FRAMEWORK ACT ON THE MANAGEMENT OF LOCAL GOVERNMENT FUNDS
Act No. 7664, Aug. 4, 2005
Amended by Act No. 8423, May 11, 2007
Act No. 8852, Feb. 29, 2008
Act No. 9927, Jan. 1, 2010
Act No. 10736, May 30, 2011
Act No. 11690, Mar. 23, 2013
Act No. 12844, Nov. 19, 2014
Act No. 13428, Jul. 24, 2015
Act No. 14839, Jul. 26, 2017
Act No. 16856, Dec. 31, 2019
Act No. 16887, Jan. 29, 2020
Act No. 17388, jun. 9, 2020
Act No. 17836, Jan. 5, 2021
The purpose of this Act is to contribute to advancing publicness in the operation of local government funds and the efficiency of local finance by prescribing fundamental matters concerning the management and operation of funds established within local governments.
[This Article Wholly Amended on May 30, 2011]
For the purpose of this Act, the term "funds" means funds established and operated pursuant to Article 142 of the Local Autonomy Act or other Acts by local governments to achieve specific administrative objectives. <Amended on Jul. 24, 2015> [This Article Wholly Amended on May 30, 2011]
| Article 3 (Restrictions on Establishment of Funds) |
| (1) | Where a fund that causes a financial burden to a local government is to be established pursuant to the relevant Act, the head of the competent central administrative agency shall consult with the Minister of the Interior and Safety in advance to examine whether establishment of such fund is appropriate. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017> |
| (2) | Where the Minister of the Interior and Safety consults with the head of the central administrative agency on the establishment of a fund under paragraph (1), he/she shall hear the opinions of the relevant local government. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017> |
| (3) | The funds referred to in Article 142 of the Local Autonomy Act may be established only where it is impracticable to implement projects with general accounts or special accounts. <Newly Inserted on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
| Article 4 (Period of Existence of Funds) |
| (1) | Where a local government intends to newly establish and operated funds, it shall specify the period of existence of such funds in the relevant municipal ordinance: Provided, That in cases of funds established and operated mandatorily pursuant to Acts and funds for regional development referred to in Article 19 (2) of the Local Public Enterprises Act, a local government need not specify the period of existence of such funds. <Amended on Jul. 24, 2015> |
| (2) | The period of existence of funds shall be limited to the minimum necessary to achieve the objectives of establishment of funds, and such period shall not exceed five years. <Amended on Jul. 24, 2015> |
| (3) | Where a fund needs to continue to exist after the period of its existence expires, such period may be extended by up to five years by amending the relevant municipal ordinance. In such cases, such extension shall be subject to deliberation by a committee for deliberation on local finance plans provided for in Article 33 (9) of the Local Finance Act. <Newly Inserted on Jul. 24, 2015> |
| (4) | Each year, the head of a local government shall formulate fund reorganization plans on a five-year basis, including the period of existence, consolidation, and rescission of funds, etc., and include such plans in medium-term local finance plans referred to in Article 33 (1) of the Local Finance Act. <Newly Inserted on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
| Article 5 (Principles of Management and Operation of Funds) |
| (1) | The heads of local governments shall manage and operate funds to be appropriate for the objectives of establishment thereof and the actual conditions of the relevant area. |
| (2) | The heads of local governments shall operate the property of funds transparently and efficiently considering the stability, liquidity, profitability, and publicness of the property of funds. |
[This Article Wholly Amended on May 30, 2011]
| Article 6 (Management and Operation of Funds) |
| (1) | Funds shall be managed in accordance with the procedures for the receipt, payment, and deposit of cash in the budget and with the examples of the management and disposal of public property and commodity or the examples of management of claims. |
