Yongin City to Rapidly Execute Second Half Budget in Response to Inflation Increase

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province is launching a rapid budget execution effort in the second half of the year with a target execution rate of 88% in the fiscal sector to stabilize the livelihood economy. This figure far exceeds the 76.7% execution rate recommended by the Ministry of the Interior and Safety to local governments for active fiscal execution.

According to the rapid execution target, Yongin City plans to execute a budget of 159.1 billion KRW in the consumption and investment sectors for the third quarter (July to September).

The city will first implement an "emergency bidding" process to shorten the announcement period for bids on construction or service contracts it directly orders, aiming to increase the execution rate of large-scale investment projects. The eligibility review period will also be shortened from the usual 7 days to 3 days.

Advance payments before the completion of construction or services will be allowed up to 80% of the contract amount.

When purchasing government-supplied materials such as ready-mixed concrete, rebar, and asphalt concrete, the city will utilize the "pre-notification" system, where the budget is executed in advance by paying the Public Procurement Service first, and then the supplier claims payment from the Public Procurement Service.

The city will expand the amount for private contracts using temporary special provisions for local contracts and relax contract procedures. Various deposits will be reduced, and the payment processing period will also be partially shortened.

In particular, the city plans to closely manage the execution status of 12 items that have direct or indirect impacts on the livelihood economy, including social security benefits, compensation for civilian disaster and recovery activities, medical and nursing expenses, and subsidies for social welfare projects.

A city official emphasized, "We will actively and promptly execute the budget and ensure that the allocated budget is executed in a timely manner to contribute to stabilizing the livelihood economy and minimize carryover and unused budgets."