The FY2017 Accounting Analysis Series
13 August 2018
Budget Analysis Coordination Division of the Budget Analysis Department
According to the fiscal year 2017 accounts submitted by the government, total income was 430.6 trillion won and total expenditure was 406.6 trillion won. The Balance of Consolidated Public Sector Finance recorded a 24.0 trillion won surplus while the Operational Budget Balance recorded a 18.5 trillion won deficit, an improvement of 11.0 trillion won and 10.4 trillion won over their respective 2017 estimations. However, as fiscal flexibility decreases due to expanded mandatory expenditure and the increasing importance of the active role of fiscal policy in addressing current social and economic issues, it is now necessary to hold in-depth discussions on fiscal efficiency and soundness.
As part of efforts to support the deliberation process on the National Assembly’s accounting, NABO issued the Fiscal Year 2017 Accounting Analysis series. This series consists of 22 sections including General Analysis, Committee-Specific Analysis, Analysis of the Accounting of Public Institutions, Analysis of Government Measures on the Correction Requests made by the National Assembly on FY 2016 Accounting, Gender-Responsive Balance Sheet Analysis and Accounting Analysis Overview.
General Analysis contains a macro-analysis of 14 general cases of fiscal issues including those related to 12 major areas and fiscal soundness as well as an in-depth examination of 47 key fiscal policy programs such as policies on employment and securing future growth engines.
The Committee-Specific Analysis mainly discusses possible solutions for problems identified in the individual government programs through their implementation by each ministry. The Analysis of the Accounting of Public Institutions examined the outcomes of budget execution by public institutions. Also, an Analysis of Government Measures on the Correction Requests made by the National Assembly on FY 2016 Accounting was conducted to improve the effectiveness of accounting deliberation by the National Assembly, and the Gender-Responsive Balance Sheet Analysis examines the outcome of gender equality enhancement efforts through an analysis of the gender-responsive balance sheet in connection to the General Plan for Gender Equality.