The purpose of this study is to analyze intergovernmental fiscal relations. For this purpose, I go through three steps. At first, I define the concept of intergovernmental fiscal relations through theoretical researches. I define local fiscal autonomy as a ratio of expenditure free from the regulation of central or upper local governments. The second step is to define limitation or autonomy factors on expenditure budget documents. Local governments` expenditure is divided into central government or upper local government`s subsidized projects, self-financed projects, legally required expenses, and operating expenses. The last step is to calculate the amount of those in local governments` budget documents. For positive analysis, I selected five local governments which are composed of Si Do that are metropolitan city and provincial government or state(province), and S Gun Gu that are city, county, and town. To sum, the results of this study show that, first, the fiscal autonomy of expenditure is analyzed about 25%. Second, subsidized projects of central or upper local governments are used to regulate fiscal autonomy of local governments.