Incheon City's Next Year's Budget Hits Record 15 Trillion Won... "Focusing on Citizen Welfare and Leap to a Global City"

Incheon City has prepared next year’s main budget at a record high of 15 trillion won, focusing on realizing a citizen welfare city that supports the vulnerable and advancing into a global city of 10 million people, including overseas Koreans.

The city announced on the 2nd that it plans to submit the 2024 budget proposal of 15.0392 trillion won to the city council on the 3rd. This represents an increase of 1.1235 trillion won (8.1%) compared to this year’s main budget of 13.9157 trillion won. The city expects next year’s national subsidy and non-tax revenue to increase by 520.1 billion won and 670.4 billion won respectively compared to this year. Like this year, the city plans to maintain the management debt ratio in the 13% range and keep the total debt scale at around 9 trillion won.

The city focused the next year’s main budget expenditure on “Warm Companionship” such as support for socially vulnerable groups and job creation, “Citizen Welfare Realization” such as establishing a people-centered transportation system, and “Global City Leap” such as strengthening urban competitiveness and realizing a disaster-safe city.

By sector, 2.0772 trillion won will be invested to reinforce the social safety net and strengthen customized support for low-income groups and people with disabilities. Additionally, 261.6 billion won will be invested in job creation to provide 46,646 quality jobs for those aged 65 and older, and operate nine Women’s New Work Centers to support reemployment of women who have experienced career breaks.

To revitalize the local economy, 105.4 billion won has been allocated for the local currency “Incheon e-eum” cashback budget separately from national subsidies, and 398.8 billion won will be invested in support projects for farmers and fishermen, including the first-ever annual public service allowance of 600,000 won for agricultural, forestry, and fishery workers.

Incheon City Hall

The city also allocated 770.6 billion won to establish a safe transportation system for transportation-vulnerable groups and included a budget related to the K-Pass project, which the government plans to implement in July next year. This project reimburses passengers who use the subway and bus more than 21 times a month with 20 to 53% of their transportation costs.

5.045 trillion won will be invested in realizing a cultural, sports, and tourism city, including the construction of Incheon Museum Park and three park golf courses. In particular, the tourism sector will accelerate the development of Incheon’s unique marine tourism industry centered on 168 treasure islands, including the Baengnyeong seal ecological tourism experience facility, the Demilitarized Zone (DMZ) Peace Road theme route, and rest areas. Along with this, the city will expand the operation of mental health welfare centers for mental well-being and newly implement free shingles vaccinations for recipients.

To strengthen urban competitiveness, 3.1266 trillion won will be invested to build global-level urban infrastructure. Projects include the construction of Jinduhang public parking lot, environmental improvements for elderly welfare facilities in Yeongheung-myeon, and urban space recreation projects in the old downtown area, as well as the extension of Incheon Subway Line 1 to Geomdan, the extension of Seoul Subway Line 7 to Cheongna, and road network construction.

The city will also invest 1.031 trillion won to become the center of the global network of 7 million Koreans worldwide. In June next year, it will open the Overseas Korean Welcome Center and hold various festivals such as the Overseas Korean Citizen Culture Festival and the Diaspora Film Festival.

Additionally, 959.3 billion won will be invested to create a safe city from natural and social disasters, including the construction of retention facilities necessary for flood prevention, repair of embankments, and replacement of aging fire trucks. The budget for fostering new industries such as the Bio Process Human Resources Development Center and the construction of the third Yeongjong-Cheongna connecting bridge in the Free Economic Zone has been increased by 408.5 billion won from the previous year to 1.4753 trillion won.

Park Deok-su, Deputy Mayor of Incheon City, said, “Despite difficult financial conditions, we prepared the budget proposal with citizen happiness as the top priority through selection and concentration. We will do our best to make Incheon a warm citizen welfare hub and leap into a global city of 10 million people.”