| (2) | The head of a local government may delegate to the public officials of the local government some of his/her duties concerning the management and operation of funds, as prescribed by municipal ordinance, or entrust a non-local government entity with such duties, as prescribed by Presidential Decree. In such cases, the Act on Liability of Accounting Personnel, etc., shall apply mutatis mutandis to the responsibility of a person in charge of the delegated or entrusted duties. <Amended on Jul. 24, 2015; Jan. 5, 2021> |
| (3) | The head of a local government may issue local bonds to create funds (excluding funds established pursuant to Article 142 of the Local Autonomy Act) by up to the limits of the amount of local bonds issued under the Local Finance Act or the amount on which he/she consults with or approved by the Minister of the Interior and Safety. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 24, 2015; Jul. 26, 2017; Jan. 29, 2020> |
| (4) | The Minister of the Interior and Safety shall establish and operate a fund management information system to facilitate fund management duties, such as the implementation of fund operation plans referred to in Article 8 or disbursement of funds. <Newly Inserted on Jul. 24, 2015; Jul. 26, 2017> |
| (5) | The head of a local government shall conduct fund management duties, such as the implementation of fund operation plans referred to in Article 8 or disbursement of funds, through the fund management information system specified in paragraph (4). <Newly Inserted on Jul. 24, 2015> |
| (6) | Other matters necessary for the implementation of fund operation plans referred to in Article 8, disbursement of funds, etc., shall be prescribed by Presidential Decree. <Amended on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
| Article 7 (Fiscal Years and Closing of Revenue and Expenditure Accounts) |
| (1) | The fiscal year for each fund shall begin on January 1 and end on December 31, each year. |
| (2) | The revenue and expenditure accounts of each fund shall be closed at the end of each fiscal year: Provided, That the revenues received by a treasurer may be paid to the treasury of a local government within 20 days from the end of each fiscal year, and daily expenses may be returned to the treasury within 15 days from the end of each fiscal year. <Amended on Jul. 24, 2015> |
| (3) | Duties regarding receipts and payments of revenues for each fiscal year, shall be completed by February 10 of the year following the fiscal year. <Newly Inserted on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
[Title Amended on Jul. 24, 2015]
| Article 8 (Fund Operation Plans and Settlement of Accounts) |
| (1) | Each fiscal year, the head of a local government shall formulate fund operation plans, and prepare fund settlement reports within 80 days from the closing of revenue and expenditure accounts. |
| (2) | Each fiscal year, the head of a local government shall submit to the competent local council, draft fund operation plans and fund settlement reports under paragraph (1), together with draft budget and settlement of revenue and expenditure, respectively, and obtain resolutions thereon. |
| (3) | No local council shall increase the amount of expenditure for main items under fund operation plans or include new items of expenditure, without consent from the head of the relevant local government. |
| (4) | Matters necessary for the preparation of draft fund operation plans and fund settlement reports, shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on May 30, 2011]
| Article 8-2 (Preparation of Reports on Gender-Sensitive Fund Operation Plans) |
| (1) | The head of a local government shall prepare reports which analyze beforehand the impact of funds on women and men (hereinafter referred to as "reports on gender-sensitive fund operation plans"). |
| (2) | Draft fund operation plans referred to in Article 8 shall be accompanied by reports on gender-sensitive fund operation plans. |
| (3) | Other detailed matters concerning the preparation of reports on gender-sensitive fund operation plans, shall be prescribed by Presidential Decree. |
[This Article Newly Inserted on Jul. 24, 2015]
| Article 8-3 (Preparation of Gender-Sensitive Fund Settlement Reports) |
| (1) | The head of a local government shall prepare reports (hereinafter referred to as "gender-sensitive fund settlement reports") which evaluate whether women and men benefit equally from funds, and whether funds are managed in the direction to reduce gender discrimination. |
| (2) | Fund settlement reports referred to in Article 8 shall be accompanied by gender-sensitive fund settlement reports. |
