Decision Made Considering Fiscal Independence
The Seoul Metropolitan Government announced on the 13th that it has finalized the cost-sharing ratio for the Minsheng Recovery Consumption Coupon project between the city and its districts at 60 to 40.
On the 13th, a notice about places to use the Minsheng Recovery Consumption Coupon is posted at a convenience store in Seoul. Photo by Yonhap News
The total project budget for the Minsheng Recovery Consumption Coupon is 13.9 trillion won. Of this, 90% is funded by the national government and 10% by local governments. However, taking into account factors such as fiscal independence, Seoul has increased the local government share from 10% to 25%.
Accordingly, out of the total project budget of 2.3177 trillion won estimated by Seoul, the local government share amounts to 579.4 billion won. Based on the 60 to 40 cost-sharing ratio, the city will cover 347.6 billion won, while the 25 autonomous districts will collectively cover 231.8 billion won.
The city plans to use national funds to cover the first round of Minsheng Recovery Consumption Coupon payments, and to allocate local government funds for the second round of payments scheduled for September.
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