Sejong Special Self-Governing City said on the 7th that it had drawn up a supplementary budget worth 210.2 billion won. It is a supplementary budget plan released seven days after Mayor Cho Sang-ho took office. The plan reflects expansion of the local currency Yeominjeon and support for those hit by high oil prices.
According to Sejong City, the supplementary budget plan totals 210.2 billion won, including 177.7 billion won for the general accounts and 32.5 billion won for the special accounts. The funding will come from 63.1 billion won in national subsidies, 40.0 billion won in local government tax, 31.4 billion won in non-tax revenue, and 28.2 billion won in grant-in-aid (non-earmarked tax), among others.
The projects focus on revitalizing the local economy and strengthening livelihood welfare.
First, the budget for local currency (Yeominjeon) was increased by 10.7 billion won. Sejong City had faced uncertainty over issuing Yeominjeon in the second half due to budget exhaustion, but the supplementary budget secured the capacity to issue Yeominjeon through the end of the year.
A new 41.7 billion won fund was created to compensate citizens and small business owners struggling with high oil prices. Fuel subsidies for transportation operators such as buses, freight, and taxis were also increased by 4.9 billion won. Subsidies for electric vehicle purchases were raised by 780 million won.
Support for youth jobs will also be strengthened. The city allocated 380 million won to the Youth Growth Project. It also newly budgeted 500 million won for a local industry-tailored job support program that helps youth find work in advanced biohealth and future mobility.
Basic livelihood benefits and emergency welfare support for vulnerable groups were increased by 880 million won and 890 million won, respectively. Support for infant and toddler childcare fees was raised by 12.2 billion won, the child allowance by 2.52 billion won, and the parent benefit by 2.55 billion won.
The budget to expand firefighting equipment was increased by 1.7 billion won, and 700 million won was added for emergency recovery from snow damage. To encourage public transit use, 2.3 billion won was added for the E-eung Pass and 1.8 billion won for K-Pass reimbursements.
The supplementary budget plan was submitted to the Sejong City Council. The plan is expected to be approved at a plenary session on the 30th after review by the council's standing committees and the Special Committee on Budget & Accounts. If passed as originally proposed, Sejong City's total budget for the year will rise to 2.2931 trillion won.