Seoul Metropolitan Council Cuts 1.2744 Trillion Won from Education Office Supplementary Budget

Only 460 billion KRW of the originally planned 962 billion KRW for the Integrated Fiscal Stabilization Fund reflected... Early repayment of BTL 747 billion KRW and Green Smart Future School promotion 221 billion KRW included and executed in the fund... 3 billion KRW increase in budget for academic diagnostic evaluation as a measure against basic academic decline among elementary, middle, and high school students in Seoul

[Asia Economy Reporter Park Jong-il] The Seoul Metropolitan Council (Chairman Kim Hyun-ki) held the 313th extraordinary session on the 29th and addressed current issues, including the 2022 2nd supplementary budget for the Seoul Metropolitan Office of Education Special Account.

Earlier, the Seoul Metropolitan Council's Budget and Accounts Committee cut 1.2744 trillion KRW out of the 2.7043 trillion KRW fund transfer submitted by the Office of Education.

Specifically, 50 billion KRW, which is 52% of the 962 billion KRW Integrated Financial Stabilization Fund, was cut, leaving 460 billion KRW reflected in the revised proposal.

Out of the 1.7423 trillion KRW Education Facility Environment Improvement Fund, 774.4 billion KRW, or 44%, was cut, leaving 967.9 billion KRW in the fund. In other words, the remaining fund was allocated to ensure stable project implementation, including ▲ BTL repayment (746.8 billion KRW) ▲ Green Smart Future School project (221 billion KRW), among others.

Initially, the Office of Education submitted a budget aiming to reserve over 70% of the increased transfer funds of 3.5231 trillion KRW, which combined the government's additional subsidy (2.4561 trillion KRW) and Seoul City's additional transfer (1.067 trillion KRW), into the two major funds, but the Seoul Metropolitan Council drastically cut this amount.

Among the resources cut by the council this time, 80.1% were adjusted to internal reserves of 1.0663 trillion KRW to respond to future revenue condition changes, and project budgets were increased for ▲ old facility improvements (100 billion KRW) ▲ toilet replacements (39.2 billion KRW) ▲ contingency funds for flood damage recovery (20 billion KRW) ▲ replacement of old desks and chairs (9.9 billion KRW) ▲ heating and cooling system improvements (59.1 billion KRW), among others.

Meanwhile, to support accurate diagnosis and evaluation of elementary, middle, and high school students in Seoul who are facing serious basic academic skill declines due to COVID-19 and other factors, the budget for the academic achievement evaluation support project was increased by 3 billion KRW.

Chairman Kim Hyun-ki stated, “The council is not a rubber-stamp body that simply approves whatever is submitted but is evolving into a citizens' council that passes budgets in line with taxpayers' intentions,” and added, “Despite the supplementary budget schedule running from August 19 to September 2, the Office of Education's behavior of claiming that the council is obstructing its finances must be rectified.”

He also emphasized, “The Office of Education must prepare to promptly execute the budgets for basic academic skill diagnosis and evaluation, facility environment improvements, and other items that the council has reviewed and approved.”