Financial independence falls across all five districts of Ulsan

All five districts and the county in Ulsan, South Korea, had lower financial independence this year than they did in 2022.

Financial independence measures how much of a local government’s general budget comes from its own taxes and other revenue.

Jung-gu had the lowest rate, at 14.4%, followed by Dong-gu at 16.4%, Buk-gu at 23.3% and Nam-gu at 25.8%.

Ulju County had the highest rate, at 30.9%, and was the only area above 30%.

Compared with 2022, Ulju County had the largest drop, at 3.4 percentage points, while Buk-gu had the smallest, at 1.2 points.

The figures show that local governments in Ulsan are relying less on their own revenue to fund their budgets.

The city is studying local financial conditions and its support system to assess whether funding is being shared appropriately and how it should be allocated in future.