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Busan Metropolitan City Launches “2025 Fiscal Year Settlement Inspection” Starting Today… Comprehensive Review of Overall Budget Execution

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Busan Metropolitan City, led by Acting Mayor Kim Kyung-duk, announced that it will conduct the “2025 Fiscal Year Revenue and Expenditure Settlement Inspection” (hereinafter referred to as the “Settlement Inspection”) for 15 days from today (May 6) through May 20.

The “settlement” process is the final stage of the budget cycle, in which the outcomes of the annual budget execution are finalized and verified to determine whether the budget was implemented as originally planned.

This inspection will closely examine overall municipal administration, including the city headquarters, the Fire and Disaster Headquarters, directly affiliated agencies, business offices, and the Busan Metropolitan City Office of Education.

In addition, the inspection will comprehensively review all areas of fiscal operations, including general and special account revenues and expenditures, funds, financial statements, performance reports, and public property. The review will go beyond legality and validity of budget execution to also closely assess efficiency.

The Settlement Inspection will be carried out by a total of 12 inspection commissioners, including Representative Commissioner Cho Sang-jin of the Busan Metropolitan City Council and nine private-sector commissioners.

The commissioners were appointed by the City Council in accordance with relevant laws and regulations, including the Local Autonomy Act and the Local Finance Act, and consist of experts with extensive experience and expertise in finance and accounting.

Cho Sang-jin, Chair of the Special Committee on Budget and Settlement, will serve as Representative Commissioner. The inspection team also includes Commissioners Park Jin-su and Seong Hyeon-dal, along with seven certified public accountants and two tax accountants with extensive expertise in their respective fields.

Key areas of review include transparency and legality in fiscal operations and efficiency in budget execution, with a comprehensive examination of the appropriateness of budget spending and cases of waste.

The commissioners will conduct detailed inspections of revenue and expenditure settlements and treasury settlements based on supporting documents according to the inspection schedule. In particular, they will focus on analyzing whether budgets were executed in accordance with their original purposes and whether there were any cases of improper execution or budget waste, while also proposing directions for improvement through a comprehensive review.

Following the completion of the Settlement Inspection, Busan Metropolitan City plans to submit the settlement proposal and the settlement inspection opinion report to the City Council by May 31 after implementing corrective and supplementary measures regarding identified issues. Once approved during the regular City Council session in June, the results will be disclosed to the public.

Acting Mayor Kim Kyung-duk of Busan Metropolitan City stated, “The Settlement Inspection is not merely a report to finalize the previous year’s budget, but a legal procedure to confirm whether citizens’ valuable tax revenues were properly used for their intended purposes,” adding, “Through this inspection, we will further strengthen accountability in fiscal execution and continue building a transparent municipal administration that all citizens can trust.”