Budget of 2.002 Trillion Won Allocated (General Account 1.6737 Trillion Won · Special Account 328.3 Billion Won)
City Reflects Maximum Available Resources, Actively Allocates ... Ensures Smooth Progress of Current Projects
Gumi City in Gyeongbuk has prepared a 2024 budget totaling 2.002 trillion KRW (1.6737 trillion KRW in the general account and 328.3 billion KRW in the special account) and submitted it to the city council on the 21st.
This represents an increase of 181.2 billion KRW (9.95%) compared to the initial 2023 budget of 1.8208 trillion KRW, significantly surpassing the government budget increase rate (2.8%) and Gyeongbuk Province’s budget increase rate (4.4%).
Despite difficult circumstances caused by the government’s fiscal soundness policy, sluggish national tax revenue, stagnant real estate transactions, and semiconductor market downturn leading to tax revenue shortages, the city expects to mitigate fiscal shocks and inject strong vitality into the local economy through proactive budgeting that maximizes available resources.
Looking at the 2024 budget by account, the general account is 1.6737 trillion KRW, an increase of 171.6 billion KRW from this year, and the special account, which includes 12 other special accounts and 2 special accounts for water and sewage public enterprises, is 328.3 billion KRW, up 9.6 billion KRW from this year.
Examining the general account expenditure budget by function, social welfare accounts for the largest share at 549.8 billion KRW (32.85% of the general account budget), driven by relaxed eligibility criteria for livelihood benefits and raised minimum guarantee levels. This is followed by agriculture, forestry, marine and fisheries at 151.3 billion KRW (9.04%), environment at 135.4 billion KRW (8.09%), and industry, small and medium enterprises, and energy at 121.5 billion KRW (7.26%).
Key investment projects by sector in the 2024 budget include ▲a major transformation in transportation and enhancement of urban connectivity with investments in large-scale SOC projects such as the expansion of Geumosan-ro and construction of a bypass road (5 billion KRW), installation of the Sagok Five-way Intersection interchange (4 billion KRW), contribution to the construction of the access road to the 5th complex (2.6 billion KRW), opening of Wonpyeong urban planning road (Jung1-121) (5 billion KRW), and opening of Otae urban planning road (Jung3-26) (1 billion KRW).
In preparation for the opening of the Daegu metropolitan railway and the reorganization of city bus routes, the budget includes 2.6 billion KRW for city bus vehicle purchases, 8 billion KRW for loss compensation on unprofitable routes, and 3.5 billion KRW for loss compensation on free transfer discounts. Additionally, 2.3 billion KRW is allocated for the construction of an underground parking lot in the industrial complex park, 1.5 billion KRW for the Bonggok-dong parking tower construction, and 500 million KRW for the basic and detailed design services for the establishment of a public cargo truck parking lot, aiming to improve convenient transportation environments.
▲To expand the economic territory and build an innovation foundation for the industrial ecosystem, the budget allocates 18.4 billion KRW for the support project to establish a secondary battery nurturing hub center, 7.3 billion KRW for the BaaS demonstration base project to increase battery usability, 6.6 billion KRW for the establishment of a carbon material parts lab factory for defense aerospace, 6.9 billion KRW for the defense innovation cluster project, 6.1 billion KRW for the high-tech roll advancement support infrastructure project, and 4.9 billion KRW for the construction of a synthetic graphite testbed for semiconductor and secondary battery parts, fostering future new industries and building an ecosystem for innovative growth.
▲For creating a vibrant and romantic city, cultural tourism infrastructure projects include 8 billion KRW for hosting the 62nd Gyeongbuk Provincial Sports Festival, 2.6 billion KRW for supporting the Asian Athletics Championships, 2.3 billion KRW for the Cheonsaeng historical and cultural facility construction project, 2 billion KRW for the Gumi Cultural Foundation subsidy, 2 billion KRW for the Seonsan Jangwonbang development project, 2 billion KRW for the Gumicheon walking trail construction, 2 billion KRW for the Nakdong River theme space creation, 1.9 billion KRW for the Media Art Wall installation, 1.8 billion KRW for the Geumosan Hyeonggok Observatory connecting bridge installation project, 1.5 billion KRW for the Nakdong River Sports Park soccer field maintenance, 1.3 billion KRW for the sports climbing center construction, 1 billion KRW for the urban pump track construction, 450 million KRW for the Gyochon 1st branch regional landmark project, and 400 million KRW for the Gumi Ramen Festival.
▲To realize inclusive welfare through support across the entire life cycle, the budget includes 5 billion KRW for first meeting usage vouchers, 2.3 billion KRW for childbirth congratulatory payments, 1.4 billion KRW for pediatric and adolescent emergency patient treatment support, 680 million KRW for the operation of the neonatal intensive care unit, 44.7 billion KRW for infant care fees, 36.4 billion KRW for parental benefits (infant allowances), 27.1 billion KRW for child allowances, 8.6 billion KRW for eco-friendly agricultural products school meal support, 8.3 billion KRW for elementary, middle, high school, and kindergarten meal subsidies, 127.4 billion KRW for basic pension payments, 48.5 billion KRW for livelihood benefits, and 19.4 billion KRW for disability activity support projects, providing welfare that covers all generations.
▲To stabilize farmers’ livelihoods and income, the budget allocates 19.2 billion KRW for direct payments to promote public interest, 7.9 billion KRW for farmer and fisherman allowances, 3.6 billion KRW for the construction of an Agricultural Products Distribution Center (APC), 1.1 billion KRW for seedling soil support for rice farmers, 900 million KRW for organic fertilizer support, 900 million KRW for agricultural product standard shipment (packaging) support projects, 700 million KRW for the construction of a dairy product processing plant utilizing raw milk, and 690 million KRW for the construction of a comprehensive fruit distribution facility and cold storage.
Mayor Kim Jang-ho stated, “Despite difficult conditions, we will save as much as possible through expenditure restructuring and boldly invest in essential areas such as infrastructure development to improve living conditions, revitalization of the local economy, citizen safety, and welfare for the vulnerable. We will also not neglect efforts to improve fiscal soundness by early repayment of 22.2 billion KRW in local bonds, which could be a hindrance to city finances.”
The initially submitted 2024 budget will be finalized on December 13 after review at the 272nd regular session of the Gumi City Council.
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