Massive Budget Cut Threatens Busan One Asia Festival

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Image: Busan One Asia Festival
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One of the city’s newest festivals is about to receive a massive budget cut as the city laid out its budget for 2017.

1.5 billion won out of the five billion won budget for next year’s Busan One Asia Korean Wave Festival was cut.

The Busan city council held a special committee meeting on the budget and accounts yesterday (13th). It passed the budget bill for the city office and the City Office of Education with 13.7 trillion won for next year.

The city council increased the budget by 24 billion won for the free school meal service for middle schools. It reduced 16.9 billion won for matters that can be on hold, such as the budget for hosting the Busan One Asia Festival.

The festival was held for the first time earlier this year in Busan. It is reported to have brought large profits to tourism industries, but city counselors were divided over whether the city should invest for it again next year.

The budget bills for next year will be finalized officially at the general meeting of the city council tomorrow.

Source: Busan eFM News

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