Budget Deliberation & Approval Process

• Budget refers to the annual spending estimate of the city of Sokcho. The budget proposal is developed by the mayor of Sokcho, which is then deliberated and confirmed by the city council, and the settlement of accountsis the process where the mayor receives approval of the execution of budget from the city council. The city council has budget proposals and accounts undergo a rigorous deliberation and decision-making process in order to ensure that not a penny of taxpayers’ money is wasted.

Budget Proposal Approval Process

• Developing and submitting a budget proposal (by the mayor)
  • Submission to the council 40days prior to the beginning day of fiscal year
• Deliberation (Special Committee on Budget and Accounts)
  • The council cannot increase the amount of respective clause of expenditure budget or install the new items without consent of a mayor
  • When the mayer needs to revise the contents of the budget plan after submission, a revised budget report should be submitted
• Deliberation and decision-making (plenary session)
  • Resolution 10days prior to the beginningof fiscal year
  • The chairman should transmit the decided budget plan to the mayor within 3 days
• Approval

Account approval procedure

• Demand of approval (Mayor)
  • The district official(mayor) drawup a settlement paper within 80days after closing the receipts and disbursement
  • Demand the settlement approval with an attachment of settlement, examination committees opinion paper appointed by council
• Deliberation (Special Committee on Budget and Accounts)
  • Confirm whether the budget was executed legally and appropriately based on the proposal approved by the council
• Deliberation and decision-making (plenary session)
• Approval
  • The approval of the settlement of accounts is a means of feedback control of income and expenses for one fiscal year and can be completed by going through the approval process of the local council The budget that has already been spent cannot be withdrawn or canceled but can be used for future reference to promote the city’s effective financial management