Incheon city said on the 24th it drew up a second supplementary budget bill totaling 17.0241 trillion won, up 1.1551 trillion won from the original budget, to push ahead without disruption with livelihood issues and essential public service projects. The growth rate is 7.3%.
The city allocated 77.9 billion won to the regional gift certificate (local currency) "Incheon e-eum" program and plans to resume cashback payments as soon as the budget bill is approved by the city council in September.
From Sept. 21 to the end of Sept., a 10-day period ahead of Chuseok, the Incheon e-eum cashback (10% of the amount used) will be expanded with a monthly cap of 1 million won. From Oct. to Dec., it will be provided with a monthly cap of 500,000 won.
A city official said, "Incheon e-eum is more than a simple consumption support policy; it has eased citizens' cost-of-living burdens and spurred local spending, supporting sales for small business owners and the self-employed, and it is Incheon's flagship local economy policy," adding, "We reflected the Incheon e-eum budget after comprehensively considering fiscal conditions and policy effects."
Along with this, 12.7 billion won was allocated for childbirth support, 1.5 billion won for additional monthly rent support for young people, 27.9 billion won for public transportation fiscal support, and 6.6 billion won for i-Sea Pass support. The i-Sea Pass is a program that supports ferry fares for Incheon citizens at city bus fare levels.
Essential expenses of 264.1 billion won that must be made due to their statutory and mandatory nature were also reflected. ▲ 44.7 billion won for copayments by those rated under the long-term care insurance for the elderly ▲ 53.6 billion won to expand fiscal support for the quasi-public bus system ▲ 41.8 billion won for urban rail operations, etc. ▲ 21.3 billion won for fuel subsidies for commercial cargo trucks, among others.
Changes in project subsidized by the government were also actively reflected, with 301.2 billion won allocated. Major programs reflected with national funds include: ▲ a 156.7 billion won increase in deposits for medical aid treatment costs ▲ 33.1 billion won for the basic pension ▲ 25.9 billion won for housing benefits ▲ 30.2 billion won to support K-Pass public transportation fare refunds ▲ 21.7 billion won for private distribution of electric vehicles, among others.
The main funding sources for this supplementary budget are government subsidies, non-tax revenue, and surplus funds. Specifically, 287.4 billion won in changes to government subsidies, 374 billion won in non-tax revenue, and 197.2 billion won in surplus reflecting the 2025 fiscal year settlement of account results were increased. Available resources such as the integrated management fund totaling 330 billion won will also be used.
Park Chan-dae, the mayor, said, "In the process of drafting this second supplementary budget, not even 1 won of local government bonds was issued," adding, "As a result, Incheon's debt ratio will actually fall from 15.0% to 13.6%. The size of the supplementary budget grew, but the finances became stronger." Park added, "As soon as the city council completes its review, we will prepare to execute the budget quickly and accurately so that not a single won is wasted," and "We will continue to explain the fiscal situation transparently to citizens and responsibly draft and execute the budget."