Yeongdeungpo-gu Allocates 160.9 Billion Won Supplementary Budget... Focus on Restoring Livelihood Economy

Yeongdeungpo-gu Allocates 160.9 Billion KRW in Supplementary Budget... Focused on Reviving the Livelihood Economy and Supporting the Vulnerable

Emphasis on Reviving Livelihood Economy, Supporting Economically Vulnerable, Responding to Population Crisis, and Realizing a Safe City

4.6 Billion KRW for Livelihood Economy Recovery Including Small Business Loans, Senior Job Creation, and Youth Policies

8.1 Billion KRW for Overcoming Low Birthrate, Supporting Senior Centers, and Senior Welfare

Choi Ho-kwon, District Mayor: "We will develop an ecological and cultural city, establish a safe environment against disasters, and strategically develop the city to become a new economic premium city in the southwest area"

Choi Ho-gwon, Yeongdeungpo District Mayor

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that it has prepared a supplementary budget of 160.9 billion KRW, the first of this year, and submitted it to the Yeongdeungpo District Council. This is aimed at revitalizing the livelihood economy affected by the triple high phenomena of high inflation, high interest rates, and high exchange rates, and actively responding to social issues such as low birthrate and aging population.

If passed as originally proposed by the council, this year's budget will increase by 19% compared to the original budget of 845.6 billion KRW, totaling 1.0065 trillion KRW.

The supplementary budget resources were secured through a net surplus of 157.3 billion KRW from last fiscal year's settlement, 19.2 billion KRW in unspent national and city funds, and 8.1 billion KRW in subsidies. A revenue reduction of 23.7 billion KRW due to decreased local tax income was also reflected in the budget.

This supplementary budget focuses on overcoming the livelihood economic crisis by supporting small business owners, responding to the population crisis caused by low birthrate and aging, and realizing a safe Yeongdeungpo free from disasters and accidents.

The district expects this supplementary budget to give momentum to the key projects of the 8th elected administration.

By sector, the budget will be allocated as follows: ▲ 4.6 billion KRW to revitalize the livelihood economy in the era of triple high and strengthen support for the economically vulnerable ▲ 8.1 billion KRW to respond to the population crisis through low birthrate countermeasures and support for a vibrant aging society ▲ 4.1 billion KRW to create an ecological and cultural city harmonizing nature, culture, and life ▲ 2.1 billion KRW to establish a safe environment against disasters and accidents where everyone can live without worry ▲ 1.1 billion KRW to lay the foundation for leading future urban transformation through strategic urban development.

The most notable policy area in the supplementary budget is the livelihood economy recovery and support for the economically vulnerable, with 4.6 billion KRW allocated. To assist small business owners facing management difficulties, the district will expand loans for small and medium enterprises and create convenience facilities for customers and small business owners within traditional markets.

Additionally, efforts will be strengthened to accompany the vulnerable through expanding senior job opportunities and youth support policies.

Next, 8.1 billion KRW will be invested to overcome low birthrate and support a vibrant senior life. Medical procedure costs will be supported for infertile couples regardless of income, and 6.6 billion KRW will be invested to expand infant care fees and childcare facilities to create a "child-friendly Yeongdeungpo."

Furthermore, District Mayor Choi Ho-kwon personally visited all 170 senior centers in the region to directly hear and observe seniors' inconveniences on site, and 1.5 billion KRW will be allocated to improve aging senior center facilities, increase heating and lunch expenses, and revitalize senior center programs.

Following this, 4.1 billion KRW is allocated to create an ecological and cultural city harmonizing nature, culture, and life. By installing street tree green belts, fine dust will be reduced, and urban green spaces will be expanded to create resident rest areas and eco-friendly ecological spaces. Additionally, cultural and artistic infrastructure in daily life will be expanded, supporting residents' cultural and leisure activities through the construction of Daerim 3 retention basin and Yangpyeong-dong comprehensive sports facilities, among others.

Alongside this, 2.1 billion KRW will be invested to establish a safe environment against disasters and accidents where everyone can live without worry. Flood-prone semi-basement houses will be equipped with flood barriers and operable windows, and intelligent CCTV will be expanded to closely monitor safety blind spots.

Finally, 1.1 billion KRW will be invested to lay the foundation for leading future urban transformation through strategic urban development. The plan includes establishing a comprehensive development master plan for the Gyeongbu Line area and development measures for semi-industrial zones, aiming to restore Seoul’s three major downtowns and the status of the "original Gangnam."

The supplementary budget is scheduled to be finalized on the 27th after review at the 1st regular session of the Yeongdeungpo District Council.

District Mayor Choi Ho-kwon stated, "We have prepared the budget focusing on realizing a happy Yeongdeungpo for residents by recovering the livelihood economy and supporting socially and economically vulnerable groups. Once approved by the council, we will promptly execute the budget to revitalize the local economy, which has been further strained by prolonged economic recession and high inflation, and actively respond to various issues to develop Yeongdeungpo into a new economic premium city in the southwest area where jobs, housing, culture, and green spaces coexist."

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