Pyeongtaek City Sets 2024 Budget at 2.4283 Trillion Won, Down 0.12% from This Year

Fiscal Management Focused on "Selection and Concentration" Amid Economic Uncertainty

Pyeongtaek City in Gyeonggi Province is implementing fiscal austerity measures in response to economic uncertainty.

On November 26, Pyeongtaek City announced that it has drawn up a budget proposal for next year totaling 2.4283 trillion won and submitted it to the city council. This represents a decrease of 3.1 billion won (0.12%) compared to this year's main budget of 2.4314 trillion won.

Next year's budget proposal allocates 2.0825 trillion won to the general account, an increase of 54.6 billion won (2.69%) from this year, while the special accounts are set at 345.8 billion won, a decrease of 57.7 billion won (14.2%).

The city explained that, given the uncertainty in the economic environment, next year's fiscal management will focus on systematic revenue management as well as sound and effective financial administration.

Accordingly, the city stated that it has allocated the budget to establish a foundation for sustainable future growth, provide stable support for residents' livelihoods, and develop customized policies to respond to demographic changes. It also emphasized that the budget aims to deliver on the pledges made during the eighth popular election term and to improve residents' quality of life.

Key general account revenues include 875.7 billion won from local taxes and non-tax revenues, and 283.8 billion won from local allocation tax and adjustment grants, bringing the city’s independent revenue up by 37.4 billion won compared to this year. National and provincial subsidies have also increased by 41.8 billion won to a total of 859.3 billion won.

General account expenditures for city-led projects have risen by 14.4 billion won (1.57%) to 931.9 billion won.

Of the general account expenditures, 939.7 billion won, or 45.1% of the total, has been allocated to social welfare. Other allocations include: ▲Transportation and logistics 207.8 billion won (9.9%) ▲Environment 166.8 billion won (8.0%) ▲Agriculture, forestry, maritime, and fisheries 103.8 billion won (5.0%) ▲Land and regional development 98.8 billion won (4.8%) ▲General public administration 90.3 billion won (4.3%) ▲Culture and tourism 82.2 billion won (4.0%) ▲Health 48.4 billion won (2.3%) ▲Education 44.9 billion won (2.2%) ▲Industry, small and medium enterprises, and energy 37.6 billion won (1.8%) ▲Public order and safety 17.4 billion won (0.8%), among others.

Major projects for next year include the construction of the Dongsak-dong Administrative Welfare Center, the relocation and construction of the Etiquette Education Center, the establishment of the Western Disabled Welfare Center, and the extension construction of the GTX-A line to Pyeongtaek.

National and provincial subsidy projects total 1.1506 trillion won, an increase of 40.2 billion won (3.62%). Key projects include the relocation and construction of the Paengseong Library, the creation of a hydrogen city, and the establishment of a clean hydrogen test and demonstration support center.

This budget proposal is scheduled to be finalized and approved at the plenary session on December 15.