Gangneung-si, First Supplementary Budget of the 8th Elected Term at 1.5342 Trillion Won

General Account 1.3922 Trillion Won, Special Account 142 Billion Won

Gangneung City Hall

[Asia Economy Reporter Ra Young-cheol] Gangneung City in Gangwon Province announced on the 27th that it has submitted the 2nd supplementary budget proposal amounting to 1.5342 trillion KRW, an increase of 201.6 billion KRW (15.1%) compared to the existing budget, to the Gangneung City Council as the first supplementary budget of the 8th elected administration.

In this supplementary budget, the city focused on economic recovery from the COVID-19 downturn, revitalization of the local economy, job creation and employment expansion, support for small and medium-sized enterprises and strategic future innovation investment, and stabilization of livelihoods amid high oil prices and inflation.

By account, the general account increased by 169.8 billion KRW to 1.3922 trillion KRW, and the special account increased by 31.7 billion KRW to 142 billion KRW.

The main sources of funds include local taxes of 2.5 billion KRW, non-tax revenue of 2 billion KRW, local allocation tax of 51.2 billion KRW, national and provincial subsidies of 55.3 billion KRW, and net surplus funds of 39.3 billion KRW.

By major projects, 26 billion KRW was allocated for livelihood stabilization funds, 11.61 billion KRW for local economic revitalization and job creation, 1.6 billion KRW for support of small and medium-sized enterprises and strategic future innovation investment, 14.4 billion KRW for social welfare, and 5.3 billion KRW for culture and tourism.

Key ongoing projects include 12.6 billion KRW for installation of incineration facilities at the Resource Circulation Center, 3.5 billion KRW for restoration from the Okgyesan wildfire disaster, and 1.9 billion KRW for construction of the future transportation complex center.

A city official stated, "As this is the first supplementary budget of the 8th elected administration, we will strive to promptly execute the budget in the right places after the council's approval to revitalize the local economy."

This content was produced with the assistance of AI translation services.