TAIPEI (Taiwan News) — The Taipei City Government approved its 2024 budget on Monday (Aug. 28) and allocated more than NT$190.8 billion in spending (US$5.972 billion).

The capital city’s expenditure represents a 7.5% increase in spending compared to the budget in 2023, or an extra NT$13.3 billion, per CNA. The city’s revenue is also projected to grow next year, increasing over 5.2% to NT$184.2 billion.

The city’s accounting office said that the bulk of the spending will go towards education development funds, and upgrading road and sewage infrastructure. The office also said that the money would be used to buy land, fund welfare, public transport, and public celebrations.

Business trips are expected to cost around NT$6.6 billion, while debt repayment will take NT$7.87 billion.

NT$6.77 billion will be allocated to constructing the new MRT line that runs through Taipei’s Wanhua District and connects to Yonghe District in New Taipei, an increase of just under NT$1.1 billion compared to 2023. A little over NT$3 billion will be allocated to the eastward extension of the MRT’s red line which will add an additional stop after Xiangshan Station.