Suncheon City 2nd Supplementary Budget 179 Billion Won, Total Budget 1.5865 Trillion Won

Maintaining Sound Fiscal Policy, Budgeted Without Local Bonds for 2 Consecutive Years

Focusing on Livelihood Economy and Future Strategic Industries

Suncheon City, Jeollanam-do (Mayor Noh Gwan-gyu) has prepared a second supplementary budget totaling 1.5865 trillion KRW, an increase of 179 billion KRW (12.7%) from the first supplementary budget of 1.4075 trillion KRW, and submitted it to the Suncheon City Council on the 11th to revitalize people's livelihoods and secure future growth engines.

The city aligned with the government's sound fiscal policy amid unstable economic conditions and decreased national tax revenues, focusing on urban space, new growth industries, economy, and agriculture to strengthen urban competitiveness, while prioritizing budget allocation for livelihood stabilization through expanded health and welfare.

[Photo by Suncheon City]

The 2023 main budget of 1.393 trillion KRW was tightened with the lowest growth rate ever at 1.24% compared to the previous year, and the second supplementary budget was prepared using the net surplus generated through sound fiscal management as the main resource, securing special grants, adjustment grants, and national and provincial subsidies.

By sector, the budget includes ▲875 billion KRW for balanced development and urban space maintenance ▲30.5 billion KRW for new growth industries such as digital economy, culture, tourism, and sports ▲14.7 billion KRW for realizing a Suncheon-style first-class welfare and health city based on inclusion, sharing, and consideration ▲18.3 billion KRW for sustainable agricultural revitalization.

Key items include securing 30 billion KRW from the city’s own funds for land acquisition to create buffer green spaces, which was initially planned to be funded through local bond issuance, as well as reflecting infrastructure maintenance such as ▲13.9 billion KRW for bridge reconstruction and ecological street creation ▲3.5 billion KRW for urban regeneration projects ▲3.1 billion KRW for youth 100-won bus and bus transport financial support ▲2 billion KRW for cadastral readjustment project adjustment funds.

For new growth industry foundations such as digital economy, culture, and sports, the budget includes ▲8.9 billion KRW for local love gift certificate issuance support ▲7.7 billion KRW for the construction of the Eoulim Sports Center ▲3.4 billion KRW for the construction of Ocheon and Shindae libraries ▲2 billion KRW for the construction of a bio-conversion bio-specialized knowledge industry center ▲1.5 billion KRW for electric and freight vehicle distribution projects ▲1.1 billion KRW for early retirement support of old diesel vehicles ▲500 million KRW for the creation of an animation cluster.

For Suncheon-style first-class welfare and health, the budget includes ▲1 billion KRW for operating a zero-year-old child safety class ▲500 million KRW for postpartum care costs ▲300 million KRW for shingles support.

For agriculture, which has high resident benefit, the budget includes ▲1 billion KRW for fertilizer price stabilization support ▲1 billion KRW for renovation of livestock manure joint resource facilities ▲500 million KRW for agricultural product export promotion support ▲400 million KRW for excellent agricultural product packaging and delivery cost support ▲200 million KRW for fostering high-income strategic crops, thereby increasing resident satisfaction.

Mayor Noh Gwan-gyu of Suncheon said, “According to recent government announcements, local allocation tax, including next year’s government budget, is expected to be drastically reduced, making strong sound fiscal management inevitable for our city. For two consecutive years, including last year, we have prepared the budget without issuing local bonds, which is the result of efficient budget allocation through selection and concentration. This supplementary budget also eliminated unnecessary expenses and focused on livelihood economy and future strategic projects.”

The second supplementary budget will be finalized on the 31st after deliberation and resolution at the 270th temporary session of the Suncheon City Council, which opens on the 19th.

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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