Daejeon City Forms First Supplementary Budget of 372.9 Billion Won This Year... 5.7% Increase

Focus on Supporting Small Business Owners and Socially Vulnerable Groups Facing Difficulties Due to Economic Recession

Daejeon City has prepared its first supplementary budget bill of the year and submitted it to the Daejeon City Council. / Daejeon=Photo by Park Jong-myeong

Daejeon City announced that it has prepared the first supplementary budget of the year amounting to 372.9 billion KRW and submitted it to the Daejeon City Council.

This supplementary budget is 6.9059 trillion KRW, which is a 5.7% increase compared to the 2024 main budget, with the general account increasing by 309.7 billion KRW and the special account by 63.2 billion KRW.

The funding sources include 52.8 billion KRW from non-tax revenue, 85.2 billion KRW from local allocation tax as transfer income, 25.1 billion KRW from national subsidies, and 113.8 billion KRW from the net surplus of last fiscal year's settlement.

The city plans to invest in SOC (social overhead capital) projects related to culture, sports, industry, and small and medium enterprises linked to support for small business owners, socially vulnerable groups, youth, the 8th term mayor’s pledges, and 100 major tasks to revitalize the local economy.

Additionally, to invigorate the sluggish local construction market, resources will be concentrated on SOC projects linked to the 8th term mayor’s pledges and 100 major tasks in the fields of culture, sports, and transportation.

Major projects include △720 billion KRW for the creation of Baseball Dream Park △19.3 billion KRW for the purchase of the former Daejeon Prefectural Office building △5 billion KRW for the second phase of the Anyoung Sports Facility Complex △4.8 billion KRW for the purchase and relocation of the Daejeon Tourism Corporation’s old downtown office △4.8 billion KRW for the construction of Bomunsan Observatory △4.6 billion KRW for the construction of the 2nd Municipal Library △3.6 billion KRW for remodeling the 2nd Daejeon Literature Museum.

Also included are △3.1 billion KRW for nightscape projects such as Taepyeonggyo Bridge △2 billion KRW for the construction of sports facilities in Dong-gu △1.9 billion KRW for the creation of a convergence special video content cluster △1 billion KRW for the construction of a citizen safety experience center △1 billion KRW for a pilot project of a new transportation system (trackless tram) △900 million KRW for the construction of the Daejeon Social Welfare Center △800 million KRW for the establishment of the Daejeon Learning Power Plant △700 million KRW for the establishment of an urban convergence special zone implementation plan.

Furthermore, for business support such as startups, the budget includes △7 billion KRW for the establishment of a Startup Park (anchor building) △1.6 billion KRW for local relocation investment subsidies △300 million KRW for the establishment and operation of Daejeon Investment Finance Co., Ltd.

Han Chi-heum, Director of Planning and Coordination at Daejeon City, said, “This supplementary budget was prepared earlier than usual with a focus on overcoming the difficulties of the local economy through financial support,” adding, “Once the budget is finalized, we will promptly execute it to help revitalize the local economy and support small business owners and socially vulnerable groups.”

The supplementary budget will be reviewed and approved at the 277th extraordinary session of the Daejeon City Council starting on the 30th and is expected to be finalized on May 10.

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