Yeongyang-gun Submits 379.3 Billion Won Draft Budget for Next Year to Council

Prioritizing Livelihood Stability and Resident Welfare

Yeongyang-gun, Gyeongbuk Province, has prepared the next year's budget plan amounting to 379.3 billion KRW, prioritizing public stability and resident welfare amid an unprecedented decrease in tax revenue, and submitted it to the county council.

Yeongyang County Office.

The budget for next year is 9 billion KRW (2.32%) less than this year's original budget of 388.3 billion KRW, with the general account at 344.2 billion KRW, down 4.5 billion KRW (1.29%) from this year, and the special account at 35.1 billion KRW, down 4.5 billion KRW (11.36%).

Due to the worsening domestic and international economic conditions, a decrease of 40 billion KRW in revenue compared to this year's budget is expected. To secure the insufficient funds, the county reduced current expenses such as office management costs by 560 million KRW, public operation expenses by 1.3 billion KRW, and domestic travel expenses by 200 million KRW, and cut facility expenses by 6.4 billion KRW. Considering the progress rate, the budget prioritizes the completion of ongoing projects over new projects. Through this expenditure restructuring, funds were secured to strengthen welfare for vulnerable groups by increasing social security benefits by 2.6 billion KRW and to prioritize public stability policies by increasing private capital transfers by 900 million KRW, focusing on key projects through selection and concentration.

The major expenditure budget items by sector in next year's budget are: social welfare at 66.9 billion KRW (+15.29%), industry, small and medium enterprises, and energy at 4.4 billion KRW (+77%), agriculture, forestry, and marine fisheries at 75.2 billion KRW (+3.2%), land and regional development at 34.8 billion KRW (+12%), and transportation and logistics at 21.1 billion KRW (+14%).

County Governor Oh Do-chang stated, “Despite facing a triple crisis of decreasing tax revenue amid ongoing international high interest rates, high inflation, and global economic instability caused by war, we will wisely overcome this fiscal crisis through high-intensity expenditure restructuring and strategic budget formulation and management based on selection and concentration.”

The 2024 original budget submitted to the county council will be finalized after deliberation by the Yeongyang County Council.

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