Distribution and accumulation of funds. State budgeting. Bank accumulation methods

Choose the correct judgments about the government budget and write down the numbers under which they are indicated.

1) One of the functions of the state budget is to provide financial support for the functioning of the state apparatus.

2) The deficit of the state budget can lead to a reduction in social expenditures of the state.

3) The budget revenues include servicing the public debt.

4) A budget surplus is a situation where planned expenditures exceed state revenues.

5) The expenditure part of the budget shows for what purposes the funds accumulated by the state are directed.

Explanation.

The state budget is a document that lists the income and expenses of a particular state, as a rule, for a year. The state budget is the main financial plan of a country and has the force of law. The budget is a way of redistributing monetary incomes of the population, enterprises and other legal entities in order to finance government and other public expenditures. State budget revenues: taxes on income of legal and individuals, receipts from the real sector (income tax), receipts of indirect taxes and excise taxes, duties and nontax levies, regional and local taxes. State budget expenditures: industry, social policy, agriculture, public administration, international activity, defense, law enforcement, science, healthcare.

Balanced budget - a budget in which the ratio of income and expenses is equal. If revenues and expenditures in the budget differ, then the budget deficit or surplus. The budget deficit is the amount by which government spending exceeds its revenues. A budget surplus is the amount by which government revenues exceed its expenditures. The surplus occurs quite rarely, most often there is a budget deficit. That is, additional funds must be found to carry out all the expenses. These funds come from sources of financing the budget deficit. Sources of financing the budget deficit: domestic financing (issue and sale valuable papers; budget loans received from budgets of other levels; use of central bank funds) and external financing (sale of securities in the global financial market; loans from foreign banks and international financial institutions; loans from foreign governments).

1) One of the functions of the state budget is financial support for the functioning of the state apparatus - yes, that's right.

2) The deficit of the state budget can lead to a reduction in social expenditures of the state - yes, that's right.

3) The budget revenues include servicing the state debt - no, it is not correct.

4) A budget surplus is a situation when planned expenditures exceed state revenues - no, it is not true.

5) The expenditure part of the budget shows for what purposes the funds accumulated by the state are directed - yes, that's right.

The budget, being a means of accumulation for the state financial resources, gives the state power the opportunity to maintain the state apparatus, the army, implement social measures, solve priority economic tasks and perform other functions inherent in the state.

The essence of the state budget as an economic category is realized in three functions performed by the budget:

Distribution,

Control,

Fiscal.

The content of the distribution function of the state budget (or the function of economic regulation) is implemented in the process of forming budget revenue sources and their use for pursuing the economic policy of the state. The financial resources accumulated in the budget system through tax and other obligatory payments of economic entities and citizens, in accordance with the socio-economic policy pursued by the state, are then redistributed both into the spheres of material production, which are of priority importance for the country, and into the sphere of intangible production, which is owned by maintenance budget.

The process of distribution and redistribution of financial resources takes place not only between different levels of government, but also between different departments of social production. Such a scale of the scope of the distribution function of the budget is determined by the fact that almost all participants in social production enter into relations with the budget.

The main object of budgetary redistribution is net income, however, this does not exclude the possibility of redistribution through the budget and part of the cost of the required product, and sometimes national wealth.

The control function of the budget lies in the fact that the budget is an objective quantitative reflection of economic processes occurring in the structural links of the economy - the quantitative characteristics of the formation and use of the fund of funds act as indicators of how financial resources from various economic entities come to the state's disposal. The budget shows whether the size of the resources at the disposal of the state corresponds to the volume of its needs, whether direct public investments are effective, etc. At the same time, bottlenecks of the economy are identified in the budget process, and the Government has the opportunity to adjust the direction of movement of centralized financial resources in order to influence intensification of the activities of certain spheres of the economy.

The fiscal function of the budget is to implement the fiscal policy of the state - the influence of the state on business activity by changing the volume of government spending and tax rates. For example, as is known from economic theory, if the unemployment rate is viewed as unacceptably high, then the state can reduce income tax and / or increase government spending, which will lead to an increase in business activity and a decrease in unemployment. Thus, fiscal policy serves as a tool to control unemployment and inflation, increase investment activity of financial resources, and increase overall economic potential.

The National Fund of the Republic of Kazakhstan carries out savings and stabilization functions.

The savings function ensures the accumulation of financial assets and other property, except for intangible assets... The stabilization function is intended to reduce the dependence of the republican budget on the conjuncture of world prices for raw materials. The formation and use of the National Fund of the Republic of Kazakhstan is determined taking into account the conjuncture of the world and domestic commodity and financial markets, the economic situation in the state and abroad, the priorities of the socio-economic development of the republic while maintaining macroeconomic and fiscal stability and compliance with the main goals and objectives of the National Fund of the Republic Kazakhstan. Trust management of the Fund is carried out by the National Bank of the Republic of Kazakhstan on the basis of a trust management agreement concluded between the National Bank of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

1) funds accumulated in the state budget system;

2) funds from off-budget funds;

3) resources received by the enterprise itself (profit, depreciation charges).

Based on this, finance can be centralized (state) and decentralized (resources of business entities.)

Decentralized resources are classified into the following structural elements

Own and borrowed (profit, depreciation, cash in circulation, proceeds from the sale of property, profit from the performance of work and services, all types of accounts payable);

Borrowed (long-term and short-term bank loans, various funds);

Resources obtained in the order of redistribution ( insurance claims, state subsidies, subventions). Financial system Is a collection different areas or links financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction. The financial system includes: finance of enterprises and organizations, insurance, public finance. All components of the financial system differ in the methods of forming and using funds of funds.

Public finance - These are centralized funds of monetary resources, which are created by distribution, redistribution of the national income created in the branches of material production. The state budget - centralized state revenue (list of income and expenses). The budget consists of two parts: the revenue side and the expenditure side. The income part shows the sources of cash inflows and their quantitative characteristics. In the expenditure part, the directions, areas in which money is spent, and their quantitative parameters are indicated. The size of the state budget can be judged on the level of economic development of the country.

The main source of the budget is taxes (70-80%), the rest of the customs duties, government loans, money issue. State loan. IN In order to ensure uninterrupted financing of the diverse needs of society, the state can attract free funds of enterprises, organizations and citizens to cover its expenses. For additional replenishment of the country's economy with monetary resources, the state may resort to the emission of money. But this measure is not used very often, because excessive emission can lead to higher inflation, depreciation of funds, higher prices, lower living standards of the population. The next means of attracting financial resources by the state is a state loan. The state sells bonds, treasury bills and other types of government securities on the financial market. The financial market is an integral part of the financial system. Currently, the most significant in terms of volume in the financial market is the securities market. The state issues the following types of securities: GKO (government short-term bonds), OFZ (government loan bonds), OGSZ (government savings loan bonds).

Conclusion

Finance - an integral part of our daily life. The tasks and problems of finance, taxes, insurance have penetrated so deeply into public life that this concept has become commonplace and everyday. Any financial decision is characterized by the fact that income and expenses are spread over time and, as a rule, cannot be accurately predicted by those who make these decisions. Therefore, when making financial decisions, there are two important factors to consider - time and risk. When carrying out any financial transaction, the time of its completion must be determined: after all, the money received today can already be used directly. Whereas the same amount of money received after a certain period can only be used after this period, therefore, the value of money changes over time - money amounts received in the future are less valuable than similar amounts received at earlier dates. Any operation that takes place in time. The operation carries the risk that there may well be a discrepancy between the results that we expect from the operation. And the results that will actually happen.

appeared much later than money - at the highest stage of civilization, simultaneously with the development of trade and the emergence of the institution of the state, in the XIII-XV centuries. Finances have a significant impact on the reproduction of labor. Thus, finance and the financial system were created by man and human society in the person of the state as a central public institution. With the development of the state and the development of productive forces, the complication of economic ties, the sphere of finance already goes beyond the framework of the state itself. Along with public finance, they can also be considered corporate finance (or enterprise finance) and personal finance.

Bibliography

1) Litovchenko V.P. Finance : Textbook. - M .: Dashkov and Co, 2006 .-- 433p.

2) Babich A.M. State and municipal finance. - M., 2002.- 487s.

3) Balabanov I. T. Game workshop in finance. - M., 2000 .-- 429s.

