The Busan Metropolitan Government has launched a comprehensive audit of its annual budget execution, going beyond routine settlement to verify fiscal accountability and screen out wasteful or inefficient spending.
The city announced that it will conduct the "2025 Fiscal Year Revenue and Expenditure Settlement Audit" from November 6 to 20. The settlement is the final stage for confirming annual budget execution results and verifying their adequacy against the original plan, often referred to as a report card on fiscal management.
The audit covers virtually the entire city administration, including city hall, the Fire and Disaster Headquarters, affiliated agencies, business offices and the Office of Education. Inspections extend across all fiscal areas, including general and special accounts, funds, financial statements, performance reports and public assets. The city said the review will go beyond simple legality checks to examine performance and efficiency.
The audit is led by experts appointed by the Busan Metropolitan Council. Cho Sang-jin, chair of the Special Committee on Budget and Settlement, serves as the lead auditor, with a total of 12 inspectors participating, including council members and private-sector experts such as certified public accountants and tax advisors.
The central focus is whether the budget was spent appropriately and without waste. The inspectors will analyze whether funds were used for their intended purposes and whether any unnecessary spending occurred, based on revenue and expenditure settlement statements and treasury records. The audit aims not only to identify issues but also to propose directions for institutional improvement.
After the audit, the city plans to revise the settlement proposal to reflect the findings and submit it to the city council by the 31st. The proposal will then go through an approval process at the June regular session before being disclosed to citizens.
The city intends to use this settlement audit as a step toward greater fiscal transparency. "The settlement audit is a legal procedure for verifying whether citizens' taxes have been properly spent," a city official said. "We will use it as an opportunity to strengthen accountability and trust."
