Gyeonggi-do, 628.2 Billion KRW Second Supplementary Budget Formulation

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has submitted the second supplementary budget proposal totaling 35.6708 trillion won, increased by 628.2 billion won, to the Gyeonggi Provincial Council.

Gyeonggi Province announced on the 8th that it prepared the second supplementary budget, increased by 628.2 billion won from the first supplementary budget, including 566.6 billion won in the general account and 61.6 billion won in the special account, focusing on ▲ revitalizing the local economy ▲ expanding social overhead capital such as roads and rivers ▲ improving residents' welfare ▲ responding to COVID-19, and submitted it to the Provincial Council.

To prepare this supplementary budget, the province explained that it secured 900 billion won from the Integrated Fiscal Stabilization Fund amid a 1.6182 trillion won decrease in local tax revenue due to the real estate transaction freeze, and added national subsidies (509.3 billion won), net surplus funds (252 billion won), and non-tax revenue such as provincial government refunds (233.6 billion won) to prepare the second supplementary budget proposal.

Looking at the budget allocation for the supplementary budget, 38.5 billion won was allocated for expanding local currency issuance to revitalize the local economy, 11.4 billion won for contributions to the Gyeonggi Credit Guarantee Foundation to support low-interest refinancing for small business owners, and 2.3 billion won for establishing a semiconductor materials, parts, and equipment core technology testbed.

Regarding the expansion of social overhead capital, 66.3 billion won will be invested in expanding and paving long-unexecuted roads, 13.5 billion won for maintenance and improvement of local rivers, and 3.1 billion won for installing unmanned traffic enforcement equipment.

To improve residents' welfare, 44.8 billion won was allocated for supporting the Happy Housing construction project, 29.6 billion won for infant and toddler childcare support, 21.3 billion won for emergency welfare, and 12.1 billion won for supporting infertility treatment costs for couples.

To prevent the resurgence of COVID-19, 303.6 billion won for isolation inpatient treatment costs and 285.5 billion won for living support expenses were also reflected.

Ryu In-kwon, Director of Planning and Coordination at the province, emphasized, "In a situation where COVID-19 is resurging and floods have struck, we have made every effort to secure resources as much as possible like wringing out a dry towel to stabilize people's livelihoods and support urgent investment projects," adding, "We will do our best to ensure that the supplementary budget proposal submitted this time helps the lives of our residents."

The second supplementary budget proposal will be reviewed at the Provincial Council's extraordinary session held from the 20th of this month to the 7th of next month.

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