The two-volume FY 2012 Final Accounts Analysis by Area analyzes current issues in 12 key areas of the nation’s finance and offers future directions for financial management to support a macro review of the government’s final accounts by the National Assembly.
Recently, the National Assembly has strengthened its macro review of the government’s final accounts based on recognition that reviewing aggregate amounts and area-specific issues is important. The Final Accounts Analysis by Area published by the National Assembly Budget Office looks at key financial issues in 12 areas and offers recommendations and future directions for financial management.
The FY 2012 Final Accounts Analysis by Area, Volume I presents our findings in five areas?R&D, industry/SME/energy, SOC, agriculture/forestry/fisheries/food, health/welfare/labor. First, in the area of R&D, a total of 15.88 trillion won was executed in 2012, with an annual average growth rate of 9.6% in the last five years. We raised issues with the way royalty receipts are accounted for and pointed out that government-funded research institutes specialized in S&T have failed to manage R&D programs properly.
In the area of industry/SME/energy, where a total of 15.48 trillion won was executed in 2012, we found issues in the way demand for power is managed and how the government carries out the development of resources overseas. In the area of SOC, where a total of 23.19 trillion won was executed in 2012, problems were found in the size of SOC investments, how funding is allocated between roads and railways, and the way transport and logistics programs are implemented and managed.
In the area of agriculture/forestry/fisheries/food, where the budget executed totaled 17.70 trillion won in 2012, issues were raised with the agricultural product distribution structure and the insufficient effects that direct payment programs have on providing stable incomes for farming households. In the area of health/welfare/labor, where a total of 92.53 trillion won was executed in 2012, we suggested that an additional funding plan is needed to support a larger group of basic pension beneficiaries, reform is needed for health care finances, and the government-funded job creation program needs to be revisited for stronger performance.
Budget Analysis Office
Recently, the National Assembly has strengthened its macro review of the government’s final accounts based on recognition that reviewing aggregate amounts and area-specific issues is important. The Final Accounts Analysis by Area published by the National Assembly Budget Office looks at key financial issues in 12 areas and offers recommendations and future directions for financial management.
The FY 2012 Final Accounts Analysis by Area, Volume I presents our findings in five areas?R&D, industry/SME/energy, SOC, agriculture/forestry/fisheries/food, health/welfare/labor. First, in the area of R&D, a total of 15.88 trillion won was executed in 2012, with an annual average growth rate of 9.6% in the last five years. We raised issues with the way royalty receipts are accounted for and pointed out that government-funded research institutes specialized in S&T have failed to manage R&D programs properly.
In the area of industry/SME/energy, where a total of 15.48 trillion won was executed in 2012, we found issues in the way demand for power is managed and how the government carries out the development of resources overseas. In the area of SOC, where a total of 23.19 trillion won was executed in 2012, problems were found in the size of SOC investments, how funding is allocated between roads and railways, and the way transport and logistics programs are implemented and managed.
In the area of agriculture/forestry/fisheries/food, where the budget executed totaled 17.70 trillion won in 2012, issues were raised with the agricultural product distribution structure and the insufficient effects that direct payment programs have on providing stable incomes for farming households. In the area of health/welfare/labor, where a total of 92.53 trillion won was executed in 2012, we suggested that an additional funding plan is needed to support a larger group of basic pension beneficiaries, reform is needed for health care finances, and the government-funded job creation program needs to be revisited for stronger performance.
Budget Analysis Office