Damyang-gun Prepares Next Year's Budget at 432.7 Billion Won... 'Largest Ever'

[Damyang=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Damyang County in Jeonnam has formulated the 2021 budget focusing on disaster recovery from heavy rain and revitalizing the local economy weakened in the post-COVID-19 era.

Damyang County (Governor Choi Hyung-sik) announced on the 23rd that it submitted the next year's main budget proposal worth 432.7 billion KRW to the county council on the 20th.

This amount is an increase of 54.1 billion KRW (14.3%) compared to the previous year (378.6 billion KRW), consisting of 421.3 billion KRW in the general account and 11.4 billion KRW in the special account.

The general account revenue budget is composed of ▲local taxes 31.3 billion KRW ▲non-tax revenue 13.5 billion KRW ▲local allocation tax 179 billion KRW ▲national and provincial subsidies 165.5 billion KRW ▲adjustment grants 6 billion KRW ▲compensatory income 26 billion KRW.

The expenditure budget direction focuses on ▲strengthening residents' safety by repairing damage from heavy rain and maintaining hazardous facilities ▲activating culture and tourism infrastructure close to residents' daily lives ▲expanding investment in residents' health including COVID-19 prevention ▲supporting local economic recovery in preparation for the post-COVID-19 era ▲customized budgets for income stabilization of farmers and support for vulnerable groups, emphasizing residents' daily life recovery.

A county official said, “We have tried to overcome poor financial conditions caused by unexpected heavy rain and the impact of COVID-19 by reducing public sector expenses and strategically reallocating resources through strong expenditure restructuring of unnecessary projects,” adding, “With the largest ever expansionary fiscal operation, we will do our best to proactively respond to the post-COVID-19 era and recover the local economy.”

The next year's county budget submitted to the county council will be finally approved at the plenary session on the 21st of next month after deliberation by the Damyang County Council.

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