4) Blagodatin A.A. Financial Dictionary.- M., 2005.- 415p.

5) Braicheva T. V. State finances of Russia. - SPb., 2002.- 483s.

6) Lavrushin OI Money, credit, banks. - M., 2000 .-- 522s.

7) Romanovsky M.V. Finance and credit : Textbook - M., 2006 .-- 533p.

Since the budget is the broadest financial category, then he owns all the functions inherent in finance:

1) the formation of a budgetary fund (budgetary revenues) - an accumulating function;

2) the use of the budgetary fund (budget expenditures) - the distribution function;

3) control function.

Accumulating function fulfill budget revenues, including: taxes on the income of economic entities (participants in the process of social production - individuals and legal entities); loans; income from state property (enterprises); income from the issue of paper money. The main source of budget revenues is the revenues of economic entities obtained as a result of the primary distribution of the net national product, namely:

Wages of employees;

Income of self-employed persons;

Entrepreneurial profit (industry, agriculture, trade and other industries);

Rent of land owners;

Loan interest (profit of banks and depositors).

The structure of budgetary revenues is not constant; it depends on the specific economic conditions for the development of a given country. Changes in the structure of budget revenues reflect changes associated with economic processes. So, for example, changes in the ratio between taxes and loans towards an increase in the share of the latter reflects a clear decline in production, a change in the ratio between consumption and accumulation. Thanks to this function, there is a concentration of funds in the hands of the state and their use in order to meet national needs.

Scope of the distribution function determined by the fact that almost all participants in social production enter into relations with the budget. The main object of budgetary redistribution is net income; however, this does not exclude the possibility of redistribution through the budget and part of the cost of the required product, and sometimes the national wealth.

Thus, the content of the distribution function of the budget is determined by the processes of redistribution of financial resources between different divisions of social production. None of the other links of finance implements such a multi-type (intersectoral, inter-territorial, etc.) and multi-level (federal, republican, regional, city, etc.) redistribution of funds as the budget. The second function of the budget belongs to specific target budget expenditures. The state, acting as an aggregate economic entity, takes into account the economic interests of all other participants in the reproduction process, in connection with which budgetary expenditures cover the entire economy. The need to comply with macroeconomic proportions in the national economy requires budgetary financing of certain sectors of the economy, institutions of the non-productive sphere, economic regions (administrative territorial entities), various forms of ownership, and individual economic entities.

This function allows you to find out how timely and fully financial resources come at the disposal of the state, how the proportions in distribution actually develop budget fundswhether they are being used effectively.

Control function lies in the fact that the budget objectively - through the formation and use of the fund of state funds - reflects the economic processes taking place in the structural links of the economy. Thanks to this property, the budget can "signal" how the state receives financial resources from various economic entities, whether the size of the centralized resources of the state corresponds to the volume of its needs, etc. The control function is based on the movement of budgetary resources, reflected in the corresponding indicators of budget receipts and expenditure assignments.

The control function of the budget involves the creation of conditions for control. This function coexists simultaneously with either the first function or the second. The control function makes it possible for the state to effectively influence all economic processes. At the same time, control and control function are not identical (albeit interrelated) concepts: the first expresses one of the important aspects of the activities of financial authorities, the second is a property inherent in finance that creates an objective basis for exercising control.

Budgetary device of the country

The organization of the budget system and the principles of its construction are called budget device.

Budget system Is a set of budgets available in the Russian Federation, based on economic and legal norms.

The budgetary system of the Russian Federation includes the following types of budgets (budget units):

1. Federal budget of the Russian Federation.

2. The budgets of the subjects of the Russian Federation.

3. Local budgets - budgets of municipalities.

The set of the federal budget and budgets of the Russian Federation form the concept "Consolidated budget" ... The consolidated budget of the Russian Federation is used to analyze the indicators of the budget system, as well as when setting standards for deductions from federal taxes to the budgets of the subjects of the Federation. The consolidated budget of the Russian Federation is not approved by the legislative authorities.

The budgetary system of the Russian Federation has the following organizational structure

Level

Consolidated budget of the Russian Federation

Level

Consolidated budget of the region (region)

Consolidated budget of the Republic of Bashkortostan

Level

Consolidated budget

Municipal Rural District

Hello! In this article, we will talk about accumulating funds.

Today you will learn:

1. Interpretation of the term "accumulation";
2. What are the functions of accumulation.

What is accumulation

We are all engaged in accumulation. Someone collects unnecessary things and takes them to the dacha, someone saves working days in order to get a long vacation, and someone saves money. Let's talk about the latter.

Banks need deposits to attract funds from citizens with the aim of their further redistribution for a higher percentage.

Indeed, in fact, when you take your free funds to the bank, you lend to the bank at a certain percentage, the interest on the deposit. The bank then lends these funds to those in need in order to receive interest on the loan.

At the moment, banking organizations have in their capital no more than 20% of their own funds, 80% are borrowed.

Thus, banks and banking organizations are some kind of intermediaries between citizens who have temporarily free funds and those who need them.

The bank unites such economic entities by time (that is, it provides a loan when they need it and for a certain period), by quantity (it provides the amount that is needed at a time) and by location (no need to look for borrowers and lenders, all in one location).

Banking activity for the accumulation of funds has several features:

• The bank directs the accumulated funds to meet other people's needs and requirements;
• The ownership of the accumulated funds remains with those who deposited them in the bank, that is, with the depositors;
• The accumulation and redistribution of borrowed funds requires a license;
• The bank's own free funds occupy a relatively small share in its capital;
• The activity of accumulating temporarily free funds is one of the most important functions of the bank.

Accumulation functions

And finally, let's think about why the activity of accumulating temporarily free funds is important for society and the state.

The first function is - reallocation of funds, support for small and medium businesses. Owners of small and medium-sized companies often become borrowers of banks.

In addition, the development of small and medium-sized businesses allows the country's economy to develop as a whole and makes a significant contribution to the state budget.

The second function is reducing the cost of finding borrowed funds... In the laptop example, citizen “A” would have to bypass several people, conclude several contracts in order to receive a sufficient amount. Accumulation avoids paperwork.

The third function is making a profit from temporarily free cash... As you know, money should work.

Accumulation is the activity of making money from money. At the same time, not only those who accumulate funds receive profit, but also those who contribute their free funds and receive interest for them. Remember.

Thus, the accumulation of funds makes it possible to redistribute funds, develop small and medium-sized businesses in the country, replenish the state budget and improve the living standards of the population.

