Suwon City Proposes Third Supplementary Budget of 623.9 Billion Won... "Let's Escape COVID-19"

[Suwon Ilbo=Reporter Seo Dong-young] Suwon City has prepared a third supplementary budget of 623.9 billion won to effectively respond to COVID-19 and enable citizens' lives to return to normalcy.

This third supplementary budget, the third since the COVID-19 outbreak, focuses on strengthening coordination with the central government through policy cooperative response including emergency disaster support funds, supporting recovery of the regional economy and safe daily life, and faithful implementation of promised projects.

On the 12th, the city submitted the "2020 Third General and Special Account Revenue and Expenditure Supplementary Budget Plan" to the Suwon City Council.

The city's budget has increased from the second supplementary budget of 2.9578 trillion won to 3.5556 trillion won, an increase of 597.8 billion won (20.21%). The general account increases by 560.9 billion won, and the special account by 36.9 billion won.

Among these, the general account revenue is mainly composed of coordinating subsidies and local allocation tax at 20.9 billion won, and dependent revenue such as national and provincial subsidies at 443.1 billion won.

Additionally, local bonds of 11.7 billion won, integrated management funds of 25 billion won, transfer revenue and internal transactions of 66.9 billion won, and increased miscellaneous revenue of 4 billion won are added, while local taxes are reduced by 10.7 billion won.

Through expenditure restructuring including events and festivals that could not be promoted due to COVID-19, execution balance, and internal reserves, revenue adjustment of 26.1 billion won is made, bringing the total supplementary budget size to 623.9 billion won.

General account expenditures are concentrated on COVID-19 response support such as government emergency disaster support funds and implementation of promised projects.

Major COVID-19 response projects center on various support measures for citizens enduring the disaster situation.

▲Government emergency disaster support fund 283.5 billion won ▲Gyeonggi Province disaster basic income 119.3 billion won ▲Low-income worker support 800 million won ▲Job support 400 million won ▲Facility closure instructor fee support 400 million won, etc.

In particular, it was decided to provide Suwon-type disaster basic income of 100,000 won equally to 11,600 foreign nationals with addresses in Suwon City as with Suwon citizens, and 11.6 billion won was included in the third supplementary budget.

This reflects the will of Mayor Yim Tae-young, stating that "registered foreigners in Suwon City are also Suwon citizens and will suffer the same hardships as nationals, so it is appropriate to provide equal support."

Additionally, 3.5 billion won in Suwon Pay local currency incentives and 300 million won for traditional markets and alleyway commerce revitalization are invested for regional economic activation, with an additional 1.5 billion won allocated to disinfection and quarantine system establishment.

402 billion won is invested in projects fulfilling promises to citizens that were temporarily halted. ▲Su-In Line underground project 16.9 billion won ▲Agricultural and aquatic products wholesale market facility modernization project 11.7 billion won ▲Electric vehicle supply project 4.2 billion won ▲Living-type urban park Suwon Arboretum development 3 billion won ▲Yeonhwa Hall facility improvement project 4.4 billion won, etc.

Meanwhile, 28.7 billion won is allocated for life-oriented SOC and small business support for regional economic recovery and future income creation, and 15.5 billion won for establishing a safety system to secure safe citizen life and guide return to normalcy.

In particular, to secure financial management soundness in the long term, the financial stabilization fund of 21.9 billion won was accumulated for the first time according to an ordinance enacted at the end of last year, balancing preparation for the future.

The third supplementary budget plan will be confirmed on the 29th after review and passage by the Suwon City Council.

Jo In-sang, director of the city's Planning and Coordination Division, stated, "As the role of fiscal policy becomes increasingly important, through careful selection and concentration, we will efficiently allocate scarce resources to provide practical assistance to citizens."

Meanwhile, the city has undergone financial restructuring since the end of last year when preparing the 2020 main budget to overcome the financial crisis due to decreased local taxes.

However, as the regional economy faced difficulties due to the unexpected influx of COVID-19, on March 30 the city confirmed a first supplementary budget of 63.8 billion won through painful expenditure restructuring, focusing on initial COVID-19 response.

Subsequently, on April 6, amid the worst regional economic situation, to preserve the lives of citizens in crisis, the city conducted a second "one-point" supplementary budget to provide Suwon-type disaster basic income of 100,000 won per person totaling 119 billion won, making it the first local government in the nation to pay emergency support funds in cash.