| (3) | Other detailed matters concerning the preparation of gender-sensitive fund settlement reports, shall be prescribed by Presidential Decree. |
[This Article Newly Inserted on Jul. 24, 2015]
| Article 9 (Details of Draft Fund Operation Plans) |
| (1) | Draft fund operation plans shall be comprised of general rules and fund operation plans. |
| (2) | General rules shall prescribe the objectives of the establishment of funds, and general matters concerning the creation and operation of funds and the acquisition of property. |
| (3) | Fund operation plans shall be divided into revenue plans and expenditure plans, but the revenue plans shall be subdivided into chapters, sub-sections and paragraphs in consideration of the nature and functions of revenue plans, while the expenditure plans shall be subdivided into main headings and subheadings by function, project, or nature. In such cases, main headings shall be further subdivided into areas, fields, and policy projects, and subheadings shall be further subdivided into unit projects, detailed projects, and items. <Amended on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
| Article 9-2 (Standards for Formulation of Fund Operation Plans) |
If necessary to ensure sound operation of funds and balance in the operation of funds among local governments, the Minister of the Interior and Safety may determine standards for the formulation of fund operation plans for each fiscal year. <Amended on Jul. 26, 2017>
[This Article Newly Inserted on Jul. 24, 2015]
| Article 10 (Implementation of Non-Approved Fund Operation Plans) |
| (1) | Where a local council fails to pass a resolution on a draft fund operation plan by the beginning of a new fiscal year, the head of the relevant local government may disburse expenses for any of the following purposes, in accordance with the fund operation plan of the previous year until the local council passes a resolution on the draft fund operation plan: |
| 1. | Operating expenses of institutions or facilities established as prescribed by Acts, subordinate statutes or ordinance of a local government; |
| 2. | Mandatory expenses prescribed by Acts, subordinate statutes, or municipal ordinance; |
| 3. | Expenses required to continue the projects already approved according to fund operation plans. |
| (2) | If the fund operation plan for the relevant year is approved, the expenses disbursed under paragraph (1) shall be deemed disbursed according to such plan. |
[This Article Wholly Amended on May 30, 2011]
| Article 11 (Amendment of Fund Operation Plans) |
| (1) | In any of the following cases, the head of a local government may modify the amount of expenditure on subheadings, not in excess of the amount of expenditure for policy projects under a fund operation plan: Provided, That in cases falling under subparagraph 3, such amount shall not be used for the expenses curtailed by the competent local council following deliberation on a draft fund operation plan: <Amended on Jul. 24, 2015> |
| 1. | Where unforeseen circumstances arise; |
| 2. | Where emergencies occur; |
| 3. | Where existing projects are supplemented. |
| (2) | Where the head of a local government intends to modify the amount of expenditure for policy projects under the fund operation plan, he/she shall obtain prior approval from the competent local council: Provided, That this shall not apply where he/she intends to modify the amount of expenditure for policy projects by 20 percent or less, or the amount of expenditure for policy projects of the following Funds: <Amended on Jul. 24, 2015> |
| (3) | Where fund operation plans have been amended under paragraph (1) and the proviso to paragraph (2), the details thereof and grounds therefor shall be stated in the settlement reports of the relevant funds. |
[This Article Wholly Amended on May 30, 2011]
| Article 12 (Carry-Over of Expenditure Projects) |
No amount of expenditure of each fiscal year shall be carried over for spending during the following year: Provided, That where expenditure is not paid due to an extenuating circumstance during the relevant fiscal year in which any activity incurring such expenditure is conducted, or where incidental expenditure occurs during the relevant fiscal year in which no activity incurring expenditure is conducted, such expenditure and incidental expenditure may be carried over for spending during the following year.
