Gwangmyeong City Proposes 1.3566 Trillion Won Budget for Next Year, Allocates 458.9 Billion Won to Livelihoods, Youth and Future Growth

Gwangmyeong City budget up 9.5 billion won from this year
People's livelihoods budget up 11.9%, youth budget up 32.3%
12 billion won for local currency issuance
3.3 billion won for Gwangmyeong Industry Promotion Agency establishment

Gwangmyeong City, Gyeonggi Province (Mayor Park Seungwon) said on Friday, November 13, that it had submitted a 2027 initial budget proposal totaling 1.3566 trillion won to the city council. The proposed budget is up 9.5 billion won (0.7%) from this year's initial budget. The city allocated 458.9 billion won, about 34% of the total, to three areas: people's livelihoods, youth and future growth.

Gwangmyeong City Hall. Courtesy of Gwangmyeong City.

The general account totals 1.0934 trillion won, up 74.1 billion won (7.3%) from this year, while special accounts total 263.2 billion won, down 64.6 billion won (19.7%). Of the three priority areas, 244.4 billion won was allocated to people's livelihoods, 11.2 billion won to youth and 203.3 billion won to future growth. The budgets for people's livelihoods and youth increased by 11.9% and 32.3%, respectively, from this year.

In the people's livelihoods area, the city allocated 12 billion won to support local currency issuance and 300 million won to "Gwangmyeonghaeyo," a program to promote mutually beneficial consumption among small business owners. It earmarked about 13.9 billion won for senior employment and social activity support, and about 3.9 billion won for employment programs for middle-aged and older residents. The budget includes about 35.1 billion won for childcare subsidies for infants and toddlers, about 15.6 billion won for activity support benefits for people with disabilities, and about 2.8 billion won for meal assistance for children at risk of going hungry. The city also allocated 270 million won to its "AIP Coordinator" program, which connects residents in need of care with tailored services so they can continue living in their communities.

In the youth area, about 2.4 billion won was allocated to youth internship jobs and about 1.1 billion won to youth rent support. The city newly earmarked 180 million won for the "Youth-Enterprise Win-Win Job Support Program," which helps local small and medium-sized enterprises hire young people. A total of 1.635 billion won was allocated to operating youth centers.

Within the future growth area, the budget for future industries totals 9.2 billion won, up 84.3% from this year. The city allocated about 3.3 billion won to plans to establish the Gwangmyeong Industry Promotion Agency, 422 million won to startup support and 465 million won to smart city development. For urban infrastructure projects, it earmarked 3.6 billion won for the expansion of Mokgam Bridge, 1.35 billion won for the Guroil Station Transfer Center and 1.5 billion won for the Soha 2-dong New Village project. About 9.8 billion won was also allocated to expand the resource recovery facility.

Gwangmyeong Mayor Park Seungwon said, "Investment in people's livelihoods to protect residents' lives, the future of young people and Gwangmyeong's sustainable growth must continue without wavering. We will allocate funds strategically so residents can feel the changes in their daily lives."

The budget proposal will be finalized after deliberation and approval at the 305th Gwangmyeong City Council's second regular session, which runs from November 18 to December 18.

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