Jinju City Allocates First Supplementary Budget of 2.0395 Trillion Won This Year

Increase of 197.8 Billion KRW Compared to Main Budget, Up 10.7%

Key Current Projects Such as Aerospace Industry Support Prioritized

Jinju City, Gyeongnam, has prepared its first supplementary budget for this year, totaling 2.0395 trillion won, and submitted it to the city council on the 8th.

This supplementary budget focuses on the stable implementation of major projects to strengthen the city's competitiveness, such as fostering the aerospace industry, supporting vulnerable groups, and revitalizing the local economy. It has increased by 197.8 billion won (10.7%) compared to the original budget of 1.8417 trillion won.

By account, the general account increased by 183.7 billion won to 1.6753 trillion won, and the special account increased by 14.1 billion won to 364.2 billion won. The budget is funded by national and provincial subsidies, local allocation tax, and non-tax revenues.

Jinju City Hall Exterior View

Major details of the expenditure budget include increased allocations to boost the local economy through support for new growth industries and the creation of a startup ecosystem: ▲ 26 billion won for the construction of the KAI Rotary Wing Flight Center ▲ 8 billion won for the establishment of the Future Aircraft (AAV) Demonstration Center ▲ 6.1 billion won for remodeling idle or closed factories in industrial complexes into youth startup spaces ▲ 1.23 billion won for the issuance of Jinju Love Gift Certificates.

In the health and welfare sector, to respond to population decline and support socially disadvantaged groups, additional allocations include ▲ 940 million won for the First Meeting Voucher Program ▲ 1.29 billion won for child care support ▲ 1.7 billion won for necessary expenses for daycare centers ▲ 3.14 billion won for operating home-based elderly welfare facilities ▲ 1.6 billion won for the senior welfare housing project ▲ 1.35 billion won for special temporary support for youth monthly rent ▲ 900 million won for self-sufficiency work programs ▲ 440 million won for vaccination support.

To establish a unique cultural tourism foundation for Jinju, the budget includes ▲ 3 billion won for the construction of the Eastern Municipal Library ▲ 2.5 billion won for the creation of a complex cultural space ▲ 2.5 billion won for the construction of the Innovation City Complex Cultural Library ▲ 2.5 billion won for the development of Mangnyeong Park ▲ 2 billion won for the construction of a multipurpose cultural center. To strengthen agricultural competitiveness, the budget reflects ▲ 1.44 billion won for joint farming service fees ▲ 1.08 billion won for rice pest control support ▲ 660 million won for support for young successor farmers' settlement in agriculture.

Additionally, to create a safe urban environment, the disaster and safety sector includes ▲ 1.5 billion won for the reconstruction of Hyohja Bridge ▲ 590 million won for maintenance of Jangja and Jangheung natural disaster risk areas ▲ 470 million won for the installation of an automatic barrier system at Namgang underpass ▲ 380 million won for disaster recovery projects.

Furthermore, to ensure the smooth progress of major projects such as urban regeneration, the budget includes ▲ 6.11 billion won for the Seongbuk, Gangnam, and Jungang District Urban Regeneration Projects ▲ 3.5 billion won for the construction of the Seongbuk-dong Child Welfare Center ▲ 3.17 billion won for the construction of the Companion Animal Support Center ▲ 2.42 billion won for the construction of the Jinju Silk Museum ▲ 1.91 billion won for the creation of a low-carbon green industrial complex.

Jinju Mayor Cho Kyu-il stated, "This supplementary budget is focused on essential projects for public welfare, such as supporting the aerospace industry for future regional economic development, responding to low birth rates, and protecting vulnerable groups, all based on fiscal sustainability. As soon as the budget is finalized, we will swiftly implement these projects to realize a prosperous Jinju."

The first supplementary budget for 2024 submitted by the city is scheduled to be reviewed and finalized at the 258th extraordinary session, which will be held from the 18th to the 29th.