Namwon-si, Assembles 2nd Supplementary Budget of 1.113 Trillion KRW... 4 Billion KRW Increase

Published 25 May.2023 16:02(KST)

Namwon City in Jeonbuk has prepared the 2023 2nd supplementary budget plan amounting to 1.113 trillion KRW and submitted it to the city council on the 25th.

According to the city, the total scale of this 2nd supplementary budget plan for this year is 1.113 trillion KRW, which is 4 billion KRW (0.4%) more than the 1.109 trillion KRW of the 1st supplementary budget this year.

The general account increased by 2.8 billion KRW (0.3%) to 1.0525 trillion KRW, and the special account increased by 1.2 billion KRW (2%) to 60.5 billion KRW.

Namwon Government Office Exterior View <br>[Photo by Namwon City]

Namwon Government Office Exterior View
[Photo by Namwon City]

This supplementary budget plan was urgently prepared to prioritize projects that need to be urgently promoted in the second half of the year among the campaign pledges and major pending projects of the 8th elected administration.

Major campaign projects include ▲14.7 billion KRW for the basic plan of the 1st phase of the Hampau Art Valley project ▲400 million KRW for the smart insect production complex site development project ▲250 million KRW for fostering representative items ▲90 million KRW for foreign student working holiday programs. In the case of the Eastern Region Special Account, three projects were integrated and changed into the Hampau Art Valley development project due to project changes.

For resolving residents' inconveniences and pending projects, the budget includes ▲1.7 billion KRW for management delegation of Namwon public sewage treatment facilities ▲1.6 billion KRW for land acquisition to expand the Namwon Daum Center ▲1 billion KRW for the youth fund ▲1 billion KRW for the hometown love fund ▲100 million KRW for purchasing items for the opening of the Eum Center ▲200 million KRW for the streetlight smart remote control system and road lighting remote inspection system construction project.

Also, in line with the high-interest rate trend, 17 billion KRW of internal reserves from the 1st supplementary budget was allocated to the Integrated Financial Stabilization Fund to strengthen the city’s finances.

Mayor Choi Kyung-sik said, “This 2nd supplementary budget plan was urgently prepared by reflecting the priorities among campaign pledges and pending projects that need to be urgently promoted in the second half of the year. We will do our best to create a Namwon where citizens can feel the changes through resolving inconveniences and the swift promotion of campaign projects.”

This 2nd supplementary budget will be submitted to the 259th regular session of the Namwon City Council starting on the 8th of next month, and after review and approval, it is expected to be finalized on the 29th of next month.