Byungtaek Lim, Mayor of Siheung: "Issuing Additional Local Bonds to Ensure Smooth Progress of Core Projects"

Reporting on Financial Status at the 1st Regular Meeting of the Siheung City Council

Temporary Fiscal Burden Due to Delays in Land Sales

City and Affiliated Institutions Enter Austerity Mode... Operation of the "Leap Forward Fiscal Task Force"

Byungtaek Lim: "Fiscal Stabilization Without Halting Core Projects"

Byungtaek Lim, Mayor of Siheung, stated on the 4th, "While we have experienced temporary financial pressure due to delays in land sales, we will achieve fiscal stabilization by pushing ahead with our core projects without interruption."

Siheung Mayor Byeongtaek Lim is reporting on the financial status of Siheung City at the 1st regular meeting of the 338th Siheung City Council held on the 4th. Provided by Siheung City

At the 1st Regular Meeting of the 338th Siheung City Council held that day, Mayor Lim reported on the city’s financial status, emphasizing, "If construction is halted and projects are postponed, the resulting harm and inconvenience will fall directly on our citizens."

Since 2018, as the city’s population has increased by more than 25%, Siheung has focused its investments on supporting citizens’ livelihoods and expanding urban infrastructure. The total budget spent during this period amounted to KRW 2.9448 trillion, of which KRW 1.8927 trillion came from the municipal budget.

Major initiatives include COVID-19 livelihood subsidies, discounts for local currency, land purchases, securing railway stations, public transportation expansion, and the construction of the Siheung Art Center. Large-scale projects currently underway include additional railway station contributions, Siheung Bio Science High School, integrated school facilities, and the construction of Siheung Baegot Seoul National University Hospital.

The original plan was to fund these projects by selling city-owned land, including the transfer center and the Marine World site. However, both the downturn in the real estate market and the Ministry of National Defense’s notification of changes to building height restrictions led to delays in the land sale schedule.

Mayor Lim explained, "We resolved the matter related to the Ministry of National Defense by agreeing to conduct service contracts for military operation plan implementation and the subsequent development of necessary facilities," adding, "We will promptly proceed with the delayed land sale procedures."

The city has determined that completing the land sale will take a considerable amount of time, and to prevent disruptions to core projects, it plans to issue additional local bonds.

Mayor Lim stressed again, "If construction is halted and projects are postponed, the resulting harm and inconvenience will fall entirely on our citizens," adding, "We will successfully complete the projects that are essential so that citizens can quickly return to their normal daily lives."

The city explained that its local tax revenue ranks 16th nationwide, and the collection rate has remained above 95%. In addition, it owns land eligible for sale valued at approximately KRW 459.2 billion, highlighting that Siheung has a solid foundation for medium- and long-term fiscal stability.

According to the city, land sales are not simply a way to secure fiscal resources, but serve as investments to attract companies and stimulate the local economy. The sites in question are expected to house leading companies and research institutions in the bio sector, such as Chong Kun Dang and the Korea Testing & Research Institute (KTR), which together plan investments totaling KRW 2.2 trillion.

Along with the issuance of local bonds, the city will also implement strict austerity measures targeting both the main city hall and affiliated public institutions. To maintain continuous fiscal management, it will operate the "Leap Forward Fiscal Task Force (TF)."

Mayor Lim stated, "The city and its affiliated public organizations will take the lead by tightening their belts," adding, "We will responsibly carry out necessary projects, fundamentally restructure our finances, and decisively overcome this crisis."

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