Seoul Gangseo-gu Confirms 2021 Budget of 1.03 Trillion Won

General Account 1.132 Trillion Won, Special Account 17.2 Billion Won, 2% Increase Compared to 2020

[Asia Economy Reporter Jongil Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) announced that the 2021 main budget has been finalized at 1.0304 trillion KRW.

By account, the general account is 1.0132 trillion KRW, and the special account is 17.2 billion KRW.

Although the overall scale increased by 20.4 billion KRW, or 2%, compared to this year, due to the economic downturn caused by COVID-19, the increase in autonomous revenue sources such as local taxes and non-tax income is not significant, and with decreases in adjustment grants and net surplus funds, next year's budget is expected to be somewhat tight.

Also, most of the revenue budget, occupying 61%, is allocated to essential statutory expenses such as social welfare costs, and since it is covered by contingency funds for disaster and calamity purposes centered on COVID-19 and establishment funds for mid- to long-term large-scale investment projects, the actual available resources have somewhat decreased.

Accordingly, the district prioritized efficient allocation of limited resources through selection and concentration in preparing the budget.

Focus was also placed on restoring the dynamism of the local economy stagnated by COVID-19, strengthening an inclusive social safety net, creating a safe and livable environment, and ensuring the smooth achievement of district administration goals.

By sector, the social welfare sector accounted for the largest portion at 60.75%, or 626 billion KRW, followed by the environment sector with 54.1 billion KRW (5.25%), general public administration with 44 billion KRW (4.27%), culture and tourism with 24.1 billion KRW (2.34%), health with 23.7 billion KRW (2.30%), and land and regional development with 19.1 billion KRW (1.86%).

Major expenditure budgets include 1.77 billion KRW for job creation and support projects such as local job creation and public work, 2.6 billion KRW for issuing Seoul Gangseo Love Gift Certificates to revitalize the local economy, 2 billion KRW for installing a safety education center to create a safe living environment, and 2.7 billion KRW for repairing deteriorated roads to improve the traffic environment.

In particular, the district boldly reorganized annual and repetitive projects and reallocated them as COVID-19 crisis recovery project funds such as contingency funds for disaster and calamity purposes.

Due to the limits of available resources, the district plans to seek cooperation from Seoul City and the central government for projects that could not be inevitably budgeted, and will make special efforts to secure project funds through various public contests for metropolitan projects and SOC expansion.

Mayor Noh Hyun-song said, “Next year’s budget was carefully prepared to ensure that despite the difficult financial conditions caused by the COVID-19 situation, the quality of life of residents and ongoing projects can proceed without disruption,” and added, “We will do our best to ensure that residents’ taxes are used efficiently where they are most needed.”