The Seoul Metropolitan Government has announced a second supplementary budget of 2.8061 trillion won, with a focus on expanding support for housing and youth. This second supplementary budget for 2024, approved by the Seoul Metropolitan Council on the 29th, totals 2.8061 trillion won. The budget breakdown includes 1.7014 trillion won in general accounts and 1.1047 trillion won in special accounts. With this, the Seoul city's total budget for 2024 will be 45.6191 trillion won. The city plans to use 793.2 billion won to support housing stability for low-income and vulnerable groups. This includes 243.9 billion won for housing rental support, 267.6 billion won for security deposits, and 281.7 billion won for housing maintenance. Additionally, 247.2 billion won will be allocated to support youth, including 132.6 billion won for youth housing support and 114.6 billion won for youth education and career development. The city also plans to use 352.9 billion won for transportation and 297.9 billion won for infrastructure and disaster prevention. The city aims to minimize the financial burden on citizens and promote a balanced regional development through this second supplementary budget.

Seoul City allocated 2.8061 trillion won in the second supplementary budget this year. The budget responds to citizens' declining economic perception due to increased youth unemployment, rising housing prices, and last year's mandatory financial needs. On October 10th, Seoul City submitted the "2026 Second Supplementary Budget" to the Seoul City Council.

The budget size is 5.2% of the existing budget of 53.7674 trillion won, increasing Seoul City's budget to 56.5735 trillion won if passed. Among the total budget, 1.8698 trillion won, or 66.6% of the total, is mandatory spending based on last year's settlement. Seoul City allocated 8100 billion won from the available resources to the areas of livelihood, growth, and safety.

The city highlighted the necessity of the budget due to the recovery trend of the macroeconomic indicators, but still difficult youth unemployment and housing cost burden. For housing stability, 1076 billion won is allocated by increasing the public rental housing purchase by 130 billion won and extending the housing allowance from 34.7 million households to 36.4 million households with 440 billion won.

For 19-39 year old youth, the real estate commission fee and moving cost support is extended by 6 billion won, increasing the support target from 8,000 to 10,000 people. In the welfare area, household allowance is increased by 2221 billion won to reflect the increase in the standard of living due to the change in the middle-income threshold.

The modernization of Seoul Central Hospital and the expansion and functionality improvement of Nam District Hospital are also increased by 48 billion won and 76 billion won respectively. Support for AI usage by 50,000 youth is provided with 56 billion won for the first quarter of this year. Seoul City plans to include the remaining 9 months of this year's budget in a pilot project for next year.

For electric vehicles, 403 billion won will be allocated for purchase support and expanding charging infrastructure. The replacement of the 6th and 7th subway lines with electric cars is funded by 177 billion won, and the construction and expansion of rainwater pumps is supported by 72 billion won. The target for medical expense support for women over 35 who are pregnant is increased from 20,000 to 28,000.

This budget, which is the first budget of Oh Se Hoon's 5th term, is notable as the Seoul City Council will review it after the Social Democratic Party, which holds a majority of seats, conducts detailed deliberation. According to the Local Autonomy Law, the Seoul City budget is prepared by the mayor and submitted to the City Council for approval, where it undergoes a preliminary review by the Special Commission on the Preliminary Review and a comprehensive review by the Budget Special Commission before being voted on in the main meeting.