Yongin City Confirms Next Year's Budget at 3.3318 Trillion Won... 2.91% Increase Compared to This Year

Welfare Budget at 1.22 Trillion Won, 41.6%... 452.2 Billion Won Invested in Expanding Transportation Network
26 Billion Won Restored from 3.36 Billion Won Cut in Living-Related Budget During Review Process

Yongin City in Gyeonggi Province announced on the 14th that the city council approved the 33.318 trillion KRW budget proposal for next year at the plenary session on the 13th. This represents a 2.9% increase compared to this year's 32.377 trillion KRW.

The city's next year's main budget by account consists of a general account of 29.322 trillion KRW, an increase of 121.5 billion KRW from the previous year, and a special account of 399.6 billion KRW, a decrease of 27.4 billion KRW.

The major revenues in the general account include ▲local taxes of 1.1774 trillion KRW ▲non-tax revenues of 226.1 billion KRW ▲local allocation tax and adjustment grants of 273.7 billion KRW ▲national and provincial subsidies of 1.0386 trillion KRW ▲reimbursement income and internal transactions of 176.5 billion KRW. To supplement revenue, local bonds worth 39.9 billion KRW will be issued.

By sector, the welfare budget accounts for the largest share at 41.6%, increasing by 60 billion KRW from the previous year to 1.22 trillion KRW. This is followed by transportation network expansion, which increased by 23.1 billion KRW to 452.2 billion KRW (15.42%), general public administration at 202.3 billion KRW (6.90%), and the environment sector at 201 billion KRW (6.85%).

Next year's budget notably increases the welfare budget for vulnerable groups by 60 billion KRW (5.18%) and the transportation budget by 23.1 billion KRW (5.39%) to alleviate transportation inconveniences and build infrastructure for a semiconductor-centered city.

The city explained that it largely restored the budgets for 22 projects totaling 3.3637 billion KRW, including five living-related projects, four sanitation and environment projects, five culture and tourism projects, and three citizen participation projects, following requests from Mayor Sang-il Lee and related city departments after these were cut during the budget standing committee review on the 6th. The city council’s Budget and Accounts Committee revised the cut amounts to about 758.6 million KRW through coefficient adjustments on the 12th and finalized the 33.318 trillion KRW budget at the plenary session the next day.

Accordingly, living-related projects that were fully or partially cut by the standing committee, such as ▲pedestrian environment improvement near Yongindaum School (1 billion KRW) ▲Hansup Neighborhood Park forest trail creation (500 million KRW) ▲Jeolgol Neighborhood Park school route maintenance project (400 million KRW) ▲Children’s Day grand festival (90 million KRW) ▲Yongin Vision 2040 future city development strategy research (250 million KRW) ▲illegal banner collection team compensation (107 million KRW), were processed as originally budgeted by the city, the city added.

Mayor Lee said, "With the confirmation of next year's budget, the city plans to execute the budget in a manner that suits the city council to support the livelihood of citizens," adding, "We will strive to ensure that various city projects contribute to the livelihood and local economy."