Yeongdeungpo District to Accelerate Budget Execution for Local Economic Revitalization

Rapid Execution of 172.5 Billion Won in the First Half
Expansion of Local Company Participation

Yeongdeungpo District in Seoul (District Mayor Cho Hogwon) announced that it will promptly execute its budget to provide tangible support for revitalizing the local economy, launching a rapid expenditure plan of 172.5 billion won in the first half of the year.

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

On January 15, the district stated that it would proactively implement rapid local fiscal spending in the first half of the year to stabilize livelihoods and boost the local economy amid an economic slowdown and persistent high inflation.

The district has set its own execution targets for the first half of the year, reflecting several years of fiscal management performance and local conditions. The targets for the first half are 172.5 billion won for overall fiscal execution and 152.6 billion won for consumption and investment.

By designating carryover projects and large-scale investment projects as key management targets, the district aims to minimize habitual carryovers. It will also strengthen process management and preliminary procedures according to project-specific execution plans to reduce unused funds and delays. Public construction facility costs and supervision fees will be managed through early design and ordering to enable execution within the first half, and the district will actively utilize advance and interim payments as well as special contract provisions.

A 'Rapid Execution Task Force' will be operated to continuously monitor departmental execution performance. For projects with sluggish execution, the district will analyze the causes and prepare improvement measures. Budgets directly related to residents’ livelihoods, such as support for vulnerable groups and small business projects, will be prioritized to enhance residents’ sense of benefit.

The district will also work to ensure that the effects of fiscal spending directly benefit the local economy by expanding the participation of local companies in negotiated contracts. By providing customized contract information and practical contract training to both ordering departments and local businesses, the district will improve accessibility and competitiveness. It will also share quarterly ordering plans and operate a bulletin board introducing negotiated contract companies to strengthen information linkage between departments.

Cho Hogwon, Mayor of Yeongdeungpo District, stated, "Rapid budget execution in the first half is meaningful in that it provides real support to the local economy," adding, "We will focus our administrative capabilities on stabilizing livelihoods and revitalizing the local economy through planned fiscal execution and expanded participation of local companies in negotiated contracts."