Gwangju Buk-gu, 1 Trillion Won Scale Supplementary Budget Formulation
Budget of 1.0354 trillion KRW, an increase of 80.6 billion KRW (8.4%) compared to the initial budget
Reflecting key policies of the 7th local government term, including response to prolonged COVID-19 and Living SOC projects
[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City has formulated the largest supplementary budget in history.
On the 13th, Buk-gu announced that it had formulated the 3rd supplementary budget, reflecting responses to the prolonged COVID-19 pandemic and key projects of the 7th local government term such as the living SOC projects, with the largest scale ever at 1.0354 trillion KRW.
This supplementary budget increased by 80.6 billion KRW (8.4%) compared to the original budget. Including the 1st supplementary budget (50.8 billion KRW) and the 2nd supplementary budget (193.9 billion KRW), it increased by 46% compared to the original budget of 710.1 billion KRW, surpassing 1 trillion KRW for the first time among autonomous districts in Gwangju for the current fiscal year.
Unlike the 1st and 2nd supplementary budgets which focused on emergency measures against COVID-19 and stabilizing livelihoods, the 3rd supplementary budget concentrated on various investment projects to drive job creation and regional development.
The budget allocation includes ▲5.3 billion KRW for the COVID-19 Overcoming Hope Job Project ▲1.9 billion KRW for COVID-19 prevention and support ▲4.9 billion KRW for the construction of Buk-gu Comprehensive Gymnasium ▲3.4 billion KRW for the construction of Jungheung Complex Public Library, totaling 19.1 billion KRW for living SOC projects aimed at responding to COVID-19 and enhancing residents' welfare.
Additionally, budgets were allocated for urban revitalization and major pending projects such as ▲4.1 billion KRW for the University Town-type Urban Regeneration New Deal Project ▲800 million KRW for Imdong Urban Regeneration New Deal Project ▲3 billion KRW for improving the visual image of the city hosting international cultural and artistic events ▲1.1 billion KRW for the opening of the Complex Cultural Welfare Community Center.
Moon In, the head of Buk-gu, said, “This supplementary budget focuses on actively responding to COVID-19 and promoting key policies that contribute to regional development. We will do our best to ensure that local residents, including self-employed people who are suffering severe difficulties due to the economic downturn, can lead stable lives as soon as possible.”
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This supplementary budget was finally approved and confirmed at the district council plenary session on September 11 and will be immediately invested to revitalize the depressed local economy.
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