Yongin City, First Supplementary Budget of 336 Billion Won in the 8th Elected Term

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province has prepared an additional supplementary budget of 336 billion KRW for the first time in the 8th term of the elected administration.

Yongin City announced on the 14th that it submitted the "2022 2nd Supplementary Budget" to the city council, focusing on stabilizing the people's economy and recovering from heavy rain damage, amounting to 3.5453 trillion KRW, which is a 10.47% (336 billion KRW) increase compared to this year's original budget of 3.2093 trillion KRW.

By account, the general account increased by 325.6 billion KRW to 3.0992 trillion KRW, and the special account increased by 10.4 billion KRW to 446.1 billion KRW.

The main revenues in the general account include local taxes of 117 billion KRW, non-tax revenues of 36.6 billion KRW, national and provincial subsidies of 64.8 billion KRW, and replenishment revenues including net surplus and previous year's carryover of 103.3 billion KRW.

Execution balance of 28.5 billion KRW, such as bid price differences in project expenses, was reduced.

Specifically, 10.9 billion KRW was allocated to eight major projects for stabilizing the people's economy, 9.8 billion KRW to 23 projects for heavy rain damage recovery, 66 billion KRW to eight national and provincial subsidy projects, and 13.5 billion KRW to six major city projects.

The major projects for stabilizing the people's economy include ▲support for local currency issuance (4.2 billion KRW) ▲management stabilization support for small business owners (3.5 billion KRW) ▲emergency support funds for low-income groups (2.3 billion KRW) ▲additional support for premium loan services for small business owners (600 million KRW) ▲emergency support for purchasing tax-exempt agricultural fuel (600 million KRW), among others.

The major projects for heavy rain damage recovery include ▲maintenance and repair of rivers and sewage facilities (3.7 billion KRW) ▲maintenance and repair of road facilities (3.4 billion KRW) ▲maintenance and repair of bridges and landscapes (1.3 billion KRW), among others.

The major national and provincial subsidy projects include ▲COVID-19 living support funds (42.2 billion KRW) ▲emergency living stabilization support funds for low-income groups ▲housing benefits (2.2 billion KRW) ▲electric vehicle distribution (5.2 billion KRW), among others.

The major city projects include ▲school meal support (5.4 billion KRW) ▲expansion of the living resource center (2.2 billion KRW) ▲increase in veterans' honor allowances (1.6 billion KRW) ▲purchase compensation for reservoirs and water facilities (1.3 billion KRW) ▲support for route bus operations (1.8 billion KRW) ▲settlement of 2021 public bus loss compensation (1.1 billion KRW), among others.

In particular, Yongin City additionally allocated 6 billion KRW to the disaster management fund to promptly prepare for various disasters.

This 2nd supplementary budget will be finalized at the 266th 1st regular meeting starting on the 15th.

Mayor Lee Sang-il explained, "This supplementary budget, prepared for the first time in the 8th term of the elected administration, focuses on stabilizing the people's economy and the prompt recovery from heavy rain damage, as well as preparing for unforeseen disaster situations."