Siheung-si Increases Budget by 131.4 Billion Won in 1st Supplementary Budget... 7% Rise Compared to Original Budget

A 2.0093 Trillion KRW Budget Submitted to City Council
250 Billion KRW for Infrastructure, 6.5 Billion KRW Increase for Livelihood Economy

Siheung City in Gyeonggi Province has prepared a supplementary budget plan increasing by over 130 billion KRW.

On the 10th, Siheung City announced that it submitted the '1st Supplementary Budget Plan' amounting to 2.0093 trillion KRW to the city council. This is an increase of 131.4 billion KRW (7%) compared to the original budget of 1.8779 trillion KRW.

Despite the government's fiscal tightening, the city explained that it focused on allocating the related budget promptly to revitalize the local economy, resolve citizen inconveniences, and ensure the planned investment projects proceed without disruption.

The supplementary budget consists of 1.6628 trillion KRW in the general account and 346.5 billion KRW in the special account. The general account, which accounts for 82% of the total budget, was increased by 120.7 billion KRW compared to the original budget. By revenue source, increases were made as follows: 2.4 billion KRW in non-tax revenue, 20 billion KRW in national and provincial subsidies, 49.7 billion KRW in local allocation tax, and 48.6 billion KRW in adjustment grants.

The increased budget is allocated to: 25 billion KRW for infrastructure development, 6.7 billion KRW for securing citizen safety, 6.6 billion KRW for restoring the livelihood economy, 6.9 billion KRW for carbon neutrality and environmental conservation, 2.1 billion KRW for future education support, 4.5 billion KRW for vulnerable groups support, 11.4 billion KRW for veterans and senior citizen support, 2.5 billion KRW for youth, adolescent, and multicultural support, 3.6 billion KRW for child and women support, 12.5 billion KRW for culture, sports, and tourism support, 2.2 billion KRW for health and medical support, and 1.8 billion KRW for agriculture, livestock, and fisheries support.

In particular, to alleviate parking difficulties in the Jeongwang area, the city is simultaneously advancing the construction of Jeongwang 3rd Public Parking Lot and the integrated parking lot at Jeongwang Sports Park. It also plans to sequentially resolve parking issues by purchasing all 13 remaining public parking lots in the Janghyeon Residential District through full acquisition contracts.

Citizen inconveniences raised during the New Year's meeting held in the first quarter, such as tree maintenance, pothole repairs, and improvement of illegal dumping environments, were also reflected in the budget. A budget for a domestic demand stimulation project to revitalize the stagnant local economy was also prepared to promote local commercial districts.

For future urban growth, the city is promoting a drone demonstration city project and reflecting budgets for the construction of the 'Siheung Art Center,' 'Mokgam Eoullim Center-2,' and 'Jeongwang Area Senior Welfare Center,' all scheduled for completion within the year to promote balanced regional development. The 'Yangdalcheon Improvement Project' and 'Sihwa Lake Nightscape Improvement Project' will also be pursued.

The budget plan is expected to be finalized after approval at the city council plenary session on the 25th.

Mayor Lim Byeong-taek of Siheung City said, "Amid the internally and externally turbulent situation, the fiscal outlook of the central government and Gyeonggi Province is not bright, and there is downward pressure on fiscal management. We will do our best to realize an administration that can be a refreshing rain for citizens' lives through efficient budget execution."

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