Changwon Special City Allocates 4.3502 Trillion Won in Supplementary Budget Focused on Revitalizing Livelihoods

Follow-up Measures for Seokdong Water Purification Plant, Focus on Local Bond Repayment and Livelihood-Related Project Expenses

Changwon Special City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam submitted the second supplementary budget proposal amounting to 4.3502 trillion KRW, an increase of 601.1 billion KRW (16.03%) compared to the original budget, to the city council on the 7th, focusing on promoting pending projects related to citizens' lives and improving fiscal soundness.

The general account increased by 551.1 billion KRW (16.87%) to 3.8187 trillion KRW, and the special account increased by 50 billion KRW (10.38%) to 531.5 billion KRW. The expenditure increases by sector were 178.3 billion KRW in social welfare, 95.5 billion KRW in transportation and logistics, and 52.5 billion KRW in the environment, among others.

This supplementary budget transferred 15 billion KRW to the special account for follow-up measures at Seokdong Water Purification Plant, and repaid 34.6 billion KRW of local bonds issued in 2020 to respond to fiscal expenditure demands amid difficult financial conditions due to COVID-19. It was also organized with a focus on laying the foundation for implementing the 8th term mayoral administration’s tasks, supporting socially vulnerable groups, and resolving citizen inconveniences.

Hong Nam-pyo, Mayor of Changwon Special City, said, “In the ongoing economic downturn and high-interest rate environment, we allocated 34.5 billion KRW for local bond repayments for 11 projects, including 2.8 billion KRW for the Seohang District disaster risk improvement project, to reduce the city’s financial burden in this supplementary budget.” He added, “Through sound fiscal management, we will invest the budget in essential areas such as projects directly related to people’s livelihoods and those preparing for Changwon’s future.”

The second supplementary budget proposal for Changwon City will be finalized on October 7 after going through the 118th regular session of the Changwon City Council starting from the 5th.

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