Gangneung to Include Livelihood Subsidy in Supplementary Budget, Its First Pledge After Inauguration; City Council to Decide on the 22nd

【Financial News Gangneung = Kim Ki-seop, Reporter】Whether Gangneung Mayor Kim Jung-nam’s first approval after taking office—a livelihood stabilization subsidy for all citizens—will be paid will be decided by the Gangneung City Council on the 22nd.
According to Gangneung on the 17th, the city submitted its 2026 second supplementary budget to the city council. The budget totals 1.7334 trillion won, an increase of 23.7 billion won from the original budget. It is 1.4% higher than the original budget of 1.7097 trillion won, while the general account rose 23.7 billion won, or 1.6%, to 1.5187 trillion won. The supplementary budget will be financed by a 22.4 billion won increase in local allocation tax resulting from the government’s supplementary budget and a 1.3 billion won increase in national subsidies.
The key feature of this supplementary budget is the livelihood stabilization subsidy. Gangneung allocated 21.2 billion won to boost residents’ spending power and support sales at small businesses and local commercial districts. The subsidy accounts for 89.5% of the 23.7 billion won increase. The remaining 2.5 billion won will be used to expand discount compensation for the Gangneung Sarang Gift Certificate, meaning that most of the supplementary budget will go toward livelihoods and the local economy.
The livelihood stabilization subsidy is Mayor Kim Jung-nam’s flagship project and the first initiative he approved after taking office. The related ordinance was rejected by the Gangneung City Council on July 31 but was resubmitted during the current regular session, leaving the subsidy’s payment dependent on the passage of this supplementary budget.
Gangneung Mayor Kim Jung-nam said, "We prepared the budget by mobilizing as much available funding as possible to respond to the deterioration of the real economy," adding, "As we have maintained close communication with the city council, we will ensure that the proposal is processed swiftly so its effects can reach citizens at an early stage."
Meanwhile, the supplementary budget will be finalized on the 22nd after deliberation at the 332nd Regular Session of the Gangneung City Council.

[email protected] Kim Ki-seop Reporter