Total 1.5824 Trillion Won... Largest Ever
99.5 Billion Won for Consumption Coupons and Local Currency
Gwangmyeong City in Gyeonggi Province has finalized a supplementary budget of 1.5824 trillion won. This represents an increase of nearly 24% compared to the original budget, marking the largest budget in the city's history.
Gwangmyeong City announced on the 18th that the city council passed the third supplementary budget of this scale at a plenary session of the temporary meeting held on the 17th. The size of this supplementary budget is 305 billion won (23.9%) higher than the previous second supplementary budget of 1.2774 trillion won.
The significant increase in the supplementary budget was largely due to expanded funding for the local currency issuance and government-issued livelihood recovery consumption coupons, which boosted the budget for the local economy and residents' livelihoods.
In fact, among this supplementary budget, 67.8 billion won was allocated to the distribution of livelihood recovery consumption coupons, and 31.7 billion won to the expanded issuance of Gwangmyeong Sarang Local Currency, totaling an increase of 99.5 billion won. Including support for revitalizing neighborhood commercial districts (1 billion won) and management stabilization support for small business owners (600 million won), a total of 101.2 billion won will be invested solely in the recovery of the local economy. The increase in the budget for the local economy is due to the city's decision to expand the planned issuance of local currency from 120 billion won at the beginning of the year to 500 billion won, more than a fourfold increase.
Through the supplementary budget, the city also increased the safety budget for citizens by 9.1 billion won. Specifically, 700 million won was allocated for emergency living stabilization for small business owners affected by heavy snowfall, and 400 million won for emergency heating assistance for vulnerable groups, totaling 1.8 billion won for emergency support. Additionally, 3.2 billion won will be invested in undergrounding projects in redevelopment areas, 1.1 billion won in road and transportation facility maintenance, and 900 million won in the renovation of sports facilities, totaling 7.3 billion won for facility safety enhancements. The budget also includes 100 million won for installing automatic rooftop door openers to enable rapid evacuation in case of fire.
For the expansion of public facilities, 17.4 billion won has been allocated. Major projects include 4.2 billion won for the construction of the Hyeonchung Underpass, 800 million won for the Geumdang Village road project, 3 billion won for the construction of the Cheolsan 4-dong Community Cultural Complex, 300 million won for the construction of the Iljik-dong Community Cultural Complex, 2.9 billion won for the establishment of a companion animal cultural complex, 2.9 billion won for the creation of a youth counseling and welfare center, 1.4 billion won for the construction of the Iljik-dong Culture and Arts Complex, and 1 billion won for the construction of the Iljik-dong public library.
Additionally, the city included 14.2 billion won for the expansion of the resource recovery facility and 9.5 billion won for green remodeling of the public health center and welfare center for the disabled in the supplementary budget.
Mayor Park Seungwon of Gwangmyeong City stated, "This supplementary budget focuses on revitalizing the local economy and strengthening citizen safety," adding, "We will do our best to ensure that citizens can enjoy a safer and more convenient life."
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