JEJU-DO < invest Korea

According to Yonhap News,

Jeju-do announced on November 11 that it had submitted the budget for 2022 to the provincial council with a budget of KRW 6.39 trillion, including KRW 5.352 trillion for the general account and KRW 1.39 trillion for the special account.

This is an increase of 9.65% (KRW 562.3 billion) from this year's KRW 5.829 trillion, and it is the first time for the main budget to exceed KRW 6 trillion in Jeju's history.

The provincial government has decided that the basic direction of the budget for next year are to overcome COVID-19, recover the economy, build a foundation for growth engines to support the future, environment, and inclusion, and promote financial management and innovation systems to secure financial sustainability.

Specifically, the general accounting revenue budget is KRW 1.66 trillion in local taxes, KRW 163.6 billion in non-tax revenue, KRW 1.74 trillion in local grant tax, KRW 1.344 trillion in government subsidies, KRW 240 billion in local debt, and KRW 229.3 billion in conservation revenues.

The provincial government has set aside KRW 5.35 trillion as the budget expenditure of general accounts to stabilize the people's livelihood and revitalize the local economy.

Next year, the provincial government plans to focus its budget on supporting small businesses, supporting employment, revitalizing cultural tourism, supporting primary industry, youth employment measures, environment and SOC facilities, and health and welfare.

The provincial government also decided to go ahead with new projects such as support for infant allowance (KRW 8 billion), expenses for the 8th National and Local elections (KRW 7.9 billion), and the creation of a safe pedestrian path in Huabuk Port (KRW 1 billion).

In addition, as for special accounts, Jeju-do set 15 special accounts including water, sewage, public buses, public corporations, and others.

koss@yna.co.kr

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Source:Yonhap News (November 11, 2021)