FY 2016 Final Accounts Analysis Series
According to the FY 2016 final accounts submitted by the administration, the consolidated fiscal balance posted a surplus of KRW 16.9 trillion with total revenues of KRW 401.8 trillion and total expenditures of KRW 384.9 trillion, while the consolidated fiscal account excluding social security funds registered a deficit of KRW 22.7 trillion. These figures are higher than the forecast in the supplementary budget by KRW 14.4 trillion and 16.3 trillion, respectively. Nonetheless, as the deficit level of the managed fiscal balance excluding social security funds was substantial and the sovereign debt is increasing, more efforts are needed to improve fiscal soundness and effectiveness.
The National Assembly Budget Office (NABO) published FY 2016 Final Accounts Analysis Series, consisting of Comprehensive Analysis, Analysis by Committee, Analysis on the Administration's Corrective Actions upon the National Assembly's Requests for FY 2015 Final Accounts, Final Accounts Analysis for Gender Sensitivity, and Summary of Final Accounts Analysis.
First, Comprehensive Analysis offers an in-depth examination of the fiscal amounts such as the account closing of 12 sectors and tax revenue, as well as 24 major policies such as Analysis of SMEs Policy Funding Projects. It also includes analysis of 28 expenditure types, including the transactions between accounts and funds. These efforts helped expand the scope of the analysis from the previous year.
Second, Analysis by Committee presents a micro assessment of fiscal status by ministry and individual program. The analysis addresses the issues of 700 topics related to 52 ministries and suggestions for improvement. Analysis of the account closings of 46 major public institutions is added in this section to provide a more thorough review on overall fiscal status.
Third, Analysis on the Administration's Corrective Actions upon the National Assembly's Requests for FY 2015 Final Accounts outlines the progress and evaluation of the administration’s corrective actions to enhance the validity and effectiveness of the National Assembly’s deliberation on the final accounts. The National Assembly requested the administration to correct 2,061 cases when deciding the FY 2015 final accounts. Among these, 218 cases, or 10.7% of the total requests excluding the 16 cases supervised by the Intelligence Committee, have not been completed. Another 74 cases, including the thorough and fair management of the oil spill response vessel construction program, were found to fail to sufficiently reflect the intent of the National Assembly.
Fourth, Final Accounts Analysis for Gender Sensitivity identifies programs that require enhanced management and suggests improvement measures to promote gender equality linked to the National Gender Equality Index. The number of gender sensitivity programs was 331, and their budget totaled KRW 28.4485 trillion in FY 2016. The analysis found that 23 programs, such as the R&D Project to Foster Female Scientists and Engineers, require intensive management; 35, including Human Resource Support for Vulnerable Farming Households, are inadequate as gender sensitivity programs; and 52, such as Eliminating Blind Spots in the Social Insurance System, need to be managed for better results.