Among the most powerful instruments of state influence on the economy should be named financial management on a budgetary basis, called budget regulation. The budgets of different levels form the core of the financial institutions of state management of the economy. The role of the state budget system is so great that it is legitimate to consider it an independent institution of state management of the economy, along with the banking system.
Since state budgets are developed on a planned basis and represent, in fact, state financial plans, there is every reason to consider the development and use of budgets as the defining form of state financial planning. State budgeting as the main manifestation of financial planning is the process of forming and using the budget 95
- a centralized monetary fund in order to finance a wide range of public goods, government programs.
State budgeting forms the upper part of the budgeting pyramid, covering budgetary processes at the federal, regional, municipal levels, at the level of organizations and household budgets, called family budgets.
The budget, understood simplistically as a "money bag", a wallet for placing, storing, retrieving money, in fact
nosti is a more complex and multifaceted concept. On the one hand, this is the totality, the mass of financial resources, funds that any economic entity has, be it a state, territory, organization, family. On the other hand, the budget is the ratio between the income and expenses of an economic entity, the balance of its funds, which characterizes the correspondence of their receipts and expenditures over a certain period, most often one year. On the third hand, the budget reflects the financial behavior, financial policy of the owner of funds, his ability to balance income and expenses, and distribute financial resources.
Budgetary activity at the state level, which, in fact, is called state budgeting, is one of the leading links in state management of the economy, reflects not only the financial, but also the socio-economic policy of the state as a whole. Although the state budget accumulates only the state's funds received and spent during one year or another budget period, it affects the movement of financial resources, cash flows, and thus the socio-economic processes in general. They are connected with the state budget, inflation, public debt, state socio-economic programs, financing of budgetary organizations, social benefits and payments depend on it.
Budgeting as a form of public administration includes:
- establishment of the volume and structure of the state's monetary income, sources of income during the budget period;
- formation of the structure and volumes, addressing the state's monetary expenditures during the budget period;
- achievement of a certain level of balance between monetary income and expenditures of the state for the budget period;
- allocation of priority areas for spending state funds, which must be guaranteed, secured (protected items of the state budget);
- linking budgets with the main directions of the economic and social policy pursued by the state;
- creation of government reserves, cash reserves and regulation of internal and external government debt.
Thus, presenting in formal perception the legislatively approving painting
state revenues and expenditures for a certain period of time, the state budget is at the same time the financial basis of state management of the economy. In terms of content, the state budget is a way of forming, distributing and using centralized financial resources of the state in order to finance the state (budget) sector of the economy, the social sphere and service the state debt. At the same time, the state budget represents an annual cut of the long-term financial plan of the state, drawn up according to aggregated indicators budget classification for a period exceeding the budget. Thus, the state budget becomes a bearing element of the system of rolling state financial planning.
In a centralized economy, the budget is entirely subordinate to the state economic plan, follows from it and does not have any important independent significance. This approach follows from the dominant tendency in the planning and administrative economy to give a dominant role to material factors and a secondary role to financial ones.
In countries with market economies, great attention is paid to the preparation, approval, analysis of the execution of state annual budgets. The budgets themselves at the state level and the level of territorial units serve as the leading, determining form of financial planning. By the way, this fact refutes the idea that in a market economy there is no place for centralized state planning. Budgetary and financial planning in countries with a market economy is better organized than in countries with a traditionally planned system of economic management.
Of fundamental importance is the fact that in most developed countries a democratic procedure for adopting budgets at the national and municipal levels has been established and is being observed. The budgets in parliaments and their commissions are worked out in the most detailed way, for all income and expenditure items, even for individual objects.
As a result of the reforms, budgets in Russia also became the subject of legislative review and approval.
bodies. But having approved the budget, often with a delay, unfortunately, they do not always remember about it. It happens that the authorities make decisions that destroy the approved budget.
Of great importance for maintaining the stability of the economy, preventing crisis situations are
financial control
sovym flows, timely adjustment of income and expenditure items of the budget. Naturally, the actual financial ratios differ from those outlined in projects and plans. Usually, cash costs are higher than expected, and incomes are lower than expected. Hence, it becomes necessary to adjust budgets, to use reserves in order to direct economic processes in the right direction, to coordinate them with financial capabilities.
The budgetary and regulatory function of the state in countries with a market economy system is quite high and tends to increase. So the budgetary system is one of the leading links in the state management of the economy. With the help of budgets, the state exerts a regulatory influence on producers, and through them on the market for goods and services, capital, and labor. The set of budgets used in the country is called the budget system. In countries with a federal state structure, such a system usually consists of budgets of three levels:
1) the federal budget, in which the budgetary resources are concentrated, necessary for the implementation of costs that are of a national nature. Through this budget, the process of distribution and redistribution of national income between different subjects of the Federation also takes place;
2) the budgets of the constituent entities of the Federation (regional budgets), in which the budgetary financial resources of the large regions that are part of the Federation are concentrated;
3) local (municipal) budgets, consisting of financial resources of administrative-territorial entities in the form of cities, districts, townships, settlements.
The three-tier budget system, covering the federal, sub-federal and local budgets, adjoins the budgets of economic entities (legal entities) and family budgets. The budget of an economic entity is known as the balance sheet, it compares the income and expenses of an enterprise, a company, a firm for a certain period of time. The family budget presents a table of household income and expenses for a month or a year. The financial balance sheets of the organization's income and expenses are compiled without fail, while the preparation of a family budget is a voluntary matter for each family.
districts, villages and other settlements.
Budget system Russian Federation, as already mentioned, is built on legislative basis in the form of budgetary legislation. General principles budget legislation, the legal basis for the functioning of the budget system, the flow of budget processes are established by the Budget Code of the Russian Federation
russian Federation, adopted in 1998, the Code defines legal status participants in the budgetary process, the legal basis for the procedure and conditions for bringing to responsibility for violation of budgetary legislation. Let us characterize the basic principles of the construction and functioning of the budgetary system and the state budget as its defining part, adopted in the world and enshrined in the Budget Code of Russia.
The principle of the unity of the budgetary system means the unity of the legal framework, the uniformity of budget documentation and classification, a single procedure for constructing the revenue and expenditure parts of the budgets of all levels, and their consistency.
The principle of autonomy of budgets means the right to independently draw up and manage budgets by the legislative and executive authorities at each level.
The principle of completeness requires that income and expenses be reflected in the budget for all items in full, taking into account all sources and all costs financed on a budgetary basis.
The principle of balance means achieving compliance with budget revenues and expenditures.
The principle of publicity (openness) requires the mandatory publication in the open press of approved budgets and reports on their implementation, openness for society and the media of procedures for considering and adopting budgets.
The principle of targeting and earmarked nature of budget funds means that such funds are allocated at the disposal of specific recipients and directed to finance specific goals.
In real practice of state budgeting, not all of these principles are fully observed. This is evidenced by at least the very fact of the existence of extra-budgetary funds along with the state budget, the closed nature of certain items of expenditure of budgetary funds, and the incomplete independence of the budgets of the lower levels.
The state budget, in its economic essence, reflects the monetary relations that develop between the state and legal entities and the population and consist in the redistribution of national income in connection with the formation and use of funds to finance the economy, implement social policy, develop science, culture, education, and ensure the country's defense and government management.
A feature of this link in the financial system is that the budget is associated with the separation of a part of the national income in the form of tax and payments in the hands of the state and its use for public purposes. The state budget, in contrast to the financial system as a whole, redistributes only its part of the national income (and not all national wealth) between industries, territories, spheres of public activity in proportions determined primarily by the needs of expanded reproduction and the financial policy of the state.
The state budget should be viewed as a means of implementing the financial functions of the state. Due to budgetary relations, funds are concentrated in the hands of the state and used for the state to perform its functions, which together form the functions of budgetary management (regulation).
The fiscal function consists in creating, with the help of the state budget, a financial basis for the functioning of the state, financing public expenditures both from their own revenues and, to a greater extent, through tax and other revenues.
The distribution function of the budget is manifested through the use of funds concentrated from the state to meet public needs, conduct economic policy, and provide financial support to industries and regions.
The control function makes it possible to reveal how timely and fully financial resources come at the disposal of the state, how the proportions in the distribution of funds are formed, how they are used. The budget reflects the economic processes taking place in the structural links of the economy, due to which it becomes clear where they are entering (should be), when and in what amounts.
The manifestation of the functions of the state budget is reflected in the budgetary mechanism created by the state, which is a real embodiment of budgetary policy and reflects the focus of budgetary relations on solving economic and social problems. The state uses the budget to regulate the economy by maneuvering the monetary resources at its disposal. In the process of implementing budgetary policy, the state has the opportunity to apply a variety of forms of influence on the economy: subsidizing and financing production, making public investments, financing the social sphere.
State budget revenues are formed from payments by legal entities and individuals in the form of taxes and fees, directed to the formation of the state budget fund. The market economy dictates the need to use taxes as the main sources of income generation. Along with taxes, there are not tax revenues budget in the form of revenues from the sale of state property, privatization, lease, concession, entrepreneurial and foreign economic activity, fees and duties, gratuitous transfers to the state, fines and other monetary penalties.
Budget revenues are divided into own and regulatory. Own revenues are assigned to the relevant budget on an ongoing basis, in whole or in part, in accordance with the legislation of the country. Regulatory incomes are federal, regional and other payments, according to which standards for deductions in percent (for the next period) to regional and local budgets are established.
The expenditure of the state budget arises in the process of allocating budget funds for the needs of the economy and the performance of state functions. According to the Budget Code of the Russian Federation, budget expenditures are divided into capital expenditures, providing innovative and investment activity, and current, ensuring the functioning of the authorities of budgetary organizations, the provision of state support to budgets of lower levels, to certain industries in the form of subsidies.
Government spending is presented in its most general form as the sum of government purchases of goods, services and transfer payments. Government procurement includes, for example, the purchase of weapons, state building, fees for judges, teachers, firefighters, police. Transfer payments
- These are payments that redistribute tax revenues received from taxpayers to certain segments of the population in the form of unemployment benefits, social insurance and security payments, benefits to veterans. Most often, government purchases are called depletion costs because they consume productive resources. At the same time, transfers and purchases have an impact on resource allocation. If through government purchases, society redistributes resources from private consumption to public consumption, then through transfers, the government only changes the structure of consumption of goods in the private sector and does not affect the increase in public consumption.
consumption at the expense of personal. It should be noted that as a result, government intervention in the economy looks more effective by changing the volume of government purchases rather than transfers.
By means of transfers from the federal budget to the budgets of the constituent entities of the Federation and further to municipal budgets, federal budgetary relations are formed in the economic aspect. Budget expenditures can be classified according to various principles: according to their role in reproduction (expenditures directed to the sphere of material production and to the development of the service sector); by industry (industry, agriculture, transport, communications, education, healthcare); intended purpose (investments, subsidies, wage costs); social purpose. Taking into account the public purpose of spending, budgetary funds can be allocated for the needs of the entire economy, for social and cultural events, for defense, and management. In the total amount of expenditures on the economy, a significant part is funding from the budget of the most important and large targeted federal and regional socio-economic programs. So, at the expense of budgetary allocations, priority programs are financed, focused on the development of key sectors of the economy, on solving the most important socio-economic problems, on supporting remote, depressed regions, on the development of industrial and social infrastructure. |\u003e Significant budgetary funds spent on the implementation of social and cultural activities are aimed at: to develop education, maintain culture, provide health care to the population and improve social security for those segments of the population who need it.
The main place in budget expenditures on defense is occupied by the purchase of weapons and military equipment, the costs of the current maintenance of the armed forces, financing of research and development work, and military construction.
Management costs are necessary due to the fact that the state performs important economic and organizational functions and must provide management activities.
