Namwon-si, 926.6 Billion KRW Budget Plan for Next Year Formulated

Published 24 Nov.2021 14:12(KST)

[Namwon=Asia Economy Honam Reporting Headquarters, Reporter Jeong Young-kwon] Jeonbuk Namwon City (Mayor Lee Hwan-joo) announced on the 24th that it has submitted the next year's budget proposal to the city council to restore the dynamism of the local economy, strengthen the inclusive social safety net, and create a safe living environment.

The total scale of Namwon City's next year's budget proposal is 926.6 billion KRW, which is 1.1% higher than this year's 916.3 billion KRW.

The general account is 853 billion KRW, an increase of 5.8 billion KRW (0.7%), and the special account is 73.6 billion KRW, an increase of 4.4 billion KRW (6.0%).

Local taxes and non-tax revenues, which are self-generated resources, increased by 6.6 billion KRW from this year to 778.5 billion KRW, while national and provincial subsidies decreased by 71 billion KRW to 289.5 billion KRW.

Due to the expansionary fiscal policy in response to the COVID-19 crisis, local allocation tax increased by 75.4 billion KRW from the previous year to 441 billion KRW.

Although the financial conditions are difficult due to the prolonged COVID-19 recession, the city has redistributed the budget focusing on strategic resource allocation through selection and concentration, prioritizing essential core projects such as citizen life stabilization, local economic revitalization projects, and citizen experience-oriented life-close projects to improve citizen satisfaction.

Looking at the resource allocation status by general account sector: ▲Culture and tourism 77.3 billion KRW (9.1%) ▲Social welfare 197.5 billion KRW (23.2%) ▲Agriculture and forestry 194.4 billion KRW (22.8%) ▲Industry, small and medium enterprises, and energy 44.7 billion KRW (5.2%) ▲Transportation and logistics 32.5 billion KRW (3.8%) ▲Land and regional development 61.6 billion KRW (7.3%) were allocated.

By major investment types, first, to support self-sustaining local economic recovery and job creation, 6.6 billion KRW is invested in job creation projects. ▲4.9 billion KRW for public work and new middle-aged career-type job projects ▲1.7 billion KRW for local communities, social enterprises, and other projects, expanding customized employment support according to life cycle characteristics to strengthen the employment safety net.

Second, to respond to low birthrate, aging population, and resolve polarization, a seamless care system for vulnerable groups is established, and life cycle customized support projects are focused on. ▲914 billion KRW for elderly welfare projects such as basic pension and customized elderly care services, and 11.8 billion KRW for childcare support were reflected.

Third, to improve convenience, safety, and health of residents' lives, ▲17.1 billion KRW for comprehensive maintenance projects in flood and wind disaster living zones and disaster risk area maintenance projects to strengthen disaster prevention investment.

Also, to fully respond to fine dust reduction, ▲5 billion KRW for air quality management projects such as emission reduction projects for diesel vehicles ▲support for purchasing electric vehicles and two-wheelers were allocated.

For resident-centered public health medical projects, ▲2.7 billion KRW for national vaccinations, COVID-19 entrusted medical institution vaccinations, etc. were also included.

Mayor Lee Hwan-joo said, “Despite the financial conditions being more difficult than ever, we efficiently organized the budget focusing on local economic recovery and projects that enhance citizen experience and vitality,” and added, “We will concentrate administrative capabilities to ensure that urgent issues promoting regional development, such as expanding welfare budgets for shared prosperity, supporting youth entrepreneurship and employment, and creating various jobs, can be realized quickly.”

Meanwhile, the submitted budget proposal will be reviewed by each standing committee, then by the Budget and Accounts Special Committee from the 8th to the 16th of next month, and finally confirmed at the 3rd plenary session on the 17th of next month.