[This Article Wholly Amended on May 30, 2011]
| Article 13 (Committees for Deliberation on Fund Operation) |
| (1) | Each local government shall establish and operate a committee for deliberation on fund operation (hereinafter referred to as “committee for deliberation") for each fund to deliberate on important matters concerning the management and operation of the fund: Provided, That committees for deliberation may be integrated if necessary to operate funds efficiently. |
| (2) | The following matters shall be subject to deliberation by the relevant committee for deliberation: |
| 1. | Formulation of fund operation plans and preparation of settlement reports under Article 8; |
| 2. | Analysis on fund operation performance under Article 14; |
| 3. | Important matters concerning the management and operation of funds referred by the head of a local government to the relevant committee for deliberation. |
| (3) | Matters necessary for the composition and operation of committees for deliberation, shall be prescribed by municipal ordinance of the relevant local government, as prescribed by Presidential Decree. |
[This Article Wholly Amended on May 30, 2011]
| Article 14 (Analysis on Fund Operation Performance) |
| (1) | Each fiscal year, the head of a local government shall analyze fund operation performance, as prescribed by Presidential Decree. |
| (2) | The head of a local government shall submit the results of operation performance analyzed under paragraph (1) to the Minister of the Interior and Safety. In such cases, a Si, Gun, or Gu (referring to an autonomous Gu) shall submit them through the competent Special Metropolitan City Mayor, Metropolitan City Mayor, or Do Governor. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017> |
| (3) | The Minister of the Interior and Safety may verify and examine the results of analysis submitted pursuant to paragraph (2) in accordance with the standards and procedures prescribed by Presidential Decree and then give notice of such results to the head of the relevant local government, but recommend a local government with considerably low fund operation performance to take measures to improve fund operation performance, and publicize the results of verification and examination and the details of recommendation, if necessary. <Amended on Mar. 23, 2013; Nov. 19, 2014; Jul. 24, 2015; Jul. 26, 2017> |
| (4) | The head of a local government shall submit to the competent local council, the results of fund operation performance analyzed under paragraph (1) and the matters notified or recommended pursuant to paragraph (3), together with a draft fund operation plan for the following year. <Amended on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
| Article 15 (Consolidation or Rescission of Funds) |
| (1) | Where funds falls under any of following cases, a local government may rescind such funds or consolidate such funds with another funds in accordance with the procedures for repeal, enactment, and amendment of municipal ordinance: Provided, That in cases of funds mandatorily established within the local government as prescribed by Acts, it may request the Minister of the Interior and Safety to take measures necessary for rescission or consolidation: <Amended on Jul. 24, 2015; Jul. 26, 2017> |
| 1. | Where the objectives of establishment of funds have been achieved; |
| 2. | Where it is deemed impossible to achieve the objectives of establishment of funds; |
| 3. | Where funds are similar to or overlap with another funds or special accounts under the State Finance Act; |
| 4. | Other cases where it is deemed desirable to consolidate funds in the general accounting to enhance efficiency and transparency in finance operation. |
| (2) | Upon receipt of a request from a local government to take measures for the rescission or consolidation of funds under the proviso to paragraph (1), the Minister of the Interior and Safety shall consult with the head of a relevant central administrative agency and then notify the relevant local government of the results of the consultation. <Amended on Jul. 24, 2015; Jul. 26, 2017> |
[This Article Wholly Amended on May 30, 2011]
| Article 15-2 (Establishment and Operation of Umbrella Funds) |
| (1) | To manage and operate funds efficiently (excluding funds established and operated mandatorily according to Acts), a local government may establish and operate one fund that combines several sub-funds according to the procedures for repeal, enactment, and amendment of municipal ordinance to achieve at least two purposes (hereinafter referred to as "umbrella fund"). |
| (2) | An umbrella fund shall be managed and operated by setting up separate accounts by purpose. |
[This Article Newly Inserted on Jul. 24, 2015]
| Article 16 (Establishment and Operation of Consolidated Finance Stabilization Funds) |
| (1) | A local government may establish a consolidated finance stabilization fund to adjust imbalances of financial revenues, etc. for fiscal years, to operate finance stably, or to manage surplus financial resources or deposits for the operation of various accounts and funds in a consolidated manner (hereinafter referred to as "consolidated fund"). A consolidated fund shall be classified into consolidated accounts and finance stabilization accounts for its operation. |
