Boseong-gun Confirms 775.9 Billion Won for the 3rd Supplementary Budget

Published 22 Dec.2023 13:42(KST)

Government Faces Tax Revenue Shortfall, Releases Reserved Cash Reserves

Boseong-gun, Jeollanam-do announced on December 22 that the 2023 3rd supplementary budget was finally confirmed at 775.9 billion KRW through the resolution of the 299th Boseong-gun Council extraordinary session plenary meeting.

This is a decrease of 15.1 billion KRW (1.92%) compared to the previously approved budget of 791 billion KRW. By account, the general account decreased by 15.1 billion KRW to 692.2 billion KRW, and the special account is 83.7 billion KRW.

[Photo by Boseong-gun]

This supplementary budget is the last adjustment budget of the year, focusing on reflecting the revised national and provincial subsidy projects and finalizing the expenditure budget to minimize carryover and unused budgets.

The revenue budget of the general account reflects a reduction of 33.5 billion KRW in local allocation tax granted by the government, while 19 billion KRW out of the 150 billion KRW financial stabilization fund was used to minimize the decrease in fiscal scale caused by the reduced local allocation tax.

The remaining 131 billion KRW of the financial stabilization fund will be used as available resources to prepare for next year’s revenue decrease amid ongoing domestic and international economic uncertainties.

Kim Cheol-woo, the mayor of Boseong-gun, said, “We will actively strive to wisely overcome the local fiscal crisis and grow Boseong-gun into a richer and more livable community.”

Meanwhile, the financial stabilization fund is a kind of savings system where each local government sets aside part of increased revenue as a fund to be used when revenue decreases or during severe local economic downturns.

Boseong-gun’s 2024 main budget increased by 38.4 billion KRW (6.18%) compared to the 2023 main budget of 620.2 billion KRW, recording the highest budget growth rate in Jeollanam-do.