Pohang City, First Supplementary Budget of 2.7 Trillion Won This Year... Prioritizing Public Stability and Citizen Safety

Over 100 Billion KRW, 2.7 Trillion KRW Scale

Heating Cost Surge, Emergency Support for Low-Income Groups

Pohang City prepared the first supplementary budget proposal for 2023, totaling 2.7 trillion won, which is an increase of 100 billion won (3.85%) compared to the original budget of 2.6 trillion won, and submitted it to the city council on the 3rd.

Pohang City Hall.

This first supplementary budget proposal consists of a general account of 2.339 trillion won, an increase of 94 billion won (4.19%) from the original budget of 2.245 trillion won, and a special account of 361 billion won, an increase of 6 billion won (1.69%) from the original budget of 355 billion won.

The main revenue sources for the general account include national and provincial subsidies of 25.9 billion won, net surplus funds of 54.7 billion won, non-tax revenue of 10 billion won, and special grants of 3.4 billion won.

The expenditure budget reflects adjustments for changes in national and provincial subsidy projects, resources for building a safe city, and budgets for reorganized departments.

Key allocations include 12.1 billion won for issuing and operating local love gift certificates to revitalize the regional economy, and 3 billion won for supporting local talent development based on regional industry and innovative technology development projects.

Additionally, to build a safe city resilient to disasters, 1.9 billion won was allocated for safety city creation system improvements and urban diagnosis services, 2.2 billion won for feasibility studies on the construction of the Ocheon Hangsa Dam project, and 8.3 billion won for small stream disaster recovery and river maintenance projects.

In the welfare sector, 4.3 billion won was allocated to support long-term care institution benefit costs, and 1.1 billion won for temporary emergency heating cost support for low-income households due to soaring heating expenses. In the agriculture, forestry, and fisheries sectors, 1.6 billion won was allocated for crop disaster insurance premiums, 3.3 billion won for revitalization projects in fishing villages, 2.1 billion won for forest pest control projects, 800 million won to stabilize livestock farm management, and 3.1 billion won for the LPG small storage tank supply project (special support) to promote energy welfare in rural fishing villages.

Furthermore, 10 billion won was invested as a public contribution project for the opening of the urban planning road (Jung1-55) between Yanghak-dong and Heunghae Daeryeon.

Do Myung, Director of the Budget and Legal Affairs Division, stated, “This supplementary budget focuses on revitalizing the local economy amid difficult economic conditions such as rising prices and securing citizen safety from disasters and accidents. Once the budget is finalized, we will execute it promptly to ensure that the projects scheduled for this year proceed without delay.”

This first supplementary budget is expected to be finalized on March 17 after deliberation and approval at the 303rd Pohang City Council extraordinary session starting on March 10.