Gwangyang City reduces projected deficit to 10 billion won

Gwangyang Mayor Park Seong-hyeon has fulfilled a pledge to reduce the city's projected deficit to approximately 10 billion won by the end of the year. While the deficit was initially expected to reach 65 billion won due to declining tax revenue and increased burdens from national and provincial subsidies, intensive expenditure restructuring has successfully lowered the projected shortfall.

The city has organized a ‘minus supplementary budget’ totaling 1.154 trillion won, which is 41.98 billion won less than the previous supplementary budget. This reduction was achieved by cutting unnecessary events and administrative operating expenses, as well as postponing certain projects to next year.

While overall spending decreased, the budget allocation was not uniform. Funding for transportation and logistics increased by 11.28% to 85.38 billion won, driven by fuel subsidies and public transport support. Social welfare, environment, and health sectors also saw budget increases. Conversely, sectors such as general public administration, agriculture, forestry, and marine fisheries saw reductions.