Seoul Gangseo-gu, 15.2 Billion KRW 2020 2nd Supplementary Budget Proposal

[Asia Economy Reporter Jongil Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) has prepared the '2020 2nd Supplementary Budget Proposal' worth 15.2 billion KRW and submitted it to the Gangseo-gu Council on the 8th.

This 2nd supplementary budget proposal was formulated by actively restructuring expenditure budgets such as event expenses that were canceled (reduced) due to the large-scale project costs caused by the prolonged COVID-19 pandemic.

The supplementary budget resources include ▲national and city subsidies (6.305 billion KRW) ▲carryover subsidy balance from the previous year (9.334 billion KRW) ▲a decrease in net surplus from the 2019 fiscal year settlement (△397 million KRW) as revenue budgets, and reflect a total expenditure budget reduction of 5.928 billion KRW from canceled or reduced event expenses due to the COVID-19 situation.

Based on the general account, the key allocation areas are social welfare, occupying 87% of the available supplementary budget resources, followed by industry, small and medium enterprises, and energy sectors at 21%, and health sector at 8.3%.

Major projects include ▲traditional market parking environment improvement project (2.22 billion KRW) ▲support for daycare center operation improvement expenses (1.716 billion KRW) ▲issuance of Gangseo Love Gift Certificates (865 million KRW) ▲remodeling of aging senior citizen community rooms (210 million KRW), and 10.577 billion KRW is accounted for as the return of unspent national and city subsidy balances.

In particular, this supplementary budget proposal is tightly formulated focusing on legally required expenses such as the district's share of social welfare subsidies, subsidy returns, and major urgent projects, which is expected to greatly help maintain a sound fiscal policy while responding to additional financial demands caused by COVID-19 in the future.

Mayor Noh Hyun-song said, "This supplementary budget was prepared in line with the social and economic conditions caused by the prolonged COVID-19 pandemic," and added, "We will continue to prioritize residents' livelihood stabilization and the recovery of the depressed local economy by concentrating all our capabilities, and thoroughly prepare for the post-COVID-19 era."

This supplementary budget proposal will be finalized on the 25th after deliberation at the 1st regular meeting of the 272nd Gangseo-gu Council.

This content was produced with the assistance of AI translation services.