New Taipei City Mayor Hou Youyi went to the City Council today (17th) to report on the 2027 general budget.
Hou Youyi pointed out that the total budget for next year is 256.848 billion yuan, an increase of 9.685 billion yuan from the previous year's statutory budget of 247.163 billion yuan, an increase of 3.92%; the annual expenditure is 270.148 billion yuan, an increase of 3.92% from the previous year The statutory budget of 260.563 billion yuan increased by 9.585 billion yuan, an increase of 3.68%. Annual revenue and annual business trips were short of 13.3 billion yuan. Together with debt repayment of 95.9 billion yuan, a total of 109.2 billion yuan of financing is needed to cover the debt. The top three categories of annual expenditure next year are, in order, education, science and culture, social welfare, and economic development. The main reasons for the increase in annual expenditure include the free nutritious lunch program of 6.983 billion yuan and the expansion of the elderly card application, which increased by 3.045 billion yuan.
Hou Youyi said that next year's general budget is limited by the weight of the current fiscal revenue and expenditure division formula and New Taipei City's huge population base. The overall distribution of taxes per capita is still the lowest among the six cities. There are also expenditure pressures such as inflation, rising raw material prices and adjustments to public education salaries. The New Taipei City government still allocates resources appropriately.
Comparing the annual expenditure scale in 2027 and 2019, Hou Youyi pointed out that the overall scale has grown significantly, with an eight-year growth rate of about 64%. The top three items with the highest proportions are education, science and culture, social welfare, and economic development expenditures, with increases of approximately 61%, 113%, and 83% in that order; next year's budget will focus more on education, social welfare, and grassroots construction. For example, for the free and nutritious lunches promoted since this year, an additional 572 million yuan will be allocated to provide fresh milk for students, and meal fees for disadvantaged students will be increased and support services related to special education will be expanded. At the same time, salary increases, instructors' reduced teaching and administrative incentives will be implemented; in terms of social welfare, 5.69 billion yuan will be allocated next year to apply for elderly care cards to expand the scope of use.
New Taipei City is at the peak of public construction, and MRT construction has advanced to the "4 Rings and 8 Lines" stage. Hou Youyi said that next year, 28.6 billion yuan will be invested in the construction of the "4 Rings and 8 Lines". There will also be about 4 billion yuan in human-oriented transportation, road leveling projects and safety networks, 2 billion yuan in TPASS subsidies, and 300 million yuan will be allocated for the renewal of old parks and the improvement of characteristic inclusive playgrounds next year for ongoing processing and other projects.
Hou Youyi also emphasized that the city government is actively developing its own financial resources and adhering to fiscal discipline. The total budget revenue for next year is 2568.48 100 million yuan and annual expenditure of 270.148 billion yuan both hit new highs since the restructuring of the Beijing Municipality. The growth rates of annual revenue and annual expenditure compared with this year were 3.92% and 3.68% respectively. The increase in annual revenue is higher than the increase in annual expenditure. In addition, the difference between annual expenditure and annual income next year will be 13.3 billion yuan, a decrease of 100 million yuan compared with this year's 13.4 billion yuan, which is the lowest since the restructuring.
The New Taipei City Government added that when Hou Youyi took office at the end of 2018, the outstanding balance of New Taipei City's public debt was 133.7 billion yuan. In the past eight years, the city government has promoted various measures to increase revenue and reduce expenditure. By the end of last year, it had dropped to 103.4 billion yuan, a decrease of 30.3 billion yuan. As of the end of August this year, the outstanding balance of public debt had dropped to 98.8 billion yuan, a total reduction of 34.9 billion yuan during Hou Youyi's term.
