Pyeongtaek City Sets Next Year's Budget at 2.2937 Trillion Won, 2.3% Increase from This Year

Strengthening Support for Small Businesses and SMEs, Job Programs
Customized Welfare Projects for Vulnerable Groups

Pyeongtaek City in Gyeonggi Province announced on the 20th that it has prepared a 2024 budget of 2.2937 trillion won, an increase of 51.7 billion won (2.3%) from this year's 2.242 trillion won.

Of this, the general account is 1.9644 trillion won, up 34.5 billion won (1.79%) from this year, and the special account is 329.3 billion won, up 17.2 billion won (5.5%).

The city explained that it set the basic direction of financial management as selection and concentration to fulfill the necessary financial role amid a difficult fiscal situation expected next year due to a decrease in national and local tax revenues.

A city official said, "We focused on stabilizing the livelihood economy, which continues to face difficulties due to worsening domestic and international economic conditions and high inflation and interest rates," adding, "We strengthened support for small business owners and SMEs, job projects, and focused on enhancing the social safety net through customized welfare support projects for vulnerable groups."

The main revenue sources of the general account are local taxes and non-tax revenues of 855.4 billion won, and local allocation tax and adjustment grants of 252 billion won, with autonomous revenue decreasing by 88.2 billion won compared to the previous year. National and provincial subsidies amount to 777.8 billion won.

General account expenditures increased by 8.3% compared to this year's 999.8 billion won, with 881.1 billion won for self-funded projects and 1.083 trillion won for national and provincial subsidy projects. The city explained that this is due to the full-scale promotion of large-scale investment projects such as the Peace Arts Center and the expansion of social welfare projects.

Next year's general account by sector is as follows: ▲Social welfare 810.7 billion won ▲Environment 176.2 billion won ▲Transportation and logistics 172.2 billion won ▲Agriculture, forestry, marine, and fisheries 147.1 billion won ▲Culture and tourism 111.6 billion won ▲General public administration 94.5 billion won ▲Land and regional development 88.6 billion won ▲Industry, SMEs, and energy 41.3 billion won ▲Health 33.9 billion won ▲Public order and safety 33.5 billion won ▲Education 26.7 billion won.

The budget bill prepared by the city for next year is scheduled to be finalized at the city council plenary session on the 18th of next month.

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