In the context of the transition to an economy based on market relations, measures are being taken to reduce budget subsidies for knowingly unprofitable and low-profit state state enterprises, the rejection of the methods of universal economic paternalism used in the Soviet economy. Budget allocations are mainly directed to the implementation of government programs, financing of government spending itself.
In cases where the available revenues are insufficient to carry out the necessary expenditures, a budget deficit occurs. The budget deficit is the excess of the expenditure side of the budget over the revenue side. With a budget deficit, the state does not have enough funds for the normal performance of its functions and has to resort to internal and external loans (as sources of budget revenues), primarily from organizations of the credit system, which negatively affects the stability of the entire monetary circulation and is the main cause of inflation, financial crises ... The budget deficit does not necessarily indicate some kind of emergency in the country's economy. It can be caused, for example, by the need to make large state investments in the development of the economy. There may be extraordinary circumstances related to wars, natural disasters, the costs of which could not have been planned in advance, but must be implemented regardless of the availability of funds in the reserve fund. It is necessary to fear not a local, but a permanent, growing budget deficit, leading to the formation of hard-to-replace, accumulated debt obligations, burdened by the payment of interest on debts.
If there is a temporary budget deficit, there are prospects for overcoming it and it does not constitute a large share in relation to the value of the gross domestic product, it should not be considered an exceptional event. But in cases where the budget deficit is deep, arises as a result of extraordinary circumstances and reflects crisis phenomena in the economy - its collapse, the inefficiency of the financial system - then, of course, this phenomenon causes enormous damage to the entire economy and it is necessary to take drastic measures to bridge the significant gap between expenses and available income. Typically, a budget deficit of up to 10% of revenues is considered acceptable, while a deficit of more than 20% is critical.
The main reasons for the significant budget deficit that manifested itself in the first phase of the transition to a market economy in Russia are low production efficiency, significant social spending, non-taxation of the budget, irrational structure budget expenditures, ineffective budgetary mechanisms, as well as the rupture of economic ties due to the collapse of a single union state. In this regard, in the middle
90s the deficit of the state budget of Russia reached the level of 20-25% of revenues and exceeded 5% of GDP. At the beginning of the first decade of the XXI century. the Russian state managed to break the trend of deficit state budgeting and master the preparation of surplus, break-even budgets.
To reduce the budget deficit, it is necessary to stimulate in every possible way the inflow of revenues from all sectors and all spheres of economic activity, and at the same time to ensure the reduction of government spending. In order to cover the budget deficit, various forms of government credit, both internal and external, can be used. But if one resorts to excessive use of the Central Bank's credit, when the latter has no other resources for lending, apart from increasing the release of depreciating money, then such a measure will only lead to increased inflation. The use of money received from the population, enterprises, banks through the sale of government bonds to them as a loan can create a vicious circle, increasing the already large deficit when paying off bonds and paying interest. By resorting to such loans, the state accumulates its own debt, called the public debt. Public debt consists of two components: a less dangerous domestic debt, the repayment or restructuring of which is easier to negotiate with your domestic creditors, and a more burdening external debt, the servicing of which must be agreed with foreign creditors.
Public debt is a burden that complicates the smooth functioning of the economy. The growth of public debt reduces the capital stock in the economy, since the owner of savings, instead of investing them in the economy by buying shares of industrial companies, lending to private enterprises, acquires government bonds, financing the state. Thus, the presence of public debt reduces the share of equity capital relative to its potential value. A decrease in savings leads to a decrease in investment, and, consequently, to a decrease in the volume of production, since the state is not inclined to invest the received loans in production. The government's interest payments on accumulated debt are growing, which leads to a further increase in debt. Overcoming the budget deficit should primarily be based on the development of production, ensuring financial stability
the vigor of all sectors of the economy and enterprises of all forms of ownership, to enhance entrepreneurship As for reducing budget expenditures, it can be achieved by changing the direction of investment of budget funds, using only targeted financial incentives and sanctions that allow taking into account the conditions of various manufacturers. Important ways to reduce expenditures are to reduce excessive military and other costs, to finance only the most important socio-economic state programs, and to prevent the implementation of activities that do not have a real financial base from the budget. Attracting foreign capital to the country as a way to reduce, compensate for the missing state budget investments is rational for the subsequent increase on this basis of state budget revenues.
Drawing up a budget, discussing it, approving it, using budget funds, considering the results of budgetary activities is a single budget process... The entire budget process is regulated by law, which provides for the procedure for drawing up, considering, approving and executing
100 no budget. In this process, an important place is occupied by budgetary regulation, which means the redistribution of monetary and financial resources between different budgets.
In accordance with the law, the president must in advance, long before the start of the fiscal year, decide to start work on the preparation of the draft budget, draw up a budget message to parliament. The draft federal budget is drawn up by the Government of the Russian Federation 10 months before the start of the next budget year. The government prepares, on the basis of preliminary budget materials, a draft law "On the federal budget" and submits it to the State Duma, where the draft is considered in four readings. When developing the budget for the next year, a forecast of the country's socio-economic development is used, a consolidated balance of financial resources is drawn up and the main directions of budgetary policy are determined. All this makes it possible to calculate the target figures for the next year. In the Russian Federation, the fiscal year begins on January 1 and ends on December 31. When the draft budget is approved by the State Duma and the Federation Council, it is submitted to the President of the Russian Federation for signing and promulgation.
In the process of drawing up and reviewing the budget, many changes and additions are usually made to it.
The approved budget should indicate the amount of the upper limit of the budget appropriation for operating expenses and for the development budget. The fact is that if additional needs for budget funds arise, then, first of all, current expenses should be provided with appropriate income, and the development budget, which is associated with the direction of funds to increase production volumes, expand construction, should be limited to the amounts that were originally approved when considering the budget. The approved budget should also define the limits of the unbalanced part of the budget, surplus or deficit, and these amounts are determined both in absolute terms and as a percentage of projected revenues.
If the president disagrees with the version of the budget presented by parliament, he can reject it, i.e. veto. Until the final budget is adopted and the veto is not overturned, the government has the right to use the monthly budget allocation for controversial items in the amount of 712 parts of their value in the previous year.
Control over the state and progress of the state budget is carried out by the Chamber of Control and Accounts under the Parliament, which in its activities does not depend on either the Parliament or the Presidential Administration.
The financial authorities control the execution of the budget. In cases of exceeding the maximum level of deficit and a significant decrease in income from income sources, a mechanism for sequestering costs is introduced. Sequestration means that it is necessary to make a proportional reduction in costs by 5, 10, 15%, etc. monthly across all budget lines for the remainder of the entire financial year. True, the so-called protected items are not subject to sequestration - these are expenses for wages, scholarships, medicines, food, etc.
In extraordinary circumstances, the country may introduce an emergency budgetary regime for spending funds. The introduction of emergency measures is envisaged by the adoption of a special law.
In parallel with the state and local budgets, other forms of using the state's monetary resources are also used. One of these ways is the creation of off-budget funds in the form of relatively independent financial resources, formed from their own sources of income. The state budget greatly contributes to the mobility of funds, if necessary, they can be redistributed to various types of expenditures.
dov. In order for such a redistribution of funds to suffer less social needs, i.e. there was no reduction in expenditures for the vital needs of the state, special extra-budgetary funds for a specific purpose were formed. State extra-budgetary funds are created at the federal and regional levels.
Off-budget funds are under the jurisdiction of state authorities, the procedure for their formation and functioning is regulated by the state, and the sources for the formation of funds are predetermined by the nature and scale of the task for the implementation of which they are created, as well as by the economic and social situation of the country. In this regard, it is obvious that extra-budgetary funds are a special form of using resources raised to finance various public expenditures, in addition to the state budget itself. Depending on the intended purpose, off-budget funds are divided into economic and social ones, and taking into account the level of management, they are divided into federal and regional ones. The main off-budget social funds in modern conditions are: social insurance, Pension Fund, Mandatory Fund health insurance.
The State Social Insurance Fund is organized to pay various benefits: for temporary disability, pregnancy and childbirth, at the birth of a child, for burial, for financing sanatorium and resort services, for material support of the activities of trade unions aimed at protecting the interests of workers. The main share of this fund's expenses is the payment of various benefits. A fund is created by the tax and insurance method with the attraction of funds from enterprises and organizations of various forms
property, as well as persons engaged in entrepreneurial activities. The sources of funds are part of the social tax, insurance premiums enterprises and organizations, other income.
The Pension Fund acts as a financial and organizational structure dedicated specifically to serving retirees. Thus, this fund can be represented as a public financial management body pension provision... This fund is engaged in the formation, accumulation of funds for the payment of pensions, child benefits, as well as financing organizations that help pensioners and children. It is the largest non-budgetary social fund in Russia.
The main income items of the Pension Fund are the receipts of the main part of the social tax in the form of percentages of paid wages, and other mandatory insurance contributions. In a number of cases, the Pension Fund attracts funds from the federal budget intended for the payment of state pensions, benefits, as well as payment of compensation in connection with changes in the cost of living and an increase in wages. The fund may receive voluntary contributions from citizens, enterprises and public organizations, as well as from commercial and financial-credit operations carried out by the fund itself. Unlike other social extra-budgetary funds, the Pension Fund is fully centralized at the federal level.
The compulsory health insurance fund is formed with the aim of guaranteeing the possibility of citizens receiving free medical care at the expense of the funds accumulated in the fund. Compulsory health insurance is a special part of the state social insurance, designed to provide all citizens with equal opportunities to receive medical and drug assistance in the amount and on the terms of the programs for providing such assistance. Compulsory health insurance for citizens of the Russian Federation was introduced in 1993.
The financial base of the Mandatory Health Insurance Fund is formed through deductions in the amount of a certain percentage of the accrued wages collected from any of its sources in the form of social tax. These payments are mainly directed to the territorial compulsory health insurance funds and partially to the Federal Fund. Payments to the Mandatory Health Insurance Fund are included in the cost of production and are thus transferred to the price of the product produced, so that ultimately the costs are borne by the buyers, consumers of this product.
As follows from the foregoing, the state budget and extra-budgetary social funds, being the main sources of financial resources of the state, are also used as a fairly comprehensive and multifaceted instrument of direct government management and indirect regulation of the economy. The action of this instrument extends beyond the boundaries of the state sector of the economy, covers the entire population of the country in the social aspect. Part of the resources of the state budget in the form of loans, subventions, subsidies, security pledges
is given to non-governmental commercial organizations, public funds, small business structures.
To ensure the stability of the economy, the state forms a special stabilization fund.
In world practice, there are different concepts of use and management of the state budget.
The concept of a balanced neutral budget is based on the principle of achieving and maintaining a stable financial state of the economy on the basis of a deficit-free state budget, with equal income and expenditure, regardless of the presence or absence of reproductive and economic problems. Within the framework of such a rather passive concept, the state budget is designed to solve only the problem of obtaining and spending funds adequate in terms of volume for purely state needs in the narrow sense of the word.
A later concept, corresponding to the Keynesian doctrine of state influence on the economy, can be called the concept of fiscal stabilization of the economy. According to this concept, in conditions of disruption of the stable functioning of the economy, the presence or expectation of crisis phenomena, the state has the right to spend financial resources to suppress inflation, unemployment, passive demand for goods and services, resorting for this to budget borrowing, which generates a budget deficit. At the same time, the state budget loses its balanced and stable state of its own, turns into debt in the name of stabilizing the country's economy through the budget itself. The implementation of such a concept of budgetary regulation of the economy, which has become widespread in the world, assumes that, following the stabilization of the economy, it will be possible to balance the state budget, to pay off the resulting public debt using liquid state assets.
Due to the presence of different goals of the state budgetary policy and different ideas about the economic and social effectiveness of this policy, there are no unambiguous criteria for establishing a rational (optimal) state budgeting regime. Among the macroeconomic indicators that claim to be such criteria, we will name:
- the rate of growth of the country's (region's) GDP;
- the share of the capital part (development fund) in the budget;
- budget deficit;
- accumulated public debt (internal and external);
- inflation rate;
- unemployment rate;
- the share of public goods in the gross domestic product.
A real judgment about the effectiveness of state budgeting can be obtained only by considering the totality of the above indicators, taking into account their dynamics.

