Jeju Island's budget for next year is 8.0406 trillion won... Exceeded 8 trillion won for the first time

Jeju Island has prepared a budget plan for 2027 worth 8.0406 trillion won, focusing on recovery of the people's economy and future growth.

The province announced on the 9th that it submitted next year's budget plan, which is an increase of 253.2 billion won (3.25%) from this year's main budget of 7.7874 trillion won, to the Jeju Provincial Council on the 6th.

This is the first time that the provincial budget has exceeded 8 trillion won.

The general accounting amounted to KRW 6.667 trillion, an increase of KRW 309 billion (4.86%) from this year, and the special accounting decreased by KRW 55.8 billion (3.90%) to KRW 1.3736 trillion.

Next year's budget is the first budget that reflects the core policies of the 9th popularly elected provincial administration, Wi Gon, and focuses on securing future growth engines such as recovering the people's livelihood, realizing a basic society, and transforming artificial intelligence (AI).

By sector, the social welfare budget was the largest, accounting for 26.2% of the total at 2.1086 trillion won. The proportion increased by 0.9%p from this year.

KRW 826.1 billion was allocated to the agriculture, forestry, maritime and fisheries sectors, and KRW 403 billion to the industry, small and medium-sized enterprises, and energy sectors, accounting for 10.3% and 4.98% of the total budget, respectively.

On the other hand, the culture and tourism sector's share of the total budget was 328 billion won, a 1.54% point decrease from this year, and the national land and regional development sector's share also decreased 1.53 percentage points to 262.2 billion won.

Looking at major projects, 32 billion won was allocated to the issuance of local currency, 38 billion won to support the management stability of small and medium-sized enterprises, and 3 billion won to support household loan interest through the Financial Inclusion Fund to restore the people's livelihood economy.

Primary industry income stabilization projects will also be promoted, including 27 billion won in allowances for farmers and fishermen, 58.2 billion won in agricultural public interest direct payments, and 7.8 billion won in support for young farmers to settle down in farming.

In the basic social sector, 7.4 billion won in monthly rent support for youth, 2.8 billion won in marriage support, 10.3 billion won in child support support, and 2.4 billion won in grandchild care allowance were allocated.

In the field of future industries, 13.67 billion won was allocated to the expansion and dissemination of intelligent villages, and 1.4 billion won was allocated to fostering industries related to artificial intelligence data centers.

In the climate and energy sector, a budget of 129 billion won will be invested in subsidies for the purchase of electric vehicles, 21.16 billion won in the distribution of heat pumps in everyday life, and the creation of resource circulation facilities.

A new 1 billion won was allocated to a pilot project to support residents' artificial intelligence service usage fees.

The province explained that despite difficult financial conditions, it has secured 2.4226 trillion won in national funds, including government subsidies, the largest amount ever, up 188.3 billion won (8.4%) from this year.

Local allocation taxes are also expected to increase by 310.3 billion won (15.8%) from this year to 2.2804 trillion won.

On the other hand, it was decided to strengthen financial soundness by reducing the size of local bond issuance by 250 billion won (55.6%) from 450 billion won this year to 200 billion won next year.

Yang Je-yoon, head of Jeju Island's Planning and Coordination Office, said, "The 2027 budget contains an action plan for full-scale implementation of the 9th popularly elected provincial administration policy promised to the province's residents. We will communicate and cooperate with the provincial council to further protect the lives of the province's residents and boldly invest in changing the future of Jeju."