Uijeongbu City: "Fiscal Soundness Remains Firm... Stop Distorting Financial Facts"

Deputy Mayor Kang Hyunseok Addresses Fiscal Concerns at Press Conference
Clarifies Net General Surplus and Local Bond Issues
Local Bonds Used for Essential Infrastructure; Debt Ratio at Half the National Average
Kang Hyunseok: "Net General Surplus Is Not Leftover Funds, But Essential Infrastructure Resources"

Uijeongbu City in Gyeonggi Province (Mayor Kim Donggeun) held a press conference at the city hall press room on the 20th, presided over by Deputy Mayor Kang Hyunseok. The purpose was to clarify the facts and address the spread of public anxiety caused by recent intentional distortions regarding the city's financial management.

Kang Hyunseok, Deputy Mayor of Uijeongbu City, is holding a press conference on the city's financial management on the 20th at the city hall press room.

Deputy Mayor Kang first pointed out misunderstandings about the net general surplus. He emphasized that the net general surplus is not simply surplus funds, but rather resources earmarked for future infrastructure construction.

He stated, "The net general surplus is not leftover money, but budget set aside for essential infrastructure projects such as the Minrak 2 Sewage Treatment Facility and the Resource Recovery Facility. Although significant project funding will be required starting in 2026, even the accumulated resources are currently insufficient."

In particular, Deputy Mayor Kang addressed concerns about the city's fiscal soundness, saying, "Uijeongbu's net general surplus ratio, based on the general account, is lower than the national average. This demonstrates that the city is managing its finances more prudently."

In fact, Uijeongbu's net general surplus ratio, based on the general account, is about 3.3%, which is 1.5 times lower than the national local government average of 5.04%. This shows that the city has executed its budget appropriately for its intended purposes and has managed its finances efficiently without unnecessary spending or excessive accumulation.

He also dismissed criticism regarding the issuance of local bonds.

He explained, "The issuance of local bonds worth 46.4 billion KRW was an unavoidable measure to continue ongoing projects such as the metropolitan railway and the Go-only stadium. Not a single project was newly initiated by the 8th popularly elected administration."

He also refuted the controversy over local bond interest rates. Deputy Mayor Kang stated, "In 2024, all local bonds were financed with government funds, and the interest rate was applied uniformly nationwide."

Kang Hyunseok, the deputy mayor, is holding a press conference on the city's financial management at the city hall press room on the 20th.

He added, "In 2025, due to circumstances preventing the use of government funds, we borrowed from the financial institution that offered the lowest interest rate, and we secured favorable conditions to allow a switch to government funding in the future."

Deputy Mayor Kang Hyunseok made it clear that "if the government proceeds with the selection of local government treasuries and the disclosure of interest rates, as discussed at the 'National Fiscal Savings Meeting' presided over by the President on the 13th, Uijeongbu City will actively welcome this initiative."

He also expressed deep regret regarding remarks made by certain politicians.

He stated, "The proposal to allocate less grant funding to local governments with high net general surpluses would ultimately harm Uijeongbu citizens. With a fiscal independence ratio of only 22.1%, the city is in dire need of national support. Covering up this reality with distorted claims is an irresponsible political act."

Finally, Deputy Mayor Kang emphasized, "Uijeongbu City ranks among the lowest in Gyeonggi Province in terms of Gross Regional Domestic Product (GRDP) and local tax revenue, while the proportion of the social welfare budget is among the highest nationwide. What is needed now is not political strife, but cooperation for the future, such as attracting quality businesses and developing land returned from the U.S. military." He concluded the press conference by urging the city council and the administration to work together and pool their wisdom to open a better future.