'Extension of Ordinary Local Allocation Tax Financial Special Cases' Passed at the National Assembly's Public Administration and Security Committee Plenary Meeting

Sejong City is expected to reduce its financial burden through the extension of the special financial provision for the ordinary local allocation tax.

On the 24th, Sejong City announced that the "Partial Amendment to the Special Act on the Establishment of Sejong City, etc. (hereinafter referred to as the Sejong Special Act)" was passed at the full meeting of the National Assembly's Public Administration and Security Committee the day before.

Once the Sejong Special Act passes the plenary session of the National Assembly, Sejong City will be able to secure an additional budget of approximately 75 billion KRW over the next three years.

Previously, Sejong City received a special financial provision granting an additional 25% of the budget shortfall due to the enactment of the Sejong Special Act in 2010. This was in consideration of the unique single-tier administrative system combining metropolitan and basic levels.

Through this, since its launch in 2012, Sejong City has received an average annual special financial provision of 20.9 billion KRW.

However, the special financial provision period is set to expire this year. This has raised concerns about the worsening financial situation of Sejong City. This is the background for the proposal of the partial amendment to extend the special financial provision in the Sejong Special Act (led by Representative Kim Jun-hyun).

The Sejong Special Act is scheduled to be discussed at the plenary session on the 30th after deliberation by the Legislation and Judiciary Committee. If passed, Sejong City expects to extend the special financial provision and alleviate its financial burden.

Mayor Choi Min-ho of Sejong City said, "We welcome the passage of the bill to extend the special financial provision at the full meeting of the National Assembly's Public Administration and Security Committee, as stable financial securing is essential for realizing Sejong as the administrative capital." He added, "Sejong City will do its best to ensure the prompt passage of the amendment to the Sejong Special Act through the National Assembly."