| (2) | Consolidated accounts shall be created from the following financial resources: |
| 2. | Principal of and interest on funds deposited in other accounts or funds; |
| 3. | Proceeds generated from the operation of consolidated funds. |
| (3) | Consolidated accounts shall be used for the following purposes: |
| 1. | Deposits in other accounts and funds; |
| 2. | Repayment of the principal of and interest on deposits received; |
| 3. | Expenses incurred in the operation and management of consolidated funds. |
| (4) | Funds transferred from other accounts, such as revenues and surplus in settlement of accounts, shall be financial resources for finance stabilization accounts: Provided, That transfers from special accounts shall be limited to cases under statutes, regulations, or municipal ordinances. |
| (5) | Finance stabilization accounts shall be used for the following purposes: |
| 1. | Transfers to other accounts; |
| 2. | Repayment of the principal of and interest on local bonds. |
| (6) | The amount that a local government may spend from its finance stabilization account each fiscal year shall not exceed the amount equivalent to a percentage prescribed by municipal ordinance of the local government, of the total amount of reserves of the finance stabilization account as of the end of the preceding year: Provided, That this shall not apply where the account is used to repay the principal of and interest on local bonds. |
| (7) | Except as provided in paragraphs (1) through (6), matters necessary for the creation, purposes of use, operation, etc. of consolidated funds shall be prescribed by Presidential Decree. |
[This Article Wholly Amended on Jun. 9, 2020]
| Article 17 (Establishment and Operation of Regional Synergy Development Funds) |
| (1) | The relevant Special Metropolitan City, Metropolitan City, Special Self-Governing City, Do, or Special Self-Governing Province (hereinafter referred to as "City/Do") shall establish a regional synergy development fund (hereinafter referred to as "development fund") to support synergy development among local governments and to manage and utilize the surplus capital of funds efficiently. <Amended on Jul. 24, 2015> |
| (2) | The relevant City/Do establishing development funds under paragraph (1) shall establish a local government association (hereinafter referred to as "association") pursuant to Article 159 of the Local Autonomy Act to manage and operate the development funds. |
| (3) | A committee for deliberation on fund operation (hereinafter referred to as "committee") shall be established in an association under paragraph (2) to deliberate on the following: <Newly Inserted on Dec. 31, 2019> |
| 1. | Formulating and amending a plan for managing development funds for the purposes prescribed in Article 18 (1) 1 and 2 (hereinafter referred to as "loan"); |
| 2. | Determination of the interest rate on and term of a loan when granting the loan and changes in such rate and term; |
| 3. | Settlement of accounts relating to loans. |
| (4) | A committee shall be comprised of not more than 10 members, including one chairperson. <Newly Inserted on Dec. 31, 2019> |
| (5) | Other matters necessary for the composition and operation of a committee shall be prescribed by Presidential Decree. <Newly Inserted on Dec. 31, 2019> |
| (6) | Each association may entrust duties concerning the management and operation of development funds to a specialized institution prescribed by Presidential Decree. <Amended on Dec. 31, 2019> |
| (7) | Matters necessary for the management and operation of development funds shall be prescribed by Presidential Decree. <Amended on Dec. 31, 2019> |
[This Article Wholly Amended on May 30, 2011]
| Article 17-2 (Financial Resources for Development Funds) |
| (1) | Development funds shall be created from the following finances: <Amended on Jul. 24, 2015; Dec. 31, 2019> |
| 2. | Revenues from the issuance of local bonds prescribed in Article 20 and temporary borrowings; |
| 3. | Contributions from the Seoul Special Metropolitan City, Incheon Metropolitan City, and Gyeonggi-Do, the amount of which is prescribed by Presidential Decree considering revenues, etc. from a local consumption tax by fiscal year; |
| 4. | Contributions from local governments; |
| 5. | Contributions from public service corporations, the members of which are local governments; |
| 6. | Profits from the operation of development funds; |
| (2) | Upon receipt of request from the Seoul Metropolitan City Mayor, Incheon Metropolitan City Mayor, or Gyeonggi-do Governor, notwithstanding Article 71 (3) of the Local Tax Act, the payment manager referred to in Article 71 (1) of the same Act may give priority to contributing a corresponding amount referred to in paragraph (1) 3 to a respective development fund and pay the remaining amount to the Seoul Metropolitan City Mayor, Incheon Metropolitan City Mayor, or Gyeonggi-do Governor. <Newly Inserted on Jul. 24, 2015> |
[This Article Wholly Amended on May 30, 2011]
[Paragraph (1) 7 of this Article shall remain effective until December 31, 2022 pursuant to Article 2 of the Addenda to the Act No. 16856 (Jan. 31, 2019)]
