Pohang City Submits 240 Billion KRW Second Supplementary Budget Proposal to Council

Second Half Execution Target Projects Focus on Citizen Safety, Future Food Sources, and Expenditure Structure Adjustment

Originally Serving as a Stepping Stone to Faithfully Support Projects, Expecting Smooth City Administration Progress

Pohang City has prepared the 2nd supplementary budget proposal totaling 2.94 trillion KRW, an increase of 240 billion KRW (8.89%) compared to the 1st supplementary budget of 2.7 trillion KRW in 2023, and submitted it to the city council on the 4th.

Pohang City Hall.

By account, the general account is 2.528 trillion KRW, an increase of 189 billion KRW (8.08%) from the 1st supplementary budget of 2.339 trillion KRW, and the special account is 412 billion KRW, an increase of 51 billion KRW (14.13%) from the 1st supplementary budget of 361 billion KRW.

The general account revenue sources include 65.6 billion KRW in local allocation tax, 27.9 billion KRW in adjustment grants, 15.5 billion KRW in national and provincial subsidies, and 80 billion KRW from compensation income and internal transactions.

This expenditure budget focuses on projects scheduled for execution in the second half of the year, completion of typhoon ‘Hinnamno’ damage recovery projects, citizen safety projects, and future strategic projects. Funds from unexecuted or unexecutable projects were restructured and utilized as resources for new projects.

Key items include budget allocations for timely execution of second-half projects not included in the original budget: 16.4 billion KRW for public transportation financial support, 7.9 billion KRW for operation of Pohang public sewage treatment facilities, 6.3 billion KRW for food waste collection, transportation, and processing, 4.2 billion KRW for public sewage treatment facility usage fees for private investment projects, 3.5 billion KRW for private consignment fees for cleaning districts, and 3 billion KRW for construction of National Road No. 20.

Additionally, to complete typhoon Hinnamno damage recovery and build a city safe from disasters, the budget includes 3.2 billion KRW for small stream disaster recovery and river maintenance additional projects, 5.7 billion KRW for seismic reinforcement of public facilities, 2.1 billion KRW for strengthening industrial complex infrastructure, 1.5 billion KRW for maintenance of disaster-vulnerable unmaintained small streams, and 1 billion KRW for sediment removal in small streams.

Furthermore, to secure growth engines for future strategic projects, the budget reflects 15 billion KRW for the development of Yeongilman 4 General Industrial Complex, 2 billion KRW for smart characteristic-based infrastructure projects, 1.4 billion KRW for the establishment of a public-private cooperative advanced manufacturing incubating center, and 1.4 billion KRW for the construction of a marine biomedical demonstration research center.

Mayor Lee Kang-deok stated, “This supplementary budget is a stepping stone budget supporting the originally planned projects. Once the budget is approved, we will promptly execute it to ensure that key projects revitalizing the local economy and ensuring citizens’ safety proceed without delay.”

The 2nd supplementary budget will be finalized on the 21st after deliberation and approval at the 306th Pohang City Council extraordinary session starting on the 11th.

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