3. the accumulation of the funds received was provided for in the federal budget.

In fact, it was about the "Hungarian version" of privatization. The reformers objected to this option of privatization, arguing that there is no money or owners in the transitional economy.

Another project was proposed by M. Malei, who rejected the idea of \u200b\u200b"trade privatization" in connection with the already well-known argument that the population did not have money. He offered "people's privatization" on the principle - all citizens of Russia equally and free of charge. The privatization was supposed to affect 70% of the basic production assets of industry and agriculture. All citizens of the country were to receive state property free of charge with a total book value of 2,200 billion rubles. Each citizen in the implementation of this project should have received his share, while the share was estimated in "conventional units", and not in inflationary rubles. The size of each share would be 14 thousand conditional balance sheet rubles (but according to the calculations of the State Committee for State Property Management of the USSR). The main idea of \u200b\u200bsuch a mechanism was to endow citizens with a privatization personal account, the purchasing power of which was not subject to inflation, and it was supposed to increase as the market value of the privatized property was revealed. The advantage of this project was that each owner of a registered account had the opportunity to purchase either shares of a privatized object or shares of an investment fund accumulating shares of many enterprises. The latter reduced the inevitable risks of the buyer. M. Maley's proposal made it possible to prevent the involvement of registered accounts in the market turnover, which did not contribute to the growth of inflation.

However, the reformers suggested taking a different path, and, although they agreed to both monetary and voucher (voucher) privatization, they canceled the main principle of popular privatization - the transfer of state property to the ownership of citizens in equal shares.

Thus, by 1992, the general goals and principles of the privatization policy of the Russian government were formulated. The main ones include the following:

1. denationalization of enterprises aimed at increasing production efficiency; stimulating enterprises to search for new market strategies and to increase the competitiveness of their products in domestic and world markets;

2. reduction of budget expenditures for subsidies to state enterprises;

3. an increase in budget revenues from the sale of enterprises and blocks of shares;

4. formation of effective owners, transfer of enterprises to new strategic owners and attraction of investments for the renovation and development of their production apparatus;

5. Formation and development of the capital market, which regulates the transition of investments to the most efficient spheres, and the implementation on this basis of a new structural and technological policy;

6. preservation of the "obligatory" part of the public sector in a viable state (defense, natural monopolies) with a decreasing volume of resources actually controlled by the state.

