Gyeongbuk Provincial Council Budget and Accounts Special Committee Reviews Next Year's Revenue and Expenditure Budget Proposal

The plenary session of the Gyeongbuk Provincial Council
[Photo by Gyeongbuk Provincial Council]

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju-cheol In] The Special Committee on Budget and Accounts of the Gyeongbuk Provincial Council announced on the 4th that from the 6th to the 10th, it will review the 2022 revenue and expenditure budget proposals and fund operation plans submitted by the Governor of Gyeongbuk Province and the Superintendent of Gyeongbuk Provincial Office of Education.

According to the Gyeongbuk Provincial Council, the initial budget size for 2022 is 11.2527 trillion KRW for Gyeongbuk Province, an increase of 597.9 billion KRW compared to the previous year's initial budget of 10.6548 trillion KRW.

Among these, the general account is 9.7574 trillion KRW, up 425.4 billion KRW from the previous year, and the special account is 1.4953 trillion KRW, an increase of 172.5 billion KRW. The Gyeongbuk Provincial Office of Education's budget is 5.1162 trillion KRW, an increase of 710.5 billion KRW compared to the previous year's initial budget of 4.4057 trillion KRW.

The next year's budget proposal focuses on revitalizing the local economy through COVID-19 recovery support for livelihoods, expanding regional jobs to resolve employment crises, a major transition to a future-oriented economic structure, and infrastructure construction for regional balanced development. It also emphasizes building a future educational environment by supporting education loss recovery from COVID-19, Green Smart Future Schools, and strengthening student safety.

The budget proposal, after comprehensive review by the Budget and Accounts Committee, will be submitted to the 3rd plenary session on the 13th for final approval.

Choi Byung-jun, Chairman of the Special Committee on Budget and Accounts, stated, “We will boldly reduce or abolish projects that are populist or lack priority and performance, and focus on enhancing the soundness and efficiency of financial management.”

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