Daejeon City Allocates 332 Billion KRW in First Supplementary Budget This Year... "Focusing on Revitalizing the Local Economy"

Daejeon City has prepared its first supplementary budget for this year and submitted it to the Daejeon City Council.

According to Daejeon City on the 18th, the supplementary budget amounts to 332 billion KRW, and if it passes the Daejeon City Council as is, the total budget for this year will increase by 5.1% to 6.8937 trillion KRW compared to the original budget.

The funding sources include 73.5 billion KRW from non-tax revenue, 68.8 billion KRW from local allocation tax as transfer income, 31.4 billion KRW from national subsidies, and 118.2 billion KRW from the net surplus of last fiscal year's settlement.

The supplementary budget was formulated with a focus on fulfilling campaign pledges, supporting small business owners and self-employed individuals, aiding socially vulnerable groups, and supporting youth policies to revitalize the local economy. The budget allocated to these items amounts to 149.3 billion KRW, which is 45% of the supplementary budget.

Daejeon City first allocated a total of 15.1 billion KRW to promote the 8th term of the elected mayor's campaign projects, including ▲feasibility study and architectural planning for the construction of the 2nd Municipal Art Museum (1.2 billion KRW) ▲feasibility study and architectural planning for the construction of a dedicated music theater (1.2 billion KRW) ▲Bomunsan Observatory creation project (6.2 billion KRW) ▲Patriotic Veterans Park creation (400 million KRW) ▲free transportation support for seniors (3.2 billion KRW) ▲private kindergarten early childhood education expenses (700 million KRW) ▲Norubeol Provincial Garden project (600 million KRW).

For supporting small business owners and self-employed individuals, the budget includes ▲special guarantee for low-interest refinancing loans for small business owners (4.7 billion KRW) ▲modernization projects for traditional markets and shopping districts (600 million KRW) ▲support for convenience facility creation in Jungang Market (200 million KRW) ▲issuance and operation of local love gift certificates (29.1 billion KRW).

For youth policy projects, the budget allocates funds for ▲construction of Shintanjin and Nangwol Dagaon (7.1 billion KRW) ▲temporary special support for youth monthly rent (2.2 billion KRW) ▲youth purchase rental housing project (8.9 billion KRW).

Other current projects included in the supplementary budget are ▲Daejeon Research Industry Promotion Complex development project (1.2 billion KRW) ▲additional development of Daejeon Technopark (2.9 billion KRW) ▲support for defense company demonstration (1.5 billion KRW) ▲Pyeongchon General Industrial Complex development project (4.5 billion KRW) ▲promotion of redevelopment around Daejeon Station area (22.8 billion KRW) ▲basic and detailed design costs for construction of Sikjangsan Station on Daejeon Urban Railway Line 1 (1 billion KRW) ▲Republic of Korea Balanced Development Expo (900 million KRW) ▲construction of the March 8 Democratic Movement Memorial Hall (5 billion KRW).

Park Yeon-byeong, Director of Planning and Coordination at Daejeon City, said, “The supplementary budget was formulated with a focus on revitalizing the local economy by protecting vulnerable groups exposed to the economic recession, such as through campaign projects, support for small business owners and self-employed individuals, protection of socially vulnerable groups, and youth support.”

Meanwhile, the supplementary budget will be reviewed at the ‘271st regular session’ of the Daejeon City Council starting on the 1st of next month and is expected to be finalized on the 23rd of next month.

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