Note 3-27

27 Since the SNA adopts the final payment principle as discussed earlier, a local government as a main undertaker of a project is deemed to have made final payments for the project that has been financed both by the central and local governments. The assets stemming from the projects are thus booked for the local government. Therefore, we must take note of the fact that it is inappropriate to use central government stock data alone for discussing the efficiency of national finance management.