Yeosu-si Submits 1.4577 Trillion Won Budget Proposal for Next Year to Council

987 Billion KRW Decrease Compared to This Year's Original Budget

Tight Budget Formulated Due to Expected Decline in Revenue Conditions

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced that it has prepared the 2024 budget proposal totaling 1.4577 trillion KRW and submitted it to the Yeosu City Council on the 21st.

This is a decrease of 98.7 billion KRW (6.3%) compared to this year's main budget of 1.5564 trillion KRW. The general account decreased by 61.4 billion KRW from 1.3979 trillion KRW this year to 1.3365 trillion KRW, and the special account decreased by 37.3 billion KRW from 158.5 billion KRW to 121.2 billion KRW.

[Photo by Yeosu City]

This budget tightening was inevitable due to the anticipated deterioration of revenue conditions, such as a decrease in local allocation tax and local tax revenue caused by domestic and international economic downturns and a slowdown in the asset market.

So far, Yeosu City has made efforts to efficiently prepare the 2024 budget by considering the financial conditions for the next year, reviewing the priority of projects by department, prioritizing facility expenses that can be executed within the year, reducing current expenses, postponing new projects, and strengthening the review of local subsidies.

Accordingly, the budget for next year was prepared focusing on regional pending projects such as preparations for the 2026 Yeosu World Islands Expo, key projects of the 8th mayoral term, and the completion of 2024 projects. The city plans to steadily promote urgent issues and core city projects.

In addition, the budget actively includes citizen-centered projects to improve living conditions, protect socially vulnerable groups, recover the local economy, and strengthen the social safety net, aiming to stabilize citizens' lives.

The general account expenditure budget consists of 500.5 billion KRW for national and provincial subsidy projects and 836 billion KRW for city-funded projects.

By sector, the social welfare budget, which increased by 3% compared to the previous year, accounts for the largest portion at 500.4 billion KRW (37.4%), followed by transportation and logistics at 113.9 billion KRW (8.5%), and agriculture, forestry, marine, and fisheries at 106.7 billion KRW (8.0%).

Looking at the budget by major projects, first, to prepare for the successful hosting of the 2026 Yeosu World Islands Expo, the following were allocated: ▲ 1.29 billion KRW for the foundation donation to the 2026 Yeosu World Islands Expo Organizing Committee ▲ 7.89 billion KRW for the development of Gaedo rural tourism and leisure complex ▲ 400 million KRW for the 365 Islands unique photo zone project ▲ 800 million KRW for resource development of Gaedo theme park in Hwajeong-myeon ▲ 230 million KRW for the installation of the Expo character Dasumyi sculpture.

As key projects of the 8th mayoral term, the budget includes ▲ 280 million KRW for the construction of the Yeosun Incident Promotion Hall ▲ 2.45 billion KRW for building energy self-sufficiency infrastructure in Yeosu Industrial Complex ▲ 800 million KRW for establishing public Wi-Fi throughout Yeosu City ▲ 4.8 billion KRW for creating the Saenggakium Experience Playground (Ungcheon, Dolsan) ▲ 1.5 billion KRW for the regeneration project of Yeosu Ocheon General Industrial Complex ▲ 1.42 billion KRW for free bus transportation support for seniors.

For citizen-centered living condition improvement projects, the budget includes ▲ 5.15 billion KRW for childbirth encouragement subsidies ▲ 700 million KRW for interest support on housing lease loans for newlyweds ▲ 1.2 billion KRW for the construction of the City Hall Media Center ▲ 1.3 billion KRW for the construction of the Yeosu Seonso Theme Video Exhibition Hall ▲ 2.3 billion KRW for urban gas supply pipelines and LPG facilities in island villages ▲ 970 million KRW for the complexification of children’s libraries as part of living SOC ▲ 3.3 billion KRW for the Hanryeo District urban regeneration New Deal project ▲ 2.4 billion KRW for the creation of Gwan-gi Reservoir Ecological Park.

For projects protecting socially vulnerable groups, recovering the local economy, and strengthening the social safety net, the budget includes ▲ 1 billion KRW for the creation of a barrier-free tourism city in Yeosu ▲ 2.4 billion KRW for support for Korean War and Vietnam War veterans ▲ 2.6 billion KRW for senior social activity support projects ▲ 3.3 billion KRW for the consignment operation of the transportation disadvantaged mobility support center ▲ 3.55 billion KRW for compensation of general discounts on Yeosu Love Gift Certificates ▲ 1 billion KRW for interest difference compensation for small business support ▲ 1.1 billion KRW for the installation of security CCTV for citizen safety ▲ 400 million KRW for citizen safety insurance support ▲ 1.16 billion KRW for operating safety guardians on school routes.

Mayor Jeong Gi-myeong of Yeosu said, “The 2024 budget proposal was focused on essential projects to revitalize the local economy and improve citizens’ quality of life and happiness despite the government’s fiscal tightening policy and economic downturn. We will promptly implement projects so that citizens can feel the effects once the main budget is finalized through continuous cooperation with the City Council.”

Meanwhile, the Yeosu City budget proposal is expected to be finalized around December 18 after review by the City Council’s standing committees and the Budget and Accounts Special Committee starting December 5.

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

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