Suwon Establishes 'Local Finance Stabilization Task Force' to Counter Revenue Decline from U.S. Tariff Policy

[Suwon Ilbo=Reporter Jung Jun-sung] Suwon Special Municipality has established a 'Local Finance Stabilization Task Force' to proactively respond to the possibility of revenue decline from the impact of U.S. tariff policy.

The task force, headed by First Vice Mayor Kim Hyun-soo, comprises a total of 15 members including officials from relevant city departments such as the Planning and Coordination Director and the Director of Economic Policy, as well as officials from the Suwon Municipal Research Institute. The task force held its first meeting on the 23rd at the First Vice Mayor's office.

The task force will develop concrete response measures in revenue and expenditure sectors. In the revenue sector, it plans to develop practical funding securing methods including △identifying new tax sources for revenue expansion △strengthening the tax base through institutional improvements △expanding collection of overdue taxes.

In the expenditure sector, the task force will establish comprehensive response measures including unavoidable fiscal spending adjustments due to revenue decline and prioritization reviews. It will also develop support measures for export companies, including diversification of supply chains for companies exporting to the United States and financial support.

The city plans to reflect measures established through the Local Finance Stabilization Task Force activities in its future Suwon fiscal operations plan.

First Vice Mayor Kim Hyun-soo stated, "In a situation where damage to the regional economy from tariff policy changes could materialize, we are actively responding to maintain the soundness and sustainability of local finances," and added, "Centered on the task force, we will develop effective measures covering all aspects of revenue and expenditure."