Sacheon-si Prepares 903.4 Billion KRW Budget for Next Year... Focus on Investment and Public Welfare Stability

Sacheon City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sacheon City, Gyeongnam Province, announced on the 4th that it has prepared the initial budget for next year at 903.4 billion KRW, an increase of 78.3 billion KRW (9.49%) compared to this year, and submitted it to the city council.

The initial budget proposal for Sacheon City in 2023 is 903.36451 billion KRW, which is 78.29564 billion KRW (9.49%) higher than the initial budget of 825.06887 billion KRW in 2022.

The general account increased by 68.95578 billion KRW (9.01%) to 833.88046 billion KRW, and the special account increased by 9.33986 billion KRW (15.53%) to 69.48404 billion KRW.

By function, the budget includes approximately 51.3 billion KRW for general public administration, 28.5 billion KRW for public order and safety, 9.1 billion KRW for education, 50.5 billion KRW for culture and tourism, 96.6 billion KRW for environment, 239.6 billion KRW for social welfare, and 18.9 billion KRW for health.

Additionally, it allocates about 111.3 billion KRW for agriculture, forestry, and marine fisheries; 10.8 billion KRW for industry, small and medium enterprises, and energy; 45.9 billion KRW for transportation and logistics; 131.7 billion KRW for land and regional development; 9.7 billion KRW for contingency funds; and 98.7 billion KRW for others.

Mayor Park Dong-sik explained that the budget was prepared focusing on key core tasks for 2023, including ▲restoring the livelihood economy for citizens' happiness ▲creating a new ecosystem as an aerospace hub city ▲building a social safety net for a warm society ▲overcoming low birthrate and aging ▲and nurturing future talents to strengthen competitiveness.

The city prepared the initial budget for 2023 with an emphasis on continuing major pending projects and large-scale projects to realize ‘daily recovery’ and ‘a new start, happy city Sacheon’ through restoring livelihood stability and revitalizing the local economy.

In particular, this budget proposal is the first initial budget drawing the blueprint for the 8th elected administration and aligns with the six policy directions of President Yoon Seok-yeol’s ‘Space Economy Roadmap’ announced on November 28.

To secure a leading position as a genuine aerospace hub city, including the early establishment of the Space Aviation Agency, the budget includes 25.5 billion KRW for the Yongsang Aviation MRO General Industrial Complex, 4.6 billion KRW for the Gyeongnam Aerospace Industry Youth Talent Recruitment Support Project, and 10 billion KRW for the Sacheon General Industrial Complex Regeneration Project.

Furthermore, to build the Space Aviation Agency and create an aerospace cluster, which is expected to require a budget of over 100 billion KRW, 10 billion KRW was allocated to the Integrated Fiscal Stabilization Fund. The integrated fiscal stabilization fund, which has accumulated 40 billion KRW until this year, will increase to a total of 50 billion KRW.

As measures for livelihood stability and local economic revitalization, the budget includes 1 billion KRW for installing sculptures and photo zones harmonized with Silan Sunset, about 4.2 billion KRW for planned contest-type regional tourism development, 1.7 billion KRW for the Sacheon Airshow, and about 1.2 billion KRW for the development of the New Capital tourist site. In January next year, local love gift certificates worth 10 billion KRW will also be issued.

Mayor Park said, “We focused on value investment to create ‘Happy City Sacheon’ that supports socially vulnerable groups and concentrated investment in key industries that will drive future growth,” adding, “We will make this year the first year of a new leap as an aerospace industry and marine tourism city.”

He added, “Despite the global economic downturn caused by high oil prices, high interest rates, and high exchange rates, we have made every effort to secure national and provincial budgets actively and prepared the initial budget without issuing additional local bonds.”

The 2023 budget proposal for Sacheon City is scheduled to be approved and finalized by the city council on the 20th.

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