Mayor Kim Joungho of Gumi: "Establishing a Sound Fiscal Structure and Ensuring Debt Reduction"

Reduced by 92.5 billion won (about 45%) over four years
General debt ratio to budget lowered from 12.80% in 2021 to 4.66% in 2025
Local bond issuance only when necessary... Minimum procedure for expanding public infrastructure

Kim Joungho, Mayor of Gumi City, addressed the opposition to the "Gumi City 20 billion won local bond issuance agreement" discussed at the 291st temporary session of the Gumi City Council on the 24th, stating, "Gumi City is establishing a sound fiscal structure and has been steadily reducing its debt."

On the 25th, through his Facebook page, Mayor Kim emphasized, "Over the past four years, we have reduced debt by 92.5 billion won, approximately 45%. The ratio of general debt to the budget also decreased from 12.80% in 2021 to 4.66% in 2025. The fiscal soundness of Gumi City is now much stronger than in the past."

Mayor Kim explained, "Since the launch of the 8th popularly elected administration, we have devoted all our efforts to expanding fiscal resources to promote various projects necessary for Gumi City's development. By making countless visits to the National Assembly and central government ministries to secure funding, the budget has increased by about 640 billion won over the past three years, ushering in the 'era of a 2 trillion won budget' with a total of 2.1455 trillion won as of 2025."

He further added, "Along with this fiscal expansion, we have boldly pushed forward with key projects necessary for residents' daily lives, while consistently working to reduce debt."

In fact, Gumi City's debt has decreased by 92.5 billion won over four years, from 206.5 billion won in 2021, to 170 billion won in 2022, 157.6 billion won in 2023, 127.9 billion won in 2024, and currently 114 billion won in 2025.

Mayor Kim stated, "This local bond issuance agreement is a preliminary procedure, not an immediate issuance. Considering the unstable domestic and international economic situation and declining local tax revenue, we plan to issue bonds only when necessary and with careful deliberation."

Regarding the projects included in this local bond agreement, he explained, "These are essential infrastructure projects that both current and future generations can utilize, such as the establishment of a public parking lot for freight vehicles, remodeling of the Gumi City Central Library, and the creation of a cultural industrial complex. This agreement is the minimum procedure required to expand such public infrastructure."

Finally, Mayor Kim emphasized via Facebook, "We will continue to actively secure more national funds and budget, striving to expand our fiscal resources and maintain sound fiscal management."

Explanation regarding the opposition to the issuance of local bonds in Gumi City via Facebook / Screenshot of Facebook page of Kim Joungho, Mayor of Gumi City