2.2. Stages and mechanisms of Russian privatization

Stage 1. Initial stage of privatization

"Small privatization" (first half of 1992). In 1992, a monetary or "small privatization" was carried out, which preceded the voucher privatization. It concerned objects of trade, vehicles, services, etc. In less than half a year in 1992, during the "Small Privatization", 46,815 objects of state property were sold. At the end of 1992, no more than 42 kopecks were received for each ruble of state property, which gave the budget 39.9 million rubles. For comparison: the privatization of 25,000 similar objects in the Czech Republic brought the Czech budget $ 1,200 million.

Nevertheless, such an economic disadvantage was motivated by the reformers by the need to create an effective owner as soon as possible.

Check auctions (1993 - the first half of 1994) Research carried out by Braverman's group at the request of the State Property Committee showed that there is no money in Russia for privatization, for the formation of a layer of new owners. The undoubted way out was to attract foreign capital, but it was clear that it would not be possible to attract significant funds from abroad to Russia in a short time. In this regard, it was proposed to introduce into the cash circulation on the market a new means of payment - a privatization check. This, among other things, made it possible to hide the buyer, including a foreign one, thus, instead of a personal check, a bearer check was offered.

In August 1992, Boris Yeltsin issued a decree approving the concept of voucher privatization. In accordance with the plan of the reformers, the State Property Committee fundamentally changed the type and property of means of payment that citizens could dispose of when purchasing state and municipal enterprises and property into private ownership. At the same time, the main principle of popular privatization was canceled - the transfer of state property to the ownership of citizens in equal shares.

In Russian statistics, the entire production potential of the country was assessed by book value fixed assets. The planned privatization targets for the regions of the country had a specific feature: compiled for 12 branches of production, they did not coincide with the structure of sectoral reporting of Russian statistics bodies. And the enterprises of the most attractive industries: mechanical engineering, instrument making, resource extraction and processing were classified as “other objects”. For the industries identified by the reformers, the average cost of an object in the consumer services sector was 2 billion rubles, in the light industry - 24 billion rubles, while the average cost of an object in the "other" category was 32 billion rubles. As of January 1, 1992, the Goskomstat of Russia registered 270,000 state-owned enterprises on an independent balance sheet, of which 155,638 enterprises with an aggregate authorized capital of 1,520 billion rubles were proposed for mandatory voucher privatization.

The structure of the sale of this property is presented below in tabular form.

Table 2. Actual types of sales of state property proposed for voucher privatization

From the data in the table, you can see that 37% of the proposed capital was not sold at the check stage. In the course of voucher privatization, 48,172 enterprises were sold with a total authorized capital 958 billion rubles, of which 149 billion rubles went to the federal budget in cash.

Enterprises of federal and republican property were sold at prices not exceeding the par value of shares, regional and regional property was sold practically at par of shares, and only municipal property was sold at a price insignificantly higher than the par value of the object's shares. However, municipal property accounted for a small fraction, the main share of property - 64% in terms of capital volume - was federal property. The British analytical agency "Independent Strategy" reported in September 1994 that "... even if we assume that in Russia the value of fixed assets is equal to the gross domestic product (GDP), and in the leading Western countries, funds exceed GDP by 2.4 -2.8 times, then for an economy with a GDP of about 300-400 billion dollars, the amount received from privatization is simply negligible. "

Conditions of equality of rights when buying shares for different social strata of the population were not observed. When shares were sold by private subscription to members of labor collectives, the average rate of a privatization check was 0.7, that is, one check accounted for a block of shares in the amount of 7,000 rubles, which was 3.3 times higher than the rate of open specialized check auctions. Thus, an employee buying shares of his own enterprise by subscription was in more privileged conditions compared to citizens who buy the same shares at check auctions. Note that the standard clause on closed subscription did not limit the number of shares declared for purchase, this allowed smart buyers to use dummies. In violation of the privatization legislation, as a rule, sources of income were not declared when individuals were buying large and super-large blocks of shares for checks; foreign companies were purposefully buying shares for checks through shell companies and with the help of chartered individuals.

If, as it was officially announced, 40 million Russian citizens became shareholders, then out of 148 million issued checks, only every fourth check went through the legal procedure of direct exchange for shares of privatized enterprises, the rest were presented in the conditions of the secondary securities market.

The similarities and differences in the practice of mass privatization in Russia and Eastern Europe are quite obvious, although with a certain degree of admission it can be said that the Russian version is essentially closer to the Czech experience. However, Russian voucher privatization loses in many respects even to the experience of the Czech Republic and Slovakia. With all the known initial differences, the shortcomings of Russian voucher privatization were not the result of the manifestation of some Russian peculiarities, but the result of a deliberate choice, that is, they were largely determined by reasons of a subjective nature.

Thus, the main disadvantages of the voucher privatization program implemented in Russia were:

Issuing a check to bearer, not a personal check; fixing the par value of a check in rubles, and not in conventional units; lack of mechanisms for maintaining the exchange value of a check during auctions and its compliance with the value of the assets acquired on it; the local nature of the auctions; and no restrictions on the participation of individuals and legal entities.

Stage 2. Monetary stage of privatization

The mortgage auctions (second half of 1995) are attributed by researchers to the monetary stage of privatization. The idea of \u200b\u200bloans-for-shares auctions was proposed by the interested parties themselves, who today are usually called oligarchs. In the book by A. Kolesnikov “Unknown Chubais. Pages from the biography "the following explanations are given:" In March 1995, Vladimir Potanin proposed to implement the scheme of loans-for-shares auctions developed, according to Dmitry Vasiliev, by Boris Jordan, which in that situation seemed the only possible way to replenish the budget, give a real start to monetary privatization and continue the policy financial stabilization, for which Anatoly Chubais was responsible. After the auction, the winning bank had to provide the government with a loan secured by its [government's] shares in a particular enterprise. Then, in accordance with this scheme, these pledged shares had to either be sold at a tender, or become the property of creditors, or the government was forced to return the loan. As a result of the loans-for-shares auctions, the privatization task was fulfilled, which to a large extent contributed to the actual completion of financial stabilization. The auctions became a launching pad for the formation of the Russian oligarchy - a class of very large owners ”.

Thus, special loans-for-shares auctions were to identify the banks offering the most favorable lending terms for the government. However, the researchers draw our attention to the following questions. Why would the government take a loan from Russian banks and pledge shares of state-owned enterprises to future oligarchs, if then there will be no money to repay the loans? And if before the loans-for-shares auctions V. Potanin and other participants were not very large owners, then where did they get the money for a loan to the state in order to get such important objects of the Russian industry later? Nevertheless, a consortium of Russian commercial banks consisting of banks Imperial, Inkombank, ONEKSIMbank, Capital Savings Bank, Menatep and International financial company»Offered the Government of the Russian Federation a large preferential privatization loan, temporarily replacing the proceeds from privatization planned in the budget, subject to the pledge of stakes in a number of major Russian enterprises. At the same time, it is known that the Government first lent money to banks at a meager interest: out of 9 commercial banks in which the Russian Ministry of Finance placed temporarily free foreign currency on deposits, 6 banks participated in loans-for-shares auctions (as a potential lender or guarantor).

However, in 1995, 11 out of 12 loans-for-shares auctions were held. All banks of the named consortium, with the exception of Inkombank, became the winners of the loans-for-shares auctions. The total planned loan amount under all concluded agreements amounted to 3.57 trillion. rubles, or 1.85% of the federal budget revenues for 1995. Considering that the fulfillment of the plan for the federal budget revenues in 1995 was 106% (with a total deficit of 48 trillion rubles), these loans were not decisive for covering the deficit ... An analysis of the composition of the auction participants and their guarantors showed that in most cases competition in the auctions was not expected.

Upon the expiration of the established crediting period (September 1, 1996), in case of non-return of money, the pledgee bank had the right to sell on the market its block of shares. As expected, a joint decision was made by the Government and the Security Council, which confirmed the banks' right to sell the pledged blocks of shares. This was done in different ways, and - which has already become a tradition - with many scandals between competitors. In most cases, the shareholdings were bought out by the creditors themselves, either directly or through shell companies. Perhaps the most conflict-free was the sale of pledged stakes in the oil companies Surgutneftegaz and Lukoil.

