Gimhae City Sets Next Year's Budget at 1.9729 Trillion Won, Up 68.5 Billion Won from This Year

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gimhae City, Gyeongnam Province announced on the 18th that it has prepared a 2022 budget plan amounting to 1,972.9 billion KRW, an increase of 68.5 billion KRW compared to this year, and submitted it to the city council.

Looking at the scale of the budget, the general account increased by 96.2 billion KRW (6.2%) from the previous year to 1,638.5 billion KRW, while the special account decreased by 27.7 billion KRW (7.6%) to 334.4 billion KRW.

The main revenues of the general account include local tax income of 406.5 billion KRW (25%), non-tax revenue of 74 billion KRW (5%), local allocation tax of 269 billion KRW (16%), adjustment grants of 112 billion KRW (7%), and national and provincial subsidies of 685 billion KRW (42%).

Gimhae City explained that local taxes and local allocation taxes, which had decreased over the past two years due to the COVID-19 outbreak, have recovered to a certain level compared to the pre-COVID period, leading to an increase in revenue.

Examining the general account expenditure budget by sector for next year: ▲Social welfare 625.5 billion KRW (38%) ▲Transportation and logistics 159.4 billion KRW (10%) ▲Environment 143 billion KRW (9%) ▲Culture and tourism 124.9 billion KRW (8%) ▲Agriculture, forestry, marine and fisheries 107.3 billion KRW (6%) ▲General public administration 101.2 billion KRW (6%) in order.

Gimhae City plans to issue 60 billion KRW in local bonds in accordance with the phased recovery of daily life, to be invested in major pending projects such as the future car parts advancement project, infrastructure construction for the Small Giant R&D Special Zone, and modernization of the livestock manure public treatment facility.

Mayor Heo Seong-gon stated, "We focused on preparing a budget that allows us to protect vulnerable groups by allocating the largest-ever budget for welfare, jobs, and small business support, and to implement strong policies to recover weakened consumption and stimulate domestic demand."

The budget plan submitted by Gimhae City for next year will be finalized after review and approval at the 241st regular session of the Gimhae City Council, which will be held until the 21st of next month.

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