Gyeongnam Province Prepares 12.475 Trillion Won Budget for Next Year... "Only What Is Essential for Residents"

A Total Increase of 418.1 Billion KRW Compared to This Year

Scheduled for Provincial Assembly Approval on December 13

Gyeongsangnam-do announced on the 7th that it has drafted the next year's budget at 12.475 trillion won, an increase of 418.1 billion won compared to this year.

The 2025 Gyeongnam provincial revenue budget consists of 6.1018 trillion won in national subsidies, 3.7941 trillion won in local tax revenue, 948.2 billion won in local education tax, 122.1 billion won in non-tax revenue, and 94.9 billion won in compensation income and internal transactions.

The expenditure budget was drafted with the goals of sound finances, a vibrant economy, and happy residents.

The province explained that it prepared the budget with the aim of maintaining a sound fiscal policy through reducing local bonds and restructuring expenditures, and realizing an era of residents' happiness based on residents' safety and regional economic vitality.

Kim Ki-young, Director of Planning and Coordination Office of Gyeongnam Province, is explaining the budget plan for 2025. Photo by Gyeongnam Provincial Government

Key items include a total of 313.8 billion won to be spent on 126 projects such as 350 million won for meal support during school vacations for dual-income families, 13.7 billion won for Gyeongnam K-Pass, and 40 million won for free maritime transportation for island residents.

For the promotion of 405 projects in four areas including subsidies for hydrogen vehicle purchases (46.9 billion won), establishment of the Gyeongnam Nuclear Industry Comprehensive Support Center (4.3 billion won), and creation of the Tongyeong International Marine Tourism Marina Hub (2.2 billion won), 1.4685 trillion won was reflected.

Additionally, 297.4 billion won was allocated to 85 projects proposed by residents attending the residents' meeting, including senior home care support services (15.3 billion won), allowances for workers at elderly welfare facilities (4 billion won), and creation of regionally specialized rental-type smart farms (1.5 billion won).

Kim Ki-young, Director of Planning and Coordination, emphasized, “Especially this year, we strengthened budget transparency by disclosing the budget draft to departments twice during the review process, and carefully reviewed to ensure no necessary projects for residents were omitted through three rounds of departmental reviews and adjustments. We thoroughly re-examined the overall projects including feasibility and effectiveness, meticulously checking for low-performing, unnecessary, or overlapping projects to prevent any budget leakage.”

He added, “Despite difficult fiscal conditions, we made efforts to fully reflect projects for realizing residents' happiness and voices from the field in the 2025 budget draft. We will do our best to ensure that with a budget of around 12 trillion won, residents are happy and the Gyeongnam economy grows vibrantly.”

The next year's budget draft submitted by Gyeongsangnam-do will be finalized on December 13 after review at the 149th regular session of the Gyeongnam Provincial Council.