Ulsan addresses municipal budget shortages and industry support

Ulsan Metropolitan City is facing significant fiscal challenges across its administrative districts. Local council member Lee Jang-geol has called for an increase in the adjustment grant rate for the city's four autonomous districts, suggesting it be raised from the current 20% to at least 23%. This follows reports that the total revenue shortage for these districts amounts to 423.9 billion KRW this year.

Currently, Ulsan's 20% grant rate is the lowest among major metropolitan cities in South Korea, trailing cities like Busan, Gwangju, and Daejeon, which apply rates around 23%. The shortage is distributed across the Jung-gu, Nam-gu, Dong-gu, and Buk-gu districts. Lee emphasized that a balanced development for the city is only possible when all four districts can maintain stable administrative operations.

In a separate effort to address local industry stability, Ulsan City announced a phased expansion of financial support for the city bus industry. The plan aims to mitigate financial deficits and resolve long-standing issues regarding unpaid severance pay, which currently totals approximately 81.3 billion KRW. The city intends to increase its deficit support rate to 100% by 2027 to help companies accumulate necessary funds for employee retirement benefits.