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The Ministry of Finance convened the “Communication Meeting for Local Government Finances” to improve local financial performance by sharing excellent experiences and opinions

To better support local government finance by assisting in enhancing funding sources and financial effectiveness, the Ministry of Finance (MOF) convened the “Communication Meeting for Local Government Finances” on the 24th of this month. The fiscal heads of most local governments attended in person or appointed representatives to attend.

In the meeting, Deputy Administrative Minister Juan Ching-Hwa issued awards to top performers in the 2023 Local Government Finance Management Support Scheme and urged local governments to strictly adhere to fiscal discipline and implement measures in revenue generation and cost reduction so as to enhance the robustness of local finances. He also inspired colleagues involved in local finances to overcome current challenges with innovative thinking in order to boost financial resources and gradually improve fiscal constitution.

To promote outstanding examples of revenue generation and cost reduction, and develop new thinking in finance, this meeting facilitated experience sharing by top performers. The Penghu County Government explained its improvement of financial management by central disbursement and control over expenditure budget so that the deficit went down effectively. In addition, it generated higher incomes by means of magnifying the property tax bases and sources, enhancing collection of the taxes and fines receivable, setting encumbrance of superficies, as well as zone expropriation etc.. Moreover, it has held an annual fireworks festival with Disney themes to promote tourism and generate revenue.

The Chiayi County Government shared its recent outcomes in debt management which pivoted deficit to surplus since 2016 and actively paid off an accumulative debt of 10.872 billion New Taiwan dollars from 2014 to 2023 by means of revenue generation and cost reduction including the accurate budget formulation, increasing fund sources, and cutting down expenses by collecting the “Sand and Gravel Excavation Special tax” and unpaid taxes, as well as revitalization of assets, implementation of the "user pays" principle, and central disbursement for saving the interest on debt.

The MOF expressed that this meeting invited the Department for the Promotion of Private Participation to deliver a special presentation on the keynote topic “Elementary Knowledge of Promoting Private Participation in Infrastructure Projects” for introducing relevant achievements, counselling, and assistance. Furthermore, the National Treasury Administration popularized various ways of fund raising to local governments by a special presentation “New Financing Choices of Local Governments (the Government Bonds and Sustainable Bonds)” to introduce the laws, regulations, and practices combined with domestic and foreign examples of the Sustainable Government Bonds issuing. All fiscal heads of local governments recognized the contribution of the aforementioned examples and presentations.

In the afternoon forum, the participants exchanged information or opinions concerning the Sustainable Government Bonds issuing, the practice and bounty-payment of promoting private participation. Besides, the MOF paid much attention to the issue of amending the “Act Governing the Allocation of Government Revenues and Expenditures”, which is of some concern to local governments. The MOF has consulted with all local governments about the allocation formula of Centrally-Funded Tax Revenues to draw up a plan deliberatively after taking into consideration their opinions, as well as reviewing the situation between central and local finances. Furthermore, the MOF will convene a meeting of local governments for the consensus at the appropriate time.

News release contact: Section Chief Lo, Jui-hung

Tel.: (02) 2322-8401

 

Issued:National Treasury Administration Release date:2024-01-24 Last updated:2024-02-06 Click times:73
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