Gyeryong City Sets 2024 Main Budget at 271.4 Billion Won, Up 7.8%

23 Billion Won for Sagye Cultural Experience Center Construction, 23 Billion Won for Gyeryong Station Transfer Center Project, etc.

Gyeryong City, Chungnam Province, announced on the 3rd that it has submitted its 2025 main budget proposal to the city council, amounting to 271.4 billion won, an increase of 19.7 billion won (7.8%) compared to this year.

According to the city, next year's general account budget is set at 238 billion won, up 14.5 billion won (6.5%) from this year's main budget of 223.5 billion won. The special account budget is set at 33.4 billion won, an increase of 5.2 billion won (18.3%) compared to this year's main budget of 28.2 billion won.

Among the general account revenues, intergovernmental transfers are estimated at 176.3 billion won, which is 800 million won less than this year's main budget. This is due to a decrease of 13.6 billion won in local allocation tax, while adjustment grants and national/provincial subsidies increased by 4.4 billion won and 8.3 billion won, respectively.

For self-generated revenues, local taxes are expected to decrease by 1.7 billion won and non-tax revenues by 200 million won, but surplus funds are expected to increase by 2 billion won and transfers by 15.2 billion won, totaling 61.7 billion won, an increase of 15.3 billion won compared to this year.

Major expenditure projects include: 2.3 billion won for the Sakae Cultural Experience Center construction, 2.3 billion won for the Gyeryong Station Transfer Center project, 3.6 billion won for the Eomsa-myeon public parking tower project, 1.5 billion won for disaster risk area improvement, 2.1 billion won for small river maintenance, 2.4 billion won for the Gyeryong City water pipeline double-tracking project, 4.1 billion won for the replacement of old water supply pipes in the northern and Ansan districts of Gyeryong City, 2.9 billion won as a contribution to the Gyeryong Military Culture Festival, and 1.1 billion won to cover deficits in the Gyeryong Love Gift Certificate program.

By sector, social welfare accounts for the largest share at 78 billion won (28.8%), followed by other sectors at 43.9 billion won (16.2%), environment at 43.9 billion won (16.2%), transportation and logistics at 21.4 billion won (7.9%), culture and tourism at 21.2 billion won (7.8%), and land and regional development at 18 billion won (6.6%).

Mayor Lee Eungwoo stated, "As the decrease in local allocation tax due to a shortage in national tax revenue is expected to continue next year, we have done our best to ensure fiscal soundness by cutting populist and unnecessary project budgets."

He added, "Despite the challenging fiscal conditions, we will steadfastly pursue key tasks such as revitalizing the local economy, creating a safe community, fostering new growth industries, and establishing a desirable residential environment, to lay the foundation for Gyeryong City's next 100 years."

Meanwhile, Gyeryong City's 2025 main budget proposal is scheduled to be finalized by the city council in December after proposal explanations and deliberation by the Special Committee on Budget and Accounts.

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