Gyeongju City Prepares Second Supplementary Budget of 124 Billion Won This Year... Total Reaches 1.7155 Trillion Won

Focus on Overcoming COVID-19 Damage and Revitalizing the Local Economy

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongju City, Gyeongbuk Province, on the 7th, submitted the 2nd supplementary budget focused on revitalizing the local economy affected by the prolonged COVID-19 pandemic, totaling 124 billion KRW, to the Gyeongju City Council.

The total scale of this year's supplementary budget reached 1.7155 trillion KRW, an increase of 124 billion KRW (7.7%) compared to the 1.5915 trillion KRW of the 1st supplementary budget. The general account increased by 115 billion KRW (8.6%) to 1.45 trillion KRW, the public enterprise special account increased by 8.4 billion KRW (7.6%) to 118.9 billion KRW, and other special accounts (13 types) increased by 600 million KRW (0.4%) to 146.6 billion KRW.

The funding for this supplementary budget was secured through expenditure restructuring, including 16.1 billion KRW shortfall in local allocation tax due to domestic economic downturn, festival and event projects (such as 1.2 billion KRW for the Hwarangdae National Youth Soccer Tournament and 42 other projects), and projects that cannot be executed within the year (worth 13.3 billion KRW).

Key budget items include ▲Emergency disaster relief funds (government 1st disaster relief payment already disbursed) 65 billion KRW ▲Hope job projects 8.4 billion KRW ▲Gyeongju Pay discount sales compensation 1.2 billion KRW, among others.

Major ongoing projects include ▲Land acquisition costs for the national highway bypass road (Hyohyeon to Sang section) 2 billion KRW ▲Resident-requested projects 2.3 billion KRW ▲Expansion of county and rural roads 1.3 billion KRW ▲Undergrounding of power lines in Hwang-o-dong and Bukjeong-ro 1.3 billion KRW ▲Yangbuk Doosan small stream maintenance project 1 billion KRW ▲Completion of Bukcheon and Namcheon disaster recovery works (Typhoon Mitag) 800 million KRW, etc.

Mayor Joo Nak-young of Gyeongju said, "We will push forward key local projects without delay through bold expenditure restructuring," adding, "This supplementary budget was prepared to the maximum extent possible to overcome the damages caused by COVID-19 and revive the local economy."

Meanwhile, this supplementary budget proposal will be reviewed and approved at the 254th Gyeongju City Council extraordinary session starting on the 14th and will be finalized on the 22nd of this month.

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