Gwangjin-gu, Early Execution of 147.1 Billion KRW Local Finance in the First Half of the Year

Aiming for 117.7 billion KRW, 57% of the first half's rapid execution target... Setting Q1 goals at 58.6 billion KRW for consumption and investment sectors

[Asia Economy Reporter Jong-il Park] Gwangjin-gu (Mayor Kim Seon-gap) is actively promoting rapid execution of local finances in the first half of the year to revitalize the local economy, which has been stagnated due to the impact of COVID-19.

The district plans to early execute 147.1 billion KRW in the first half, the largest rapid execution amount in Gwangjin-gu's history, to boost the local economy. This amount is 78.9 billion KRW more than last year's early execution performance of 68.2 billion KRW.

The target amount for rapid execution in the first half is 206.5 billion KRW, excluding salary expenses, balanced execution, and contingency funds, with a goal of 117.7 billion KRW, which is 57% of the target amount.

Additionally, the first quarter goal for consumption and investment sectors directly related to residents' lives, such as stabilizing low-income households and revitalizing the local economy, is set at 58.6 billion KRW to help revive the local economy weakened by COVID-19.

Accordingly, a total of 147.1 billion KRW will be early executed after excluding overlapping amounts between the rapid execution goal and the consumption and investment sector goal.

In particular, the district plans to focus on managing SOC projects with significant economic ripple effects, as well as projects directly related to residents' safety, convenience, jobs, and to lead their prompt promotion in the first half.

The district has formed a Rapid Execution Promotion Team led by the Deputy Mayor to achieve the goals and actively promote rapid execution. The team will regularly monitor execution status, analyze underperforming projects, seek solutions, and hold reporting meetings on underperforming projects if necessary.

Kim Seon-gap, Mayor of Gwangjin-gu, said, “We will actively promote rapid execution to revive the local economy stagnated by COVID-19 in line with government policy directions, within the scope that does not damage the district’s fiscal soundness.” He added, “Along with this, we will reduce unused and carried-over funds through planned rapid financial execution and prevent expected waste caused by year-end budget spending in advance.”