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Incheon Metropolitan City fiscal and budget management

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2026-09-08 02:17 UTC → 2026-09-08 09:48 UTC · added ~~removed~~

Incheon Metropolitan City has proposed a record 7.0863 trillion KRW budget for 2027, marking a 9.5% increase from the 2026 budget. The proposal allocates significant funds to major infrastructure, including 366.2 billion KRW for the GTX-B line construction and 203.2 billion KRW for the Gyeyang-Ganghwa Expressway. It also includes 75 billion KRW for the Incheon e-Eum local currency. To address funding gaps for projects that were underfunded or omitted in the initial proposal, the city intends to seek additional support through the National Assembly. To ensure fiscal stability, the city has implemented a special settlement period for local tax arrears through the end of the year. This initiative follows a ‘two-track’ approach: providing installment payment options and welfare links for livelihood-type delinquents facing economic hardship, while maintaining a zero-tolerance policy for high-value or habitual evaders. Enforcement for the latter includes field investigations by a dedicated management team and intensified actions such as night-time wheel locking and forced towing of vehicles with unpaid automobile taxes. Beyond fiscal management, the city is pursuing regional economic and cultural growth. This includes a mutual cooperation agreement with POSCO E&C and the Korea Specialized Construction Association Incheon Branch to prioritize local subcontractors and labor for the Incheon Boulevard Generalization (Phase 2) project. Additionally, public surveys are underway to select an official name for the ‘Incheon Museum Park,’ a cultural complex slated for a 2028 opening. Recent developments show the Bong-o to Gyeongmyeong-daero road project has achieved a benefit-cost ratio of 1.13, leading the Korea Development Institute to review whether it will proceed as a government-funded or private investment project. In social welfare, the Incheon City Council passed an amendment to support residents affected by airport noise, establishing a legal basis for systematic surveys of 7,202 households. Furthermore, local lawmakers are advocating for infertility treatment subsidies to transition from local to national funding to ensure long-term financial sustainability.

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