Gyeonggi Province Compiles Second Supplementary Budget of 628.2 Billion Won

[Suwon Ilbo=Reporter Park Noh-hoon] Gyeonggi Province submitted a second supplementary budget proposal totaling 35.6708 trillion won on the 8th to the Provincial Assembly for regional economic revitalization, social overhead capital, and residents' welfare projects. This represents an increase of 628.2 billion won compared to the first supplementary budget.

The supplementary budget will be reviewed at the 363rd extraordinary session of the Gyeonggi Province Assembly, which will be held from the 20th through next month's 7th.

Ryu In-kwon, director of the Planning and Coordination Office of Gyeonggi Province, held a press conference at the Gyeonggi Province Government Building on the 8th and stated, "We are submitting the 2022 second supplementary budget proposal to the Gyeonggi Province Assembly on the 8th, focusing on expanded local currency issuance support, regional economic revitalization through support for semiconductor suppliers and parts companies, expansion of long-pending road projects, improvement of local rivers to prevent flood damage, and support for infant childcare expenses," explaining details of the budget proposal.

The second supplementary budget is 35.6708 trillion won, an increase of 628.2 billion won from the first supplementary budget of 35.0426 trillion won, with an increase of 566.6 billion won in the general account and 61.6 billion won in special accounts.

The province initially considered a reduction supplementary budget as local tax revenue decreased by 1.6182 trillion won due to the prolonged real estate transaction cliff. However, to overcome economic difficulties and support livelihoods, it was able to increase the budget compared to the first supplementary through expenditure restructuring of 264.7 billion won and utilization of 900 billion won from the integrated fiscal stabilization fund, according to officials.

This supplementary budget was compiled with focus on ▲regional economic revitalization ▲expansion of social overhead capital including roads and rivers ▲improvement of residents' welfare ▲response to COVID-19.

Specifically, to overcome economic crisis caused by continued interest rate hikes and economic recession, 73.6 billion won was allocated to regional economic revitalization. ▲Support for expanded local currency issuance of 38.5 billion won ▲Gyeonggi Credit Guarantee Foundation contributions of 11.4 billion won ▲Construction of semiconductor suppliers and parts test bed for essential technology of 2.3 billion won were each allocated.

Second, 93.2 billion won was reflected in social overhead capital in the road and river sectors. ▲Road expansion projects in long-pending areas such as Hwado-Unsu section in Namyangju and Bulhyeon-Sinjang section in Anseong totaling 66.3 billion won ▲Local river maintenance and improvement projects for flood-prone areas such as Heukcheon in Yangpyeong and Dongmun-cheon in Paju totaling 13.5 billion won ▲Installation of unmanned traffic violation detection equipment totaling 3.1 billion won were each allocated.

Third, 220 billion won was reflected to improve residents' welfare. ▲Support for Happy Housing construction projects of 44.8 billion won ▲Support for infant childcare expenses of 29.6 billion won ▲Emergency welfare of 21.3 billion won ▲Support for infertile couple treatment expenses of 12.1 billion won were allocated.

Finally, by matching national treasury subsidies and provincial funds, 605.6 billion won was reflected to respond to COVID-19 resurgence. ▲COVID-19 isolation and hospitalization treatment expenses of 303.6 billion won ▲Living support assistance projects of 285.5 billion won were allocated.

Director Ryu In-kwon stated, "In a situation where COVID-19 is resurging and flood damage has occurred, we made maximum efforts to secure funds by wringing out every available resource to stabilize livelihoods and support emergency investment projects," and added, "We will do our best to ensure that the supplementary budget proposal we are submitting becomes helpful to the lives of all residents."