Pohang City Prepares 1st Supplementary Budget of 287.9 Billion Won... 12% Increase from Original Budget

General Account Increased by 250.9 Billion, Special Account Increased by 37 Billion

[Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Pohang City, Gyeongbuk Province, has prepared the first supplementary budget for this year at 2.7237 trillion won, an increase of 287.9 billion won from the original budget (2.4358 trillion won), and submitted it to the city council on the 29th.

The general account increased by 250.9 billion won to 2.4228 trillion won, and the special account increased by 37 billion won to 300.9 billion won. Major revenues include 69.1 billion won from non-tax income, 39.2 billion won from local allocation tax, 82.5 billion won from net surplus funds, and 54.7 billion won from national and provincial subsidies.

The government, after preparing four supplementary budgets last year due to the unprecedented COVID-19 infection situation, has also prepared a supplementary budget of 15 trillion won this year. Considering this, Pohang City allocated necessary budgets by sector, including budgets for securing future new industries after COVID-19 and budgets for improving the local industrial structure.

Major detailed allocations include ▲ 25 billion won for COVID-19 quarantine and strengthening the health safety net ▲ 18 billion won for responding to the local economic crisis, including job projects (7.3 billion won), additional support for small business card fees (total 3.8 billion won), and additional issuance of Pohang Love Gift Certificates (2.6 billion won).

Additionally, 25 billion won was allocated to secure future new industries after the COVID-19 crisis, including the Marine Complex Exhibition Center (1.7 billion won, total 6.2 billion won), Steel Industry Pohang Hub Center (2.2 billion won), Battery Special Zone support (5.3 billion won), and Yeongilman 4th Industrial Complex development (16 billion won).

For green new deal, urban regeneration, and fostering new growth engine industries toward a greater future, 38 billion won was reflected, including air environment improvement (5.1 billion won), smart green city (3.1 billion won), smart aquaculture (2.9 billion won), Jungang-dong urban regeneration (15 billion won), and Pohang Station district development project (1.5 billion won). Along with this, 30 billion won was allocated for earthquake damage relief support, and 73.9 billion won for school meals, national and provincial subsidy projects, and statutory expenses.

Mayor Lee Kang-deok said, "The budget was prepared focusing on revitalizing the local economy, which has been more contracted than ever due to the prolonged COVID-19, and stabilizing people's livelihoods," adding, "This supplementary budget will be a cornerstone for preparing to secure future industries after the COVID-19 crisis."

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