Yeongdeungpo-gu, 2024 Budget Plan of 893.5 Billion Won... Focus on Accompanying the Vulnerable

Increase of 64.2 Billion KRW Compared to 2023... General Account 870 Billion KRW, Special Account 23.5 Billion KRW
Hope, Happiness, Future Budget Formed, Focused Investment by Sector... 257.8 Billion KRW Allocated to Support the Vulnerable
Yeongdeungpo-gu Council Review, Final Approval by Full Council Scheduled for December 21

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that it has prepared a 2024 budget of 893.5 billion KRW (general account 870 billion KRW, special account 23.5 billion KRW), an increase of 64.2 billion KRW (7.7%) compared to the previous year, and submitted it to the district council.

The next year’s budget is the second main budget of the 8th elected administration aimed at realizing the district government goal of “Hope, Happiness, Future City Yeongdeungpo.” The district will make focused investments by sector aligned with the district government goals, divided into ▲Strengthening welfare for the vulnerable for warm companionship (Hope Budget) ▲Creating a special district of happiness for residents through life-centered administration such as safety and green spaces (Happiness Budget) ▲Future investment for nurturing future talents and sustainable growth (Future Budget).

First, the “Hope Budget” will build a stronger social safety net for economically vulnerable groups who are going through a more difficult time than ever due to high inflation and high interest rates.

The district has allocated 199.4 billion KRW, an increase of 20.2 billion KRW from the previous year, for livelihood benefits and basic pensions to stabilize the livelihoods of low-income groups. It also reflected 3.1 billion KRW for asset-building support projects to help low-income groups escape poverty, providing a solid support system for vulnerable groups despite the difficult economic situation.

In addition, it strengthens the respect for heroes who have devoted themselves to the nation by increasing veterans’ allowances and supporting funeral expenses for veterans. Welfare for the disabled, such as activity support and education for slow learners, is also carefully managed.

At the same time, to provide job welfare that is most helpful during a recession, 20.9 billion KRW is allocated for job projects targeting the elderly and vulnerable groups. Warm ladders for social mobility for youth, such as 4th industrial revolution youth employment education and support for national qualification exam fees, are also supported.

The second “Happiness Budget” allocates 19.5 billion KRW for life-centered administration such as safety and green spaces so that all residents can enjoy a safe and happy daily life.

It invests 3.7 billion KRW in installing CCTV in residential areas and alleys and improving safety infrastructure such as roads and traffic, and allocates 6.7 billion KRW for climate change response, including expanding subscription to flood and windstorm insurance and creating villages free from such disasters. Through this, it focuses on proactively responding to indiscriminate crimes and creating a climate-safe city without disasters.

Additionally, 5 billion KRW is reflected to raise the residents’ happiness index by expanding cultural infrastructure utilizing local resources, such as hosting waterfront culture festivals and establishing living culture centers, as well as revitalizing community sports by attracting national park golf tournaments.

Lastly, the “Future Budget” focuses 29.2 billion KRW on nurturing creative talents leading Yeongdeungpo’s tomorrow and investing in future infrastructure for sustainable growth.

It allocates 1.2 billion KRW for operating the Future Education Foundation scheduled to launch in 2024 and 1.7 billion KRW for revitalizing the science education ecosystem, including science culture vouchers, empowering innovative talent development to lead Yeongdeungpo’s future in the 4th industrial era.

It also allocates 1.3 billion KRW for customized urban development support such as reconstruction and redevelopment to accelerate the leap to a high-quality future city where everyone wants to live.

The 2024 budget proposal will be finalized after review by the Yeongdeungpo District Council for 15 days from December 6 to 20 and approval at the plenary session on December 21.

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, said, “Despite difficult financial conditions due to the economic downturn, we have evenly distributed financial demands to necessary areas such as strengthening welfare for the vulnerable, enhancing residents’ happiness, and preparing for a future city. In particular, this budget allocates the largest portion to welfare for the vulnerable. We will prioritize social minorities and carry out district administration that empowers residents, especially in difficult times.”

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