Thus, using the mechanism of loans-for-shares auctions, large companies were privatized:

Oil and gas complex: Surgutneftegaz, Lukoil, Sidanko, Yukos, Sibneft; metallurgical complex: Chelyabinsk Metallurgical Plant, Norilsk Nickel, Novolipetsk Metallurgical Plant; shipping companies: North-Western Shipping Company, Murmansk Shipping Company, Novorossiysk Shipping Company.

Data on the most expensive loans-for-shares auctions are given in tabular form below.

Table 3. The most expensive loans-for-shares auctions

Thus, the main conclusions that can be drawn regarding privatization using the mechanism of loans-for-shares auctions are as follows:

1. the most attractive Russian enterprises were privatized at prices significantly lower than their market value;

2. one of the effects of this privatization was the formation of a class of Russian oligarchs;

3. According to some estimates, the concluded transactions have all the signs of sham, aimed at alienating federal property in favor of a limited number of persons.

Investment tenders (1993-1998) for the sale of state-owned privatization objects were another reality of Russian privatization. In fact, investment tenders for the federal budget were a loss-making form of sales, since, when selling blocks of shares at an auction or a commercial tender, the selling price as a result of the auction would increase many times and the money would immediately go to the budget. Nevertheless, the ideology of investment courses was that the state, in the conditions of a meager federal budget, instructed the investor-buyer to provide investment support for the privatized production, implying that the lost budget income would be compensated in the future by transforming the existing production. The buyer, having become the owner, as a rule, of a large block of shares acquired at an investment tender, became, in fact, the executor of the state order for the financial and industrial rehabilitation of the privatized enterprise.

The formation of investment programs during privatization was carried out by the issuer himself together with a potential buyer, and the State Property Committee approved them. The legislation did not establish the procedure for selecting organizations-developers of investment programs and the procedure for coordinating programs. The feasibility study of investment projects, as a rule, was not developed, projects of investment programs were not examined by industry design institutes.

Almost all the largest enterprises in Russia have passed through investment competitions: oil production and refining enterprises, Norilsk Nickel, giants of the mining industry, ferrous and non-ferrous metallurgy, ports, energy enterprises, communications.

In the very concept of "investment competition for the sale of stakes in joint-stock companies created in the course of privatization of state and municipal enterprises", two independent processes are connected:

Competition for the acquisition of shares in privatized enterprises; fulfillment of investment obligations assumed as an additional condition for participation in privatization.

As a criterion for identifying the winner of the competition, different indicators can be assigned: the price of the package (commercial competition), social conditions, the amount of investment, the timing of investments, goals and forms of investment, or any other indicators.

Summarizing the experience of sales at investment tenders, it should be noted that the seller of state property - the RFBR and territorial property funds did not carry out proper preparatory work, and did not sufficiently study the true intentions of buyers. Subsequently, violations in the calculations of the level of investments, a mercenary conspiracy between the investor and the issuer, and other violations associated with failure to fulfill investment obligations were revealed. According to the RFBR, since the beginning of privatization, 147 contracts have been concluded with the winners of investment tenders for the sale of federal property, the amount of investment obligations was at least 2.1 trillion. rubles, territorial property funds have concluded more than 1 219 contracts, the amount of investment is estimated at 8.2 trillion. rubles. The RFBR admits that only 26 out of 147 contracts have been fulfilled.

In conclusion, we note that, according to the chief ideologist of privatization A. Chubais, investment tenders were a mistake that allowed the so-called investors to acquire stakes in enterprises for a pittance, promising that in the future they would invest a lot of money in this enterprise, and in the future to avoid fulfilling these obligations.

... "Stages of privatization and denationalization" touched upon some of these features and problems (in particular, the problem of bankruptcies of industrial enterprises). Let's try to identify the most basic differences and features of privatization, problems that arose in the process of privatization, as well as hindered the development of privatization on the basis of the previous analysis, which is different from other countries ...

It is necessary to emphasize in the Russian Federation that a special place in the practice of reforming the economic space of Egypt and the Arab countries in general is occupied by the issues of liberalization of economic systems, the problem of denationalization and privatization of property, the creation of modern financial institutions, including markets for corporate securities, characteristic of modern market economies. In a sense ...

That in the conditions of the market, its functions have become really feasible, capable of solving a wide range of vital tasks in social production, exchange and distribution. Thus, the goal of privatization and denationalization, as fundamental elements of reforms in the "transition" economy, was to provide conditions for the normal functioning of the future market system. It is during the processes ...

Shares created in the process of privatization of open joint-stock companies to holders of state or municipal securities, certifying the right to purchase such shares. 2. The main stages of privatization in the Russian Federation Privatization in Russia was carried out in a radical version in terms of nature, scale, pace, timing and methods. If we consider privatization in dynamics, then ...

Among the most powerful instruments of state influence on the economy should be named financial management on a budgetary basis, called budget regulation. The budgets of different levels form the core of the financial institutions of state management of the economy. The role of the state budget system is so great that it is legitimate to consider it an independent institution of state management of the economy, along with the banking system.

State budgeting as the main manifestation of financial planning is the process of forming and using the budget - a centralized monetary fund in order to finance a wide range of public goods, state programs. State budgeting forms the upper part of the budgeting pyramid, covering budgetary processes at the federal, regional, municipal levels.

The budget, understood simplistically as a "money bag", a wallet for placing, storing, retrieving money, in reality is a more complex and multifaceted concept. On the one hand, this is the totality, the mass of financial resources, funds that any economic entity has, be it a state, territory, organization, family. On the other hand, the budget is the ratio between the income and expenses of an economic entity, the balance of its funds, which characterizes the correspondence of their receipts and expenditures over a certain period, most often one year. On the third hand, the budget reflects the financial behavior, financial policy of the owner of funds, his ability to balance income and expenses, and distribute financial resources.

Budgetary activity at the state level, which, in fact, is called state budgeting, is one of the leading links in state management of the economy, reflects not only the financial, but also the socio-economic policy of the state as a whole. Although the state budget accumulates only the state's funds received and spent during one year or another budget period, it affects the movement of financial resources, cash flows, and thus the socio-economic processes in general. They are connected with the state budget, inflation, public debt, state socio-economic programs, financing of budgetary organizations, social benefits and payments depend on it.

Budgeting as a form of public administration includes:

• - establishment of the volume and structure of the state's monetary income, sources of income during the budget period;
• - formation of the structure and volumes, addressing the state's monetary expenditures during the budget period;
• - achievement of a certain level of balance between monetary income and expenditures of the state for the budget period;
• - allocation of priority areas for spending state funds, which must be guaranteed, secured (protected items of the state budget);
• - linking budgets with the main directions of the economic and social policy pursued by the state;
• - creation of government reserves, cash reserves and regulation of internal and external government debt.

Thus, presenting in formal perception the legislatively approving list of state revenues and expenditures for a certain period of time, the state budget is at the same time the financial basis of state management of the economy. In terms of content, the state budget is a way of forming, distributing and using centralized financial resources of the state in order to finance the state (budget) sector of the economy, the social sphere and service the state debt.

In a centralized economy, the budget is entirely subordinate to the state economic plan, follows from it and does not have any important independent significance. This approach follows from the dominant tendency in the planning and administrative economy to give a dominant role to material factors and a secondary role to financial ones.

In countries with market economies, great attention is paid to the preparation, approval, analysis of the execution of state annual budgets. The budgets themselves at the state level and the level of territorial units serve as the leading, determining form of financial planning.

Of fundamental importance is the fact that in most developed countries a democratic procedure for adopting budgets at the national and municipal levels has been established and is being observed. The budgets in parliaments and their commissions are worked out in the most detailed way, for all income and expenditure items, even for individual objects. As a result of the reforms, budgets in Russia have also become the subject of legislative review and approval. But having approved the budget, often with a delay, unfortunately, they do not always remember about it. It happens that the authorities make decisions that destroy the approved budget.

Control over financial flows, timely adjustment of income and expenditure items of the budget are of great importance for maintaining the stability of the economy, preventing crisis situations. Naturally, the actual financial ratios differ from those outlined in projects and plans. Usually, cash costs are higher than expected, and incomes are lower than expected. Hence, it becomes necessary to adjust budgets, to use reserves in order to direct economic processes in the right direction, to coordinate them with financial capabilities.

