A Fresh Start for National Assembly Budget Office
Amended in July 2017, the new organization of the National Assembly Budget Office came into effect on August 21, 2017.
The recent amendment to the organization was focused on integrating the overlapping functions such as the analysis of budget bills and settlement of accounts, program evaluation, etc. as well as meeting increased demands on businesses such as cost estimation, economic analysis, etc. by reforming the organizational structure that remained unchanged for the last 14 years since the establishment of the NABO in 2003.
The major changes are as follows.
First, the Budget Analysis Office was reorganized to combine the analysis of budget bills and settlement of accounts, and program evaluation functions in order to create a synergy effect of financial analysis.
Second, the Estimates & Tax Analysis Office was newly established to combine the cost and revenue estimation – works of the former Budget Analysis Office and Economic Analysis Office – in order to provide a user oriented one stop service to parliamentarians, etc. In addition, NABO laid the foundation for an advanced analysis of tax policy as well as medium and long-term financial projections such as base-line projection and score keeping, etc.
Third, the Economic Analysis Bureau was reorganized to extend the Divisions in charge of the analysis of economic policies from 3 Divisions – under the former Economic Analysis Office – to 4 Divisions in order to enable an in-depth analysis of economic trends by each field such as finance and industry, and employment and population structure, etc.
Fourth, the Policy Coordination Division was newly placed under the Planning & Management Office to reinforce the collaboration and coordination of each department’s analytical activities at an organizational level.
On the occasion of the 2017 regular session of the National Assembly, the National Assembly Budget Office has put forth all-out efforts under the new organizational structure to ensure that the National Assembly’s financial right is supported effectively and such efforts can come to fruition in the everyday lives of the people.
*Base-line projection: Forecast the gross income, gross expenditure, fiscal balance and national debt given that the current law and regulations are retained
*Score keeping: Estimate the impact of change in expenditure from the base-line as a result of enactment and amendment to legislation