Mayor Im Byeong-taek vows to 'breathe vitality into stagnant local economy'
Siheung City submitted a supplementary budget of 1.95 trillion won ($1.29 billion) to the Siheung City Council on Monday — the first supplementary budget drawn up under the city's ninth elected administration, led by Mayor Im Byeong-taek.
The second supplementary budget for the year is 99.2 billion won, or 5.4 percent, larger than the first supplementary budget of 1.85 trillion won. It is divided into a general account of 1.71 trillion won and a special account of 234.6 billion won.
The city said it focused the budget on reviving the livelihoods of residents struggling under what it called the "triple burden" of high interest rates, high prices and high oil prices, while also strengthening welfare support for vulnerable groups and protecting public safety.
Key spending items include a 44.1 billion won high oil-price victim support fund, 10 billion won in parental allowances, 6.1 billion won to subsidize public transit fares, 5.2 billion won in fuel subsidies for the transportation industry, and 2.4 billion won for in-home long-term care benefits for the elderly. The city said the allocations are aimed at reviving the local economy and building a welfare safety net.
To bolster public safety, the budget also sets aside 900 million won to install automatic flood-blocking systems at flood-prone waterways, 400 million won to create safer school commute routes, and 100 million won to expand disaster warning and alert facilities.
"I will work closely with the city council to ensure this supplementary budget — drawn up under difficult fiscal conditions — serves as a catalyst that breathes vitality into the stagnant local economy," Im said.
Meanwhile, the supplementary budget is set to be finalized after deliberation and a vote at the 337th Siheung City Council extraordinary session, scheduled for Tuesday, July 21.
pjh@heraldcorp.com