| Article 18 (Purposes of Development Funds) |
| (1) | Special accounts shall be used for the following purposes: <Amended on Dec. 31, 2019> |
| 3. | Repaying principal of and interest on deposits under Article 19; |
| 4. | Financial support for local governments and support for projects subsidized by local governments, which are necessary for regional development and interregional coexistence; |
| 5. | Compensation for expenses incurred in transferring any business prescribed by Presidential Decree from the State to a local government; |
| 6. | Reimbursement of expenses incurred in managing and operating development funds. |
| (2) | Where a development fund is used for the purpose prescribed in paragraph (1) 5, consultation with the Minister of the Interior and Safety shall be conducted regarding detailed measures to compensate for the relevant expenses. <Newly Inserted on Dec. 31, 2019> |
[This Article Wholly Amended on May 30, 2011]
[Paragraph (1) 5 of this Article shall remain effective until December 31, 2022 pursuant to Article 2 of the Addenda to the Act No. 16865 (Jan. 31, 2019)]
| Article 19 (Deposits in Development Funds) |
A local government, a member of an association for establishing development funds under Article 17 (2), may deposit surplus capital of the following funds in the development funds, notwithstanding Acts and municipal ordinance concerning the establishment and operation of such funds: <Amended on Jun. 9, 2020> | 3. | Funds of local governments within which no consolidated fund is established. |
[This Article Wholly Amended on May 30, 2011]
| Article 20 (Issuance, etc. of Local Bonds for Creation of Development Funds) |
| (1) | Each association may issue local bonds prescribed by the Local Finance Act to raise the financial resources necessary to manage and operate development funds. |
| (2) | Where necessary for operation of development funds, each association may temporarily borrow money from any financial institution, by up to the limits of the amount approved by a resolution passed at the meeting of the association. |
[This Article Wholly Amended on May 30, 2011]
| Article 21 (Analysis and Disclosure of Performance of Development Funds) |
| (1) | An association shall analyze the performance of a development fund and disclose the results of such analysis every fiscal year. |
| (2) | In order to ensure that performance analysis under paragraph (1) is appropriately conducted, the Minister of the Interior and Safety may designate a specialized institution meeting the designation standards prescribed by Presidential Decree and have it evaluate performance analysis. |
| (3) | An association may request the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, a Do Governor, or a Special Self-Governing Province Governor (hereinafter referred to as a "Mayor/Do Governor") to submit data for performance analysis, and the Mayor/Do Governor shall comply with such request unless there is a compelling reason not to do so. A specialized institution designated pursuant to paragraph (2) may request an association and a Mayor/Do Governor to submit data for evaluation of performance analysis, and the association and the Mayor/Do Governor shall comply with such request unless there is a compelling reason not to do so. |
| (4) | Methods of and procedures for performance analysis under paragraph (1) and evaluation of performance analysis, etc. under paragraph (2), and other necessary matters shall be prescribed by Presidential Decree. |
[This Article Newly Inserted on Dec. 31, 2019]
ADDENDUM <Act No. 7664, Aug. 4, 2005>
This Act shall enter into force on January 1, 2006.
ADDENDA <Act No. 8423, May 11, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 9927, Jan. 1, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2010.
Article 2 (Deadline for Contributions to Development Funds)
The deadline for making contributions to development funds by Seoul Metropolitan City, Metropolitan Cities, and Gyeonggi-Do under the amended provisions of subparagraph 3 of Article 17-2, shall be December 31, 2019. Article 3 (Exceptions to Purposes of Development Funds)
Notwithstanding the amended provisions of Article 18, insofar as the amount of a local consumption tax is calculated by applying five percent to the tax base pursuant to Article 159-5 (2) of the Local Tax Act, development funds shall be utilized only for purposes for granting financial assistance and assistance to projects subsidized by a local government for regional development under subparagraph 4 of Article 18, but the financial conditions, etc. of each local government shall be considered in granting financial assistance.
ADDENDUM <Act No. 10736, May 30, 2011>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDA <Act No. 12844, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That, among Acts to be amended pursuant to Article 6 of the Addenda, the amended provisions of any Act promulgated before this Act enters into force, but the enforcement date of which has not yet arrived, shall enter into force on the enforcement date of the relevant Act, respectively. Articles 2 through 7 Omitted.
