Songpa-gu, 31.5 Billion KRW Scale 1st Supplementary Budget Formulation

Under the fiscal stabilization policy, focus on creating a premium street on Songpa-daero and expanding welfare safety nets such as low birthrate measures

Songpa-gu (Mayor Seo Gang-seok) announced that it has prepared the first supplementary budget for 2023 totaling 31.5 billion KRW and submitted it to the Songpa-gu Council on the 2nd.

This amount represents a 2.45% increase compared to the existing budget of 1.2859 trillion KRW for this year, and was prepared to proactively respond to administrative demands such as current projects and residents’ long-standing requests due to changes in the internal and external administrative environment after the main budget was set.

Songpa-gu’s supplementary budget focuses on fiscal stabilization by reducing 64.9 billion KRW in tax revenue losses such as property tax caused by the government’s property tax relief policy. Of the available resources excluding the reduced amount, 31.5 billion KRW, only 10.5 billion KRW will be allocated restrictively to urgent welfare projects and urban environment improvement projects, while 21 billion KRW will be deposited into the Integrated Fiscal Stabilization Fund to prepare for continued tax revenue losses and respond to future fiscal demands.

By sector, first, 3.42999 billion KRW was allocated to create a safe and vibrant residential city and manage urban infrastructure.

To develop Songpa-daero, the main street of Songpa-gu, into a representative street of Seoul, the plan includes reestablishing green spaces such as roadside green belts, developing public designs, creating a media forest along the Seokchon Lake embankment using special effects, and expanding sidewalks to create a walkable street, thereby actively promoting the Songpa-daero premium street project.

Additionally, to improve residents’ transportation convenience, additional financial support is planned to help the early settlement and stable operation of the village bus service, which was launched for the first time in Songpa-gu in 2023. The plan also includes managing aging urban facilities, maintaining sewage pipelines, and implementing urban odor reduction projects so that residents can live in a pleasant and safe environment.

For social welfare and health sectors supporting vulnerable groups such as low-income families and addressing low birthrate, as well as revitalizing the local economy, 6.58129 billion KRW was allocated. To respond to the national issue of low birthrate, a new postpartum care cost support project will be established, support for infertile couples will be strengthened, and a new early dementia screening project for high-risk groups due to aging will be launched.

Furthermore, welfare safety nets for vulnerable groups, such as support projects for learning assistants for disabled students, will be strengthened.

Also, to support small business owners who have been struggling due to prolonged economic recession and high inflation and to promote local economic revitalization, convenience facilities for customers and small business owners will be created in traditional markets, and additional issuance of Songpa Love Gift Certificates is planned.

To improve residents’ quality of life, 467.66 million KRW was allocated to culture, sports, and education sectors. The “Artful Neighborhood Walk” project with young artists will be promoted to provide activity opportunities for young artists and increase residents’ cultural enjoyment opportunities. Additionally, a feasibility study and basic plan will be conducted for the construction of a complex sports and cultural facility to expand and improve the infrastructure of Songpa-gu’s sports and cultural facilities.

Moreover, in the era of 15 million pet owners, the opening and operation of the Songpa Animal Health and Welfare Center will be steadily promoted to establish a leading pet culture.

Finally, to ensure stable and sound local fiscal management, 21 billion KRW of surplus funds in 2023 will be allocated and deposited into the Integrated Fiscal Stabilization Fund. Until now, due to a significant rise in individual publicly announced land prices, residents’ tax burdens have been very high. While the current government’s property tax relief policy has reduced residents’ tax burdens, a sharp decrease in local tax revenue has become a reality. Therefore, to prepare for future fiscal demands such as the 2024 main budget, the funds will be deposited into the Integrated Fiscal Stabilization Fund.

The first supplementary budget for 2023 is expected to be finalized this month after deliberation at the 303rd regular session of the Songpa-gu Council.

Seo Gang-seok, Mayor of Songpa-gu, stated, “This supplementary budget was prepared focusing on enhancing residents’ happiness, strengthening the city’s competitiveness, and stable local fiscal management. We will strive to execute the 2023 supplementary budget efficiently without any waste so that it can help improve residents’ quality of life.”