Gangneung City Submits First 1.7097 Trillion Won Supplementary Budget... Focus on High Oil Price Relief and Revitalizing Local Economy

Kim Jungnam: "All-Out Effort for Economic Recovery"

Gangneung City in Gangwon Province (Mayor Kim Jungnam) has drawn up its first supplementary budget for this year, totaling 1.7097 trillion won, to revitalize the local economy struggling under high inflation and an economic downturn.

A panoramic view of Gangneung City Hall.

On July 14, Gangneung City announced that it has submitted its first supplementary budget for 2026 to the city council. The budget amounts to 1.7097 trillion won, an increase of 197.3 billion won (13%) over the original main budget.

By accounting type, the general account has increased by 187.2 billion won (14.3%) to 1.4951 trillion won, while the special account has grown by 10.1 billion won (4.9%) to 214.7 billion won.

The funding for this supplementary budget—based on the general account—includes 9.8 billion won in non-tax revenue, 25.7 billion won in local allocation tax, 16.8 billion won in adjustment grants, 66.1 billion won in national and provincial subsidies, and 50.1 billion won in surplus funds from the previous year, among others.

The city has coordinated this supplementary budget with the government’s additional budget, focusing on boosting the local economy, which has been dampened by high oil prices and the economic downturn. While continuing to invest in regional development projects, the budget also prioritizes initiatives that directly impact residents, such as improving welfare worker treatment, supporting culture and the arts, enhancing respect for veterans, and resolving civic inconveniences.

Major projects include 29.9 billion won in government compensation for high oil prices, 7.8 billion won for the issuance of Gangneung Love Gift Certificates, 4.8 billion won for constructing a swimming pool in the southern region, 2.8 billion won for establishing a resource recovery center, 3.6 billion won for building a comprehensive workers' welfare center, 6.5 billion won for constructing integrated public rental housing, 5.7 billion won for developing Dano Cultural and Coastal Tourist Roads, 4.7 billion won for building a new Agricultural Technology Center, 4.2 billion won for opening a road between Namhangjin and Aninjin in Gangdong-myeon, and another 3.6 billion won for the comprehensive workers' welfare center.

Additionally, 3 billion won has been allocated for the remodeling of National Route 7 at Jumun Samgeori, 3 billion won for the coastal green axis park project, 2.8 billion won for the resource recovery center, 2.2 billion won for the Myeongju Nammun-dong urban regeneration project, and 1.9 billion won for the coastal and offshore fishing vessel reduction project, among other budgets for local infrastructure and community-focused initiatives.

Mayor Kim Jungnam stated, "This supplementary budget focuses on efficiently allocating available resources to revive the local economy, which is suffering from a downturn in the real sector. We will work closely with the city council to ensure the budget is processed swiftly."

Meanwhile, the first supplementary budget for 2026 is expected to be finalized on July 31 following review at the 331st Gangneung City Council extraordinary session.

This content was produced with the assistance of AI translation services.