South Chungcheong Province said on the 21st that it drew up a supplementary budget that adjusts the expenditure structure, taking into account difficult local fiscal conditions such as decreased revenue.
On the same day, the province submitted to the provincial council its second extra budget plan totaling 12.9258 trillion won, a cut of 84.3 billion won from this year's original budget of 13.0101 trillion won.
Revenue decreased as the province switched the Sejong site of the Forest Resources Research Institute, which it had planned to sell, to public use. The province conducted a comprehensive review of changes in these revenue conditions, execution performance by project, progress, and the feasibility of execution within the year, and reorganized the expenditure structure.
A provincial official said, "For projects with sluggish execution or changed business conditions, we adjusted the size of appropriations and the timing of investment and reexamined the necessity and effectiveness of the projects, increasing fiscal efficiency through a restructuring of overall expenditures," adding, "We additionally secured transfer resources such as earmarked tax (special) and national subsidies, and supplemented the shortfall by using available resources such as funds."
Resources secured through this fiscal restructuring reached 164.8 billion won. The province gave priority to allocations including the provincial share for each project subsidized by the government, as well as to the ninth popularly elected administration's pledges, stabilization of people's livelihoods, revitalization of the local economy, and urgent pending projects.
Park Soo-hyun, the governor, said, "We boldly reduced nonessential expenditure and focused resources on areas essential for people's livelihoods, revitalization of the local economy, and what residents truly need," adding, "While increasing fiscal efficiency, we will push ahead unwaveringly with investments for residents' lives and the future of South Chungcheong."