ULSAN—The Ulsan Metropolitan Government has approved a supplementary budget of 144.9 billion won ($100 million) for the first quarter of 2026, aiming to revitalize the regional economy amid high inflation and unfavorable exchange rates.
The supplementary budget raises Ulsan's total budget to 5.79 trillion won from the original 5.64 trillion won. Primary funding sources include 80.4 billion won in general grants and 24.9 billion won from internal reserves. The general account increases by 117 billion won, while special accounts rise by 27.9 billion won.
The city plans to prioritize public welfare and corporate support while advancing initiatives in emerging industries, urban safety, and parks and green spaces.
In the economic sector, Ulsan will allocate 11.1 billion won to artificial intelligence transformation projects and 50 billion won to attract domestic and foreign corporate investment. Additional funding targets small and medium-sized enterprises struggling with high exchange rates, along with employment programs to strengthen the regional industrial base.
For public welfare, the budget includes 8.9 billion won for Ulsan Love voucher issuance and 2 billion won to construct a youth welfare facility in Dong-gu. Enhanced support for veterans' honorarium increases and household assistance for families with multiple children is also planned.
Urban safety receives the largest allocation at 65.1 billion won. Funds will support aging residential area improvements, wildfire response systems, and traffic infrastructure upgrades at Gonguptap Rotary. An additional 17 billion won is designated for the International Garden Expo preparations and Taehwa River floating garden development to strengthen the city's "Garden City" brand.
"This supplementary budget focuses on restoring vitality to the regional economy and improving citizens' quality of life amid rapidly changing economic conditions," said Ulsan Mayor Kim Du-gyeom. "We will actively cooperate with the city council to ensure prompt processing and timely execution of the budget."
The budget proposal was submitted to the city council on March 3 and is expected to receive final approval in March following deliberation at the 262nd extraordinary session.