Jindo-gun Finalizes Next Year's Main Budget at 421.9 Billion KRW

Published 20 Dec.2023 13:30(KST)

Difficult Financial Conditions... Strategic Resource Allocation Through Selection and Concentration

Jindo-gun, Jeollanam-do, passed the 2024 main budget at 421.9 billion KRW after cutting 1.5 billion KRW and handling it as internal reserves during the 3rd plenary session of the 292nd regular meeting of the Jindo-gun Council.

Of this, the general account was set at 412.2 billion KRW, down 38.89 billion KRW (8.6%) from the previous year, and the special account was set at 9.7 billion KRW, down 57 million KRW (0.6%).

According to the county on the 20th, due to the slow economic recovery this year, local allocation tax was reduced, and with a bleak tax revenue outlook for next year as well, a strategic budget was formulated focusing on selection and concentration considering the difficult financial conditions.

Jindo-gun Government Office Building Exterior View

Major projects by sector include △Agriculture: 4.02 billion KRW for farmers' public interest allowance support, 3.98 billion KRW for eco-friendly agricultural complex development △Fisheries: 3.57 billion KRW for Mosahang Fishing Village New Deal 300 project, 2.9 billion KRW for fishing village vitality promotion project △Welfare: 18 billion KRW for basic pension, 9.9 billion KRW for livelihood benefits, 7.97 billion KRW for senior job wages.

Additionally, △Disaster: 4.18 billion KRW for Haechang District disaster risk improvement △Urban: 5.32 billion KRW for urban regeneration New Deal project △Energy: 2.37 billion KRW for new and renewable energy convergence support project.

In particular, despite difficult financial conditions, the county increased the social welfare budget for residents and socially vulnerable groups by 400 million KRW from the previous year to 79.9 billion KRW, and the safety budget by 1.9 billion KRW to 12.1 billion KRW, focusing on expanding budgets in areas benefiting many residents to eliminate welfare blind spots and realize a safer Jindo.

On the other hand, local subsidies were cut by 600 million KRW from 17.4 billion KRW last year to 16.8 billion KRW, implementing high-intensity structural adjustments by boldly reducing inefficient budgets.

Rather than simply increasing the size of the main budget, emphasis was placed on efficient budget formulation to achieve a twofold effect of increasing interest income through flexible treasury management of remaining funds by considering project implementation timing and improving financial execution rates.

A county official said, “Jindo-gun has achieved securing 114.2 billion KRW in national and provincial funds, three times the average of the past eight years, by being selected for the Jeonnam-type Balanced Development 300 Project worth 30 billion KRW and the Humanities Healing Tourism Route Landmark Project worth 15.8 billion KRW, which are central government public projects. To proactively respond to securing national funds for 2025, we plan to hold a report meeting on discovering projects for national treasury support on the 26th.”