Yongin City Increases 2nd Supplementary Budget by 111.2 Billion Won

Reflecting Disaster Prevention and Recovery... Local Tax Revenue Reduced by 36 Billion Won

Yongin City in Gyeonggi Province announced on the 23rd that it has submitted the second supplementary budget proposal amounting to 3.4448 trillion won, an increase of 111.2 billion won (3.34%) compared to the existing budget of 3.3336 trillion won, to the city council.

The city explained that this supplementary budget focuses on reflecting essential expenses such as disaster prevention and recovery. It also added that local tax revenue was reduced by 36 billion won due to decreases in corporate tax and local corporate income tax caused by declining corporate performance.

Lee Sang-il, Mayor of Yongin, stated, "In a situation where tax revenue is decreasing due to the economic slowdown, we have prepared the supplementary budget focusing on necessary projects such as disaster prevention and damage recovery, as well as protecting vulnerable groups and revitalizing the local economy."

By account, the budget size includes the general account, which increased by 77.5 billion won to 2.9697 trillion won compared to the first supplementary budget, and the special account, which increased by 33.7 billion won to 475.1 billion won. Among the main revenues in the general account, local taxes were reduced by 36 billion won, while non-tax revenue of 23.9 billion won, local allocation tax of 2.7 billion won, national subsidies of 16.4 billion won, and replenishment income including net surplus and previous year’s carryover of 70.5 billion won were reflected.

For disaster prevention and damage recovery, the city allocated budgets for ▲maintenance of rivers and sewage facilities (3 billion won) ▲maintenance of road facilities (4.2 billion won). Additionally, to revitalize the local economy and stabilize livelihoods, it added ▲special guarantees for small business owners (500 million won) ▲basic living security livelihood benefits (3.4 billion won) ▲support for local currency issuance (300 million won). For sustainable development in climate and energy sectors, budgets were allocated for ▲energy opportunity income village creation (1.1 billion won) ▲Gyeonggi RE100 leading project (900 million won).

Major projects funded by national subsidies include ▲basic public interest direct payment project (8 billion won) ▲additional support for 5-year-old children in the Nuri curriculum (1.7 billion won) ▲11 special allocation tax projects including installation of automobile blocking facilities in Jeongpyeongcheon, Suji-gu (2.7 billion won). Key city projects include ▲new construction of Dongbaek 1-dong Administrative Welfare Center (300 million won) ▲reconstruction and completion ceremony of Yongin Bus Terminal (1.2 billion won) ▲widening and paving of Bogae Wonsam-ro (3.1 billion won).

The supplementary budget proposal is expected to be finalized at the city council’s extraordinary session starting on the 2nd of next month.