Yeongdeungpo District Allocates 11.6 Billion Won Supplementary Budget for "Revitalizing the Local Economy"

Total Budget Expected to Reach 1.0882 Trillion Won, Up About 1%
Focused Support Projects for Revitalizing the Local Economy

Yeongdeungpo District in Seoul (District Mayor Cho Hogwon) announced on the 26th that it has drafted the "3rd Supplementary Budget Proposal" amounting to 11.6 billion won and submitted it to the district council. The main objectives of this supplementary budget are to revitalize the local economy, resolve daily inconveniences, and enhance resident convenience.

Cho Hogwon, Yeongdeungpo District Mayor. Provided by Yeongdeungpo District Office.

Earlier this year, through the 1st and 2nd supplementary budgets, the district expanded support for small and medium-sized business loans, increased the issuance of local gift certificates and the public delivery app (Ddanggyeyo), provided industrial accident insurance support for delivery workers, and expanded the operation of win-win markets. The 3rd supplementary budget also consists of projects with a high level of direct impact on residents.

The core focus is "revitalizing the local economy," with a total of 11.2 billion won allocated. Key projects include 10 billion won for local economy recovery consumption coupons, 500 million won for expanding job opportunities, and 400 million won for veterans’ honor allowances. Notably, the budget for consumption coupons was secured by utilizing a portion of the Integrated Fiscal Stabilization Fund accumulated during the 8th popularly elected administration.

Fifteen hundred million won has also been allocated to improve the living environment. This includes 500 million won for the creation of the "Green Art Road" under the Dorim Overpass, 500 million won for cleaning storm drains and sewer pipelines, 200 million won for creating a flower garden and expanding rainwater management facilities at Yangpyeong Retention Basin, and 100 million won for maintaining bicycle racks and clean houses, all aimed at reducing daily inconveniences for residents.

Additionally, 900 million won will be invested to enhance resident convenience and boost local vitality. Major initiatives include 200 million won to support sports club and senior sports facility usage fees, 200 million won to expand support for local cultural and arts organizations and events, and 100 million won to host the "Yeongdeungpo Winter Festival" and expand the "Traveling Concert." Furthermore, an additional 100 million won has been allocated for disaster and earthquake insurance payouts and resident registration card issuance support.

If the supplementary budget is approved as originally proposed, Yeongdeungpo District’s total budget will increase by about 1% to 1.0882 trillion won. The final resolution is expected to be made on the 28th following the district council’s review.

District Mayor Cho Hogwon stated, "This supplementary budget focuses on revitalizing the local economy and resolving long-standing resident demands," adding, "After the council’s approval, we will promptly execute the budget to deliver tangible results for our residents."