The budgetary and regulatory function of the state in countries with a market economy system is quite high and tends to increase. So the budgetary system is one of the leading links in the state management of the economy. With the help of budgets, the state exerts a regulatory influence on producers, and through them on the market for goods and services, capital, and labor.

The set of budgets used in the country is called the budget system. In countries with a federal state structure, such a system usually consists of budgets of three levels:

• 1) the federal budget, in which the budgetary resources are concentrated, necessary for the implementation of costs that are of a national nature. Through this budget, the process of distribution and redistribution of national income between different subjects of the Federation also takes place;
• 2) the budgets of the constituent entities of the Federation (regional budgets), in which the budgetary financial resources of the large regions that are part of the Federation are concentrated;
• 3) local (municipal) budgets, consisting of financial resources of administrative-territorial entities in the form of cities, districts, townships, settlements.

The three-tier budget system, covering the federal, sub-federal and local budgets, adjoins the budgets of economic entities (legal entities) and family budgets. The budget of an economic entity is known as the balance sheet, it compares the income and expenses of an enterprise, a company, a firm for a certain period of time. The family budget presents a table of household income and expenses for a month or a year. The financial balance sheets of the organization's income and expenses are compiled without fail, while the preparation of a family budget is a voluntary matter for each family.

The general structure of the budgetary system of the Russian Federation is presented below in Diagram 5. The actual structure of the budgetary system is somewhat more complicated than the simplest three-tier presentation. Each of the first two levels of this system is presented in two forms: consolidated and unitary. The consolidated budget, in contrast to the unitary budget, includes and covers both the budget of a given level (federal, subjects of the Federation) and the budgets of a lower level.

Figure 5 The structure of the budgetary system of the Russian Federation

The budget system of Russia includes the state budget in the form of the federal budget and the budgets of the constituent entities of the Federation (including the budgets of the republics that are part of the Russian Federation; regional and regional budgets; city budgets of Moscow and St. Petersburg) and local budgets of cities, districts, townships and other populated points.

The budgetary system of the Russian Federation is built on a legislative basis in the form of budgetary legislation. The general principles of budgetary legislation, the legal basis for the functioning of the budgetary system, the course of budgetary processes are established by the Budget Code of the Russian Federation, adopted in 1998.The Code determines the legal status of participants in the budgetary process, the legal basis for the procedure and conditions for bringing to responsibility for violation of budgetary legislation.

Let us characterize the basic principles of the construction and functioning of the budgetary system and the state budget, as its defining part, enshrined in the Budget Code of Russia.

The principle of the unity of the budgetary system means the unity of the legal framework, the uniformity of budget documentation and classification, a single procedure for constructing the revenue and expenditure parts of the budgets of all levels, their consistency:

The principle of autonomy of budgets means the right to independently draw up and manage budgets by the legislative and executive authorities at each level;

The principle of balance means achieving compliance with budget revenues and expenditures;

The principle of publicity (openness) requires mandatory publication in the open press of approved budgets and reports on their implementation, openness for society and the media of procedures for considering and adopting budgets;

The principle of targeting and earmarked nature of budget funds means that such funds are allocated at the disposal of specific recipients and directed to finance specific goals.

In real practice of state budgeting, not all of these principles are fully observed. This is evidenced by at least the very fact of the existence of extra-budgetary funds along with the state budget, the closed nature of certain items of expenditure of budgetary funds, and the incomplete independence of the budgets of the lower levels. The state budget, in its economic essence, reflects the monetary relations that develop between the state and legal entities and the population and consist in the redistribution of national income in connection with the formation and use of funds to finance the economy, implement social policy, develop science, culture, education, and ensure the country's defense and government management.

By means of transfers from the federal budget to the budgets of the constituent entities of the Federation and further to municipal budgets, federal budgetary relations are formed in the economic aspect.

In the context of the transition to an economy based on market relations, measures are being taken to reduce budget subsidies to knowingly unprofitable and low-profit state and non-state enterprises, and to abandon the methods of universal economic paternalism used in the Soviet economy. Budget allocations are mainly directed to the implementation of government programs, financing of government spending itself.

In cases where the available revenues are insufficient to carry out the necessary expenditures, a budget deficit occurs. The budget deficit is the excess of the expenditure side of the budget over the revenue side. With a budget deficit, the state does not have enough funds for the normal performance of its functions and has to resort to internal and external loans (as sources of budget revenues), primarily from organizations of the credit system, which negatively affects the stability of the entire monetary circulation and is the main cause of inflation, financial crises ...

If there is a temporary budget deficit, there are prospects for overcoming it and it does not constitute a large share in relation to the value of the gross domestic product, it should not be considered an exceptional event. But in cases where the budget deficit is deep, arises as a result of extraordinary circumstances and reflects crisis phenomena in the economy - its collapse, the inefficiency of the financial system - then, of course, this phenomenon causes enormous damage to the entire economy and it is necessary to take drastic measures to bridge the significant gap between expenses and available income. Typically, a budget deficit of up to 10% of revenues is considered acceptable, while a deficit of more than 20% is critical.

The main reasons for the significant budget deficit that manifested itself in the first phase of the transition to a market economy in Russia are low production efficiency, significant social spending, non-taxation of taxes to the budget, irrationality of the structure of budget expenditures, ineffective budget mechanisms, as well as the breakdown of economic ties due to the collapse a single union state. In this regard, in the mid-90s. the deficit of the state budget of Russia reached the level of 20-25% of revenues and exceeded 5% of GDP.

At the beginning of the first decade of the XXI century. the Russian state managed to break the trend of deficit state budgeting and master the preparation of surplus, break-even budgets.

To reduce the budget deficit, it is necessary to stimulate in every possible way the inflow of revenues from all sectors and all spheres of economic activity, and at the same time to ensure the reduction of government spending. In order to cover the budget deficit, various forms of government credit, both internal and external, can be used. But if one resorts to excessive use of the Central Bank's credit, when the latter has no other resources for lending, apart from increasing the release of depreciating money, then such a measure will only lead to increased inflation. The use of money received from the population, enterprises, banks through the sale of government bonds to them as a loan can create a vicious circle, increasing the already large deficit when paying off bonds and paying interest. By resorting to such loans, the state accumulates its own debt, called the public debt. Public debt consists of two components: a less dangerous domestic debt, the repayment or restructuring of which is easier to negotiate with your domestic creditors, and a more burdening external debt, the servicing of which must be agreed with foreign creditors. Overcoming the budget deficit, first of all, should be based on the development of production, ensuring the financial stability of all sectors of the economy and enterprises of all forms of ownership, on enhancing entrepreneurship.

Drawing up a budget, discussing it, approving it, using budget funds, reviewing the results of budgetary activities is a single budgetary process. The entire budget process is regulated by law, which provides for the procedure for drawing up, considering, approving and executing the budget. In this process, an important place is occupied by budgetary regulation, which means the redistribution of monetary and financial resources between different budgets.

In accordance with the law, the president must in advance, long before the start of the fiscal year, decide to start work on the preparation of the draft budget, draw up a budget message to parliament. The draft federal budget is drawn up by the Government of the Russian Federation 10 months before the start of the next budget year. The government prepares, on the basis of preliminary budget materials, a draft law "On the federal budget for the next year" and submits it to the State Duma, where the draft is considered in four readings.

When developing the budget for the next year, a forecast of the country's socio-economic development is used, a consolidated balance of financial resources is drawn up and the main directions of budgetary policy are determined. All this makes it possible to calculate the target figures for the next year. In the Russian Federation, the fiscal year begins on January 1 and ends on December 31. When the draft budget is approved by the State Duma and the Federation Council, it is submitted to the President of the Russian Federation for signing and promulgation.

Control over the state and progress of the implementation of the state budget is carried out by the Chamber of Control and Accounts under the Parliament, which, theoretically, in its activities does not depend on either the Parliament or the Presidential Administration.

Today in Russia the mechanism of the state budget is aimed at financing the restructuring of the economy; building up modernization and scientific and technical potential; acceleration social development and social security of the population. Through spending and taxes, the state budget of the Russian Federation acts as an important instrument for regulating and stimulating the economy and investment.