Daegu City sets first main budget of ninth popularly elected term at 12.7051 trillion won, up 8.5% year on year

【Financial News, Daegu = Reporter Kim Jang-wook】“To grow Daegu’s future, we have drawn up next year’s budget proposal around essential projects in the areas of stabilizing livelihoods, future growth and public safety. Through efficient and productive budget execution, we will ensure that citizens’ tax money is put to good use and deliver results they can feel.”
To pay closer attention to residents’ lives and grow Daegu’s future, Daegu City has drawn up a 2027 budget proposal totaling 12.7051 trillion won, focusing on (1) stabilizing livelihoods, (2) future growth and (3) public safety. This is 997.3 billion won (8.5%) more than this year’s main budget.
The share allocated to social welfare and health will rise from 49.1% this year to 51.5% next year under the influence of government policy, exceeding half of the total budget for the first time ever.
Mayor Choo stressed, “Daegu’s current fiscal situation is much more difficult than that of other cities and provinces. However, while cutting unnecessary and non-urgent spending, we have drawn up next year’s budget proposal centered on essential projects to look after residents’ lives and grow Daegu’s future.”
He added, “To secure the necessary funds, we will newly issue 168 billion won in local bonds. As a result, next year’s debt ratio will be 20.7%, slightly higher than the 20.4% debt ratio set out in this year’s main budget.”
The city allocated 242.5 billion won to reviving the livelihood economy, including support for small and medium-sized enterprises and small businesses; 202.7 billion won to artificial intelligence transformation (AX) and the development of future industries; 715.2 billion won to youth support and talent development; 6.4544 trillion won to welfare, care and medical services; 353 billion won to culture and tourism; 970.2 billion won to disaster response and everyday safety; 2.3573 trillion won to transportation, the environment and industrial infrastructure; and 1.4098 trillion won to general administration and fiscal support for districts and counties.
The city plans to newly allocate 1.8 billion won to the “Daegu Hot Festival,” a newly planned relaunch of the citizens’ festival that was suspended this year. It will also increase support for airlines operating international routes to 2 billion won—more than double this year’s 1.15 billion won—and make every effort to secure air links to Daegu.
The city will also launch a new 520 million-won project to build a memorial facility honoring the dedication of firefighters who died in the line of duty, a long-sought initiative among firefighters.
Lastly, the city also included 30.1 billion won for construction of the new city hall (5 billion won from general funds and 25.1 billion won from the fund).
Meanwhile, the 2027 Daegu City budget proposal is expected to receive provisional approval on December 14, following deliberation at the 330th regular session of the Daegu Metropolitan Council.
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