ADDENDA <Act No. 13428, Jul. 24, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2016: Provided, That the amended provisions of Articles 7 and 17 (1) of said Act shall enter into force on the date of its promulgation, and the amended provisions of Article 2 and proviso to Article 4 (1) shall enter into force on January 1, 2017. Article 2 (Deadline for Contribution concerning Financial Resources for Development Funds)
The deadline for development funds contributed under the amended provisions of Article 17-2 (2), shall be December 31, 2019. Article 3 (Applicability concerning Formulation of Fund Rearrangement Plans)
The amended provisions of Article 4 (4) shall begin to apply to a medium-term local finance plan established after this Act enters into force. Article 4 (Applicability concerning Closing of Revenue and Expenditure Accounts, etc.)
The amended provisions of Article 7 shall begin to apply to revenue and expenditure accounts for fiscal year 2015. Article 5 (Applicability concerning Preparation of Gender-Sensitive Fund Operation Plans and Gender-Sensitive Fund Settlement Reports)
The amended provisions of Articles 8-2 and 8-3 shall begin to apply where the relevant draft fund operation plan and fund settlement report for fiscal year 2017 are prepared. Article 6 (Applicability concerning Change of Methods of Contribution to Development Funds)
The amended provisions of Article 17-2 (2) shall begin to apply where a payment manager referred to in Article 71 (1) of the Local Tax Act pays local consumption taxes to be collected on and after January 1, 2016 to the Seoul Metropolitan City Mayor, Incheon Metropolitan City Mayor, and Gyeonggi-do Governor. Article 7 (Transitional Measures concerning Period of Existence of Funds and Extension of Period of Existence thereof)
| (1) | Each fund established before this Act enters into force, the period of existence of which is not determined (excluding a fund under the proviso to Article 4 (1)), shall remain in existence until December 31, 2016, notwithstanding the amended provisions of Article 4 (2): Provided, That the period of existence of the relevant fund may be extended pursuant to the amended provisions of Article 4 (3). |
| (2) | Each fund established before this Act enters into force, the period of existence of which is determined to be at least five years, shall remain in existence until the relevant period expires, notwithstanding the amended provisions of Article 4 (2): Provided, That the period of existence of the relevant fund may be extended pursuant to the amended provisons of Article 4 (3). |
Article 8 (Transitional Measures concerning Existing Entrusted Duties)
Notwithstanding the amended provisions of Article 6 (2), the former provisions shall apply to the duties concerning management and operation of funds, the management of which has been entrusted to a non-local governmental entity as at the time this Act enters into force. Article 9 (Transitional Measures concerning Procedures for Consolidation and Rescission of Funds in Progress)
Notwithstanding the amended provisions of Article 15, the former provisions shall apply where a local government requests the head of a relevant central administrative agency to take measures necessary for the consolidation and rescission of funds as at the time this Act enters into force.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That among the Acts amended pursuant to Article 5 of this Addenda, amended parts of the Acts which were promulgated before this Act enters into force but the enforcement dates of which have not arrived, shall enter into force on the enforcement date of the relevant Act, respectively. Articles 2 through 6 Omitted.
ADDENDA <Act No. 16856, Dec. 31, 2019>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2020.
Article 2 (Term of Application)
The amended provisions of Articles 17-2 (1) 7 and 18 (1) 5 shall be effective from the date this Act enters into force until December 31, 2022. Article 3 (Special Cases concerning Purposes of Use of Development Funds)
Financial resources for development funds under the amended provisions of Article 17-2 (1) 7 shall be used only for compensating for expenses incurred in transferring any business from the State to a local government as provided in Article 18 (1) 5.
ADDENDUM <Act No. 16887, Jan. 29, 2020>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 17388, Jun. 9, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures)
The previous "finance stabilization funds" and "consolidated management funds" established by local governments shall be construed as "finance stabilization accounts" and "consolidated accounts" under this Act until the relevant municipal ordinance is amended.
ADDENDUM <Act No. 17836, Jan. 5, 2021>
This Act shall enter into force three months after the date of its promulgation.