Dongdaemun-gu Confirms 42.5 Billion Won Increase in First Supplementary Budget of the Year

Passed at the '296th Regular Session Plenary Meeting' of Dongdaemun-gu Council on the afternoon of the 18th... Accelerating projects to respond to COVID-19... 8.3 billion KRW for overcoming COVID-19 and revitalizing the local economy, 7.2 billion KRW for resolving residents' inconveniences and promoting current projects, etc.

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) has finalized the supplementary budget proposal, amounting to an increase of 42.5 billion KRW, which was submitted to the district council with a focus on responding to the novel coronavirus infection (COVID-19) and revitalizing the local economy, after review and approval by the district council.

The district submitted the supplementary budget proposal totaling 780.66503 billion KRW, which includes an increase of approximately 42.5 billion KRW?37.63312 billion KRW in the general account and 4.88625 billion KRW in the special account?on top of the existing budget of 738.14565 billion KRW. Additionally, a fund operation change plan with an increase of 5.5 billion KRW, totaling 27.86016 billion KRW, was submitted to the district council on the 20th of last month.

The Dongdaemun District Council (Chairman Kim Chang-gyu) reviewed the first supplementary budget proposal for 2020 submitted by the executive branch through three standing committees and then presented it to the Budget and Accounts Special Committee.

The Budget and Accounts Special Committee of the district council conducted in-depth deliberations and coordination of opinions, resulting in a reduction of 662.98 million KRW before submitting it to the plenary session.

On the 18th at 4 p.m., the district council approved the budget proposal, which had been reviewed and adjusted by the Budget and Accounts Special Committee, during the 296th regular plenary session. The reduced budget of 662.98 million KRW was allocated to the contingency fund.

With the confirmation of this year’s first supplementary budget, the district plans to expand projects aimed at alleviating the suffering of residents caused by COVID-19 and revitalizing the local economy.

Furthermore, efforts will be intensified to resolve residents’ inconveniences and advance ongoing projects.

First, a total of 8.3 billion KRW will be invested in COVID-19 response and local economic revitalization. This includes ▲2 billion KRW for virus specimen testing and quarantine ▲3.5 billion KRW to expand loan support for small business owners and self-employed individuals ▲1.7 billion KRW for COVID-19 living support and emergency welfare projects.

Additionally, a support budget of 100 million KRW has been allocated to issue an additional 5 billion KRW worth of Dongdaemun-gu Love Gift Certificates.

Seventy-two billion KRW will also be invested to resolve residents’ inconveniences and address local issues. Specifically, this includes ▲700 million KRW for maintenance of aging facilities such as neighborhood parks ▲1.7 billion KRW for road maintenance and pedestrian environment improvement projects ▲1.4 billion KRW for undergrounding power lines ▲700 million KRW for road expansion projects ▲1 billion KRW for maintenance of sewage facilities, sewer management, and rainwater pump stations.

In particular, the district plans to actively utilize the additional 3 billion KRW allocated to the special account for parking lots to promote projects aimed at alleviating parking difficulties in the area.

Moreover, 5.9 billion KRW will be invested in 43 projects, including ▲maintenance of aging power lines at Cheongnyangni Agricultural and Marine Products Market ▲support for childcare staff salaries ▲disability activity support benefits, to improve residents’ living conditions.

In addition, the district has implemented expenditure restructuring to reduce approximately 800 million KRW in budgets for various festivals and events that cannot be held or are unnecessary due to COVID-19, reallocating these funds to urgent projects for COVID-19 response and residents’ welfare.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, “We hastily prepared the supplementary budget to help residents who are experiencing great difficulties due to COVID-19. By timely and appropriately allocating the supplementary budget, we will thoroughly respond to COVID-19 and also make every effort to stabilize residents’ lives.”

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