The  Comprehensive Analysis of the 2014 Budget Bill  as the first in a series of reports that analyze the budget bill for the upcoming year, gives an overview on the 2014 budget. The report provides a summary of the operations plan and allocation of funds by area, while also analyzing the total fiscal resources allotted by category and how they will be managed.

    Under the heading of total fiscal resources, analyses are provided for the general rules suggested for budget operations, for tax revenue projections,  for the planning of management of funds and mid-term operations. Items to be analyzed under the category of fiscal operations include new projects, projects similar to or overlapping with existing projects, projects that have an annual record of poor implementation, budget feedback on voluntary assessment of fiscal projects , and, lastly, financial resources appropriated for local governments.

    In regards to the general rules suggested for budget operations, the rationale for short-term loans or an increase in the amount of national treasury bonds issued are reviewed, as are issues concerning the appropriation of the budget for projects run by national defense authorities. Meanwhile, an analysis on tax revenue projects include an assessment on whether the sales price of land is appropriate under the special accounting rules for national procurement and whether revenue from energy or natural resources-related projects need to be adjusted for accounting purposes.

    A comprehensive review on the operations plan for the total of 64 funds is also included, alongside a comparison between the national fiscal operations plan for year 2013 and that for 2017 and the National Assembly Budget Office Fiscal Forecast.

    Meanwhile, 2.4076 trillion Won has been earmarked for 348 projects. Of these projects, 45 challenged by relevant government departments have been analyzed. There are a total of 36 projects in the 2014 budget which are similar to or overlap with existing projects. In regard to these projects, the report points out the need for a more in-depth review.

    This report also reviews 114 projects that were assessed to be poorly  executed with an implementation rate of less than 70% in 2012 and an average implementation rate of less than 70% over the four years between 2009 and 2012.   Twenty-nine projects that had been rated as ‘less than satisfactory’ in voluntary assessment and whose budgets for 2014 were not still not cut by at least 10% were also subjects of analysis.

    Finally, under the category of fiscal resources of local governments, policies by local governments to counter a decrease in national tax revenue; a need to lighten the burden of local governments for projects that are subsidized by the national government; as well as a need to reduce the dependence on general accounting methods for funds set aside for special development projects on a local or national level have been covered in this report.