The first supplementary budget proposal submitted by Suwon City, which calls for an increase of 451.3 billion won, has been approved by the city council.
Suwon City announced on June 26 that the city council had passed the first supplementary budget proposal on June 24. The proposal increases the total budget for this year to 3.6412 trillion won, up by 451.3 billion won from the original budget of 3.1899 trillion won.
Despite facing difficult fiscal conditions, including a decrease in tax revenue, Suwon City secured financial resources through active expenditure restructuring. The city prioritized allocating the budget to policy projects aimed at revitalizing the local economy and to initiatives closely related to citizens' daily lives.
The main items with increased funding in the supplementary budget include: 14.8 billion won to support the issuance of local currency; 46.1 billion won for metropolitan railway projects such as the Shinbundang Line Gwanggyo-Homaesil section and the Indeogwon-Dongtan double-track railway; 12.4 billion won for creating a carbon-neutral green city; 4.2 billion won for the construction of a public library in Geumgok-dong; 2.7 billion won for the construction of a government office in Ingye-dong; 2.9 billion won for opportunity income for farmers and fishers; 1 billion won for citizen safety insurance; 1 billion won in subsidies for apartment complex management; and 600 million won for measures to stabilize the local economy.
Lee Jaejun, Mayor of Suwon, stated, "Even under difficult fiscal conditions, we have focused our investments on projects that improve citizens' welfare and have spared no expense in allocating funds to support the recovery of livelihoods and revitalize the local economy." He added, "We will thoroughly review the new government's policy pledges and swiftly implement policy projects that can be promoted in connection with Suwon City."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
