Yeongam-gun Confirms 2024 Main Budget of 649 Billion Won

1.1% Increase with the Policy Focus on Livelihood Stability, Regional Economic Vitality, and Resident Safety

Yeongam-gun, Jeollanam-do (Governor Woo Seung-hee) has finalized the ‘2024 main budget’ at 649 billion KRW.

According to the county on the 27th, the main budget for next year, confirmed by the Yeongam County Council’s resolution on the 20th, is an increase of 7.6 billion KRW, or 1.1%, compared to this year’s 641.4 billion KRW. The general account increased by 7.9 billion KRW, or 1.3%, to 590.1 billion KRW, while the special account decreased by 200 million KRW, or 0.4%, to 58.9 billion KRW.

Yeongam-gun Office Building Exterior View

The main budget for next year was prepared with a sound fiscal policy as the foundation, prioritizing public livelihood stabilization, revitalization of the local economy, and citizen safety. The county evaluated that this was the result of thoroughly blocking financial leakage factors by fundamentally reexamining habitual support projects, similar or overlapping projects, and projects with poor execution, focusing on the validity and effectiveness of fiscal projects.

Additionally, Governor Woo Seung-hee and public officials continuously visited central government ministries and Jeollanam-do to secure the budget, achieving an increase in the main budget despite unstable domestic and international conditions such as a decrease in government revenue.

Revenue was estimated at 59 billion KRW from local taxes, 24.3 billion KRW from non-tax income, and 285 billion KRW from local allocation tax. National and provincial subsidies secured 245.2 billion KRW, an increase of 15.6 billion KRW, or 6.6%, compared to last year’s 229.6 billion KRW.

A Yeongam-gun official stated, “The reason for increasing the 2024 main budget by 1.1% despite unprecedented national revenue shortfalls is the result of proactive fiscal management, such as efficiently managing local tax revenue and local allocation tax in advance to mitigate fiscal shocks and ensure the smooth progress of ongoing projects.”