country: Korea (Republic of)
Created: Oct 16, 2012

The Ministry of Public Administration and Security has released a report showing that nearly nine out of ten local governments rely heavily on the central government for financial support.

The ministry's report to parliament detailed that local governments’ average rate of financial independence from the central government has fallen from 53-point-nine percent in 2008 to 52-point-three percent this year.

It said 216, or 88-point-five percent, of all local governments in South Korea depend on financial aid from the central government to cover more than 50 percent of their treasuries. One-hundred-23 local governments cannot pay their employees solely on the collection of local taxes.

The financial independence gap among local governments is also considerable. Large metropolitan city governments can secure funds for an average of 55 percent of their budgets. Smaller cities are 38 percent financially independent, while counties are only capable of collecting 17 percent of their necessary finances.
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