Fiscal Year 2019 Settlement Analysis Series
Published on Aug., 7, 2020
Published by Budget Analysis Department
Following an audit by the Board of Audit and Inspection (BAI), the government submitted its FY2019 Settlement of Accounts to the National Assembly on June 1, 2020 in line with Article 61 of the National Finance Law. Examination of the settlement of accounts is a process to assure legitimacy and validity by conducting a post-review of the budgets executed, and the National Assembly is preparing for the first examination round of the settlement of accounts in the 21st National Assembly.
According to the FY2019 Settlement of Accounts report submitted by the government, last year's total revenues reached 473.1 trillion won and total expenditures hit 485.1 trillion won. With the increasing share and role of finance in the national economy, the need to assess and analyze how past fiscal management practices fared, in order to ascertain its direction and efficiency, is also increasing. Accordingly, the National Assembly Budget Office published the, “Fiscal Year 2019 Settlement Analysis Series” to support the process of examining the settlement of accounts by the National Assembly.
This series is composed of “General Analysis,” “Committee-Specific Analysis,” “Analysis of the Settlement of Accounts of Public Institutions,” “Analysis of Government Measures on the Correction Requests made by the National Assembly on the FY2018 Settlement of Accounts,” and “Gender-Responsive Balance Sheet Analysis.” In the General Analysis, a macroscopic analysis was conducted on overall fiscal issues, such as fiscal soundness and projects with increased budgets procured via supplementary budgets, while conducting an in-depth assessment of carefully selected major fiscal policies including fiscal support job projects, material/component/equipment support projects, living SOC projects, etc. “Committee-Specific Analysis,” focused on the issues and improvement measures that were identified during the execution of individual projects by responsible Ministries; while the “Analysis of the Settlement of Accounts of Public Institutions” examined the fiscal soundness and execution outcomes of public institutions. Furthermore, an “Analysis of Government Measures on the Correction Requests made by the National Assembly on the FY2018 Settlement of Accounts” has been included to help enhance the effectiveness of the National Assembly’s settlement of accounts examination, while the “Gender-Responsive Balance Sheet Analysis” examined the effectiveness and direction of institutional improvements of gender-responsive balance sheets through an analysis of balance sheets in relation to the performance plans.