Gokseong-gun Submits 52.6 Billion KRW Supplementary Budget to Council

National Road Subsidy Projects and National Road Subsidy Refunds Account for 73%

Actual Available Resources Amount to 14.2 Billion Won

Gokseong-gun, Jeollanam-do announced that it has prepared a supplementary budget of 530.3 billion KRW for the first supplementary budget of 2024 and submitted it to the Gokseong-gun Council on the 26th.

According to the county, the scale of this year's first supplementary budget is 530.3 billion KRW, an increase of 52.6 billion KRW (11%) compared to the original budget of 477.6 billion KRW for this year. By account, the general account increased by 44.4 billion KRW (9.8%) to 499.1 billion KRW, and the special account increased by 8.2 billion KRW (35.6%) to 31.2 billion KRW.

Photo by Gokseong-gun

The funds required for this supplementary budget were secured through the net surplus from the 2023 fiscal year settlement and national and provincial subsidies. Among these, 38.4 billion KRW (73%) of revenue consists of national and provincial subsidy projects with designated purposes, corresponding county contributions, and national and provincial subsidy refunds, making the actually available funds very limited.

Despite the worsening financial conditions due to decreased local tax revenue caused by reduced national taxes, the county prioritized essential pending issues and major policy budgets for a "happier Gokseong for residents" by securing insufficient funds through expenditure restructuring, including reviewing major investment projects.

Major projects reflected in the first supplementary budget include ▲38 billion KRW for the Gokseong-gun aged water purification plant maintenance project, ▲31 billion KRW for the Gokseong Ungok Specialized Agricultural and Industrial Complex development project, ▲30 billion KRW for the Jeonnam Smart Farming Complex development project, ▲27 billion KRW for the Gokseong-gun bowling alley construction project, ▲16 billion KRW for the Youth Housing Town development project, ▲13 billion KRW for the Jeonghae Bakhae Peace Pilgrimage Road development project, ▲13 billion KRW for the Gokseong-gun Social Welfare Center remodeling project, ▲12 billion KRW for the Ogok-myeon urban regeneration certification project, ▲9 billion KRW for the Youth Rural Settlement development project, ▲9 billion KRW for the Resident Income Support Fund support project, ▲9 billion KRW for the Amnok District hazardous road structure improvement project, and ▲8 billion KRW for the local love gift certificate issuance support project.

The county established a sound fiscal policy in line with the government's tight fiscal management and maximized the budget for pending projects, regional economic revitalization, and response to population decline for sustainable county administration during the 8th elected term through efficient budget management by investment timing even under fiscal austerity.

Lee Sang-cheol, the governor of Gokseong-gun, said, "This supplementary budget was prepared focusing on improving the quality of life for residents, including welfare and safety, despite difficult financial conditions," and added, "Once the budget is finalized, we will promptly execute the planned projects without delay."

The first supplementary budget for 2024 is scheduled to be finalized on May 16 after deliberation at the 266th Gokseong-gun Council (extraordinary session) starting May 7.

Gokseong = Asia Economy Honam Reporting Headquarters, Reporter Cha Jong-seon hss79@asiae.co.kr