Incheon City Increases Supplementary Budget by 1.3 Trillion Won... Focus on Overcoming COVID-19 and Reviving the People's Economy

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City has prepared the 2nd supplementary budget for 2021 to overcome the COVID-19 crisis and resolve local issues, aiming to restore the livelihood economy.

The city submitted a supplementary budget proposal of 13.3353 trillion KRW, an increase of 1.3806 trillion KRW (11.6%) compared to the original budget, to the city council on the 20th.

The city early reflected 330.5 billion KRW from excess local tax revenue, 195.3 billion KRW from additional national funds secured, and 284.6 billion KRW from net surplus funds in this supplementary budget. It also fully reexamined available measures, such as restructuring expenditure by cutting 128 billion KRW from underperforming project budgets, to secure necessary resources.

First, a total of 211.4 billion KRW was allocated to overcome the COVID-19 crisis.

A total of 143.3 billion KRW was allocated for follow-up measures such as extending the 10% cashback for the local currency Incheon e-eum and financial support for small business owners and SMEs. In particular, the Incheon e-eum cashback budget, originally set at 195 billion KRW, was increased by 125.1 billion KRW to a total of 320.1 billion KRW.

Additionally, 421.3 billion KRW was allocated to resolve issues from the 7th local government term and secure future growth engines.

This will be invested in projects such as the support plan for areas surrounding the eco-friendly waste landfill 'Incheon Eco Land,' park and marine waterfront space creation, old downtown revitalization projects including village regeneration, youth support and industrial structure innovation, and the four major Incheon-type New Deal tasks.

Along with this, 175 billion KRW was allocated to ensure citizen safety and improve quality of life by protecting vulnerable groups such as children and the elderly, supporting activity costs for the disabled, and creating a sustainable cultural ecosystem based on online and offline platforms.

The city plans to promptly execute the supplementary budget as soon as it is approved and finalized by the city council next month. Furthermore, additional projects necessary for COVID-19 response will be financially supported using funds and reserves.

Incheon Mayor Park Namchun stated, "We prepared the supplementary budget by proactively planning ways to overcome the COVID-19 crisis early and to boost the local economy in the post-COVID era. Based on this supplementary budget aimed at revitalizing the economy and strengthening the safety net, we will do our best to ensure the local economy recovers quickly and that citizens can feel the effects."

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