Incheon City Supplementary Budget Increased by 5.7% Compared to Original Budget... Support for Jeonse Fraud Victims, etc.

Incheon City announced on the 27th that it has urgently prepared the first supplementary budget for this year to address urgent livelihood issues, including emergency support for victims of jeonse fraud, and to promote balanced urban development.

The supplementary budget amounts to 14.7119 trillion won, an increase of 796.2 billion won (5.7%) from the original budget of 13.9157 trillion won.

The city first allocated 348.1 billion won to the Citizen Safety and Security Project. This includes 6 billion won for emergency support for victims of jeonse fraud and 53.5 billion won for the purchase and rental business of 900 public rental housing units for youth and newlyweds.

Additionally, 33.9 billion won was allocated to activate the Incheon Love Gift Certificate to increase sales for small business owners, 32 billion won for making Incheon a better place to raise children, 15.2 billion won to improve residential conditions for island residents, and 44.7 billion won for strengthening citizen safety, including the construction of new fireboats.

The budget for financial support of the city bus quasi-public system was increased by 81.6 billion won, raising the total from the original 200 billion won to 281.6 billion won. Furthermore, 3 billion won was additionally secured for integrated metropolitan area transfer discounts, reflecting a total of 110.2 billion won in support for stabilizing citizens' livelihoods.

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The city also allocated 448.1 billion won for promoting balanced urban development.

As a core pledge of Mayor Yoo Jeong-bok of Incheon in the 8th term and the starting point for balanced development of the old downtown, 103.5 billion won will be invested in the 'Jemulpo Renaissance' project.

As a priming project, 55.1 billion won was allocated for creating the Sangsang Platform cultural complex space, 800 million won for opening the Inner Port 1st and 8th piers, and 36.5 billion won for the comprehensive development project in the Dongincheon area.

The Jemulpo Renaissance project aims to transform Incheon Inner Port (formerly Jemulpo), which led Korea’s modernization, and the surrounding old downtown into a city integrating culture, tourism, and industry.

Plans include investing 78 billion won in transportation network construction such as the coastal road between Hwangcheong and Inhwa in Ganghwa, 47.1 billion won to support future industry development including blockchain and artificial intelligence (AI)-based commercialization support, and 126.9 billion won to expand urban infrastructure such as the entrance road construction for the Aam Logistics Complex.

The city plans to cover the funds required for the supplementary budget without issuing additional local bonds, by using 216.5 billion won from non-tax revenue, 199.9 billion won from general grants, and 156.1 billion won from national subsidies.

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