Budgeting is one of the main tools for company management. The most “advanced” Russian enterprises are already successfully using the budgeting procedure to plan their activities. But, as can be seen from the results of the round table held by our magazine, practitioners with budgeting experience have questions that require clarification. What can we say about those domestic companies that are just now starting to implement budget processes. That is why our magazine is starting to publish a series of articles devoted to this topic. In them, relying on personal experience, the authors will talk about their vision of the budgeting problem. At the same time, the editors will try to give an opportunity to speak out to those who have an opinion different from the author’s. We open the series of articles with material about general principles budgeting.

A company that wants to succeed in the competition must have a plan strategic development. Successful companies create such a plan not on the basis of statistical data and their projection for the future, but based on a vision of what the company should become after a certain time. And only after that they decide what should be done today in order to be at the intended point tomorrow.

In the process of achieving set goals, deviations from the given route are possible, so at each “turn” the enterprise has to calculate various options for its further actions. The tool for such calculations is budgeting.

In numerous textbooks devoted to this topic, you can find various definitions of the concepts “budget” and “budgeting.” Within the framework of this article, the author proposes to use the following terminology.

Budget is a plan for a certain period in quantitative (usually monetary) terms, drawn up with the aim of effectively achieving strategic goals.

Budgeting- This is a continuous procedure for drawing up and executing budgets.

Let's consider the basic principles that a company needs to pay attention to if it expects to successfully implement budgeting.

Three components of success

Like any procedure, budgeting must be carried out according to pre-approved rules. Therefore, first of all, it is necessary to develop and approve uniform rules on the basis of which the budgeting system will be built: methodology, design of tabular forms, financial structure etc. It is necessary to ensure that these rules work. And here the “human factor” plays an important role.

Managers often “receive hostility” to budgeting. Some perceive this simply as additional work that they are trying to impose on them, others fear that budgeting will reveal shortcomings in the work of their departments, and still others may not even understand what is required of them. To force managers to carry out budget procedures, you need to use the notorious “administrative resource”.

Budgeting regulations, the budget itself, the motivation system - all this must be approved by internal company orders, for failure to comply with which employees should be punished. Thus, second component of budgeting- This organizational procedures.The third key to success is automating the entire budgeting process. In large enterprises, the volume of information is enormous, but no matter how significant it is, it must be processed in a timely manner. In modern business, no one needs yesterday's data. It is necessary to analyze today's indicators and forecast for tomorrow, the day after tomorrow, a month in advance, etc. Automation of budgeting is, first of all, automation of planning. In essence, this is the automation of those procedures that are described in the budgeting regulations.

Final budget forms

The entire budgeting procedure should be organized in such a way that at the last stage management receives three main budget forms:

• budget of income and expenses;
• cash flow budget;
• forecast balance.

Some businesses consider it sufficient to draw up only one budget: income and expenses or cash flow. However for effective planning It is advisable to receive all three budget forms at the output of the company's activities. The budget of income and expenses determines the economic efficiency of the enterprise, the cash flow budget directly plans financial flows, and the forecast balance reflects economic potential And financial condition enterprises. It is unlikely that financial directors need to explain that without at least one of the three budgets, the planning picture will be incomplete.

Personal experience

Igor Govyadkin,Director for Economics and Finance of the Main Information Computing Center of Moscow

We draw up a budget of income and expenses and a cash flow budget. But we are not interested in the forecast balance, since there are problems with financial stability or we don’t have independence.

All final forms are filled out based on operating budgets (sales budget, production budget, etc.). The general scheme for the formation of final budgets based on operating budgets can be found in any textbook on budgeting or management accounting, so we will not present it within the framework of this article. However, in one of the following articles we will analyze in detail the process of forming all budgets using the example of a Russian holding company.

It should be noted that after drawing up a budget of income and expenses, a cash flow budget and a forecast balance, the planning work does not end. Firstly, the data obtained is the source for management analysis, for example, for calculating ratios. And secondly, the stage of correction, approval, and resolution of problematic issues begins. The entire budgeting process enters the second round, and as a result, one part of the quantitative information moves into the “mandatory” category, and the other into the category of immediate updated plans.

Efficiency is in following the principles

The principles of effective budgeting are common sense and quite simple. To compare and analyze data from different periods, the budgeting process must be constant and continuous. The periods themselves must be the same and approved in advance: week, decade, month, quarter, year. Let's look at the basic rules that any budgeting company must follow.

The principle of “sliding”

Continuity of budgeting is expressed in the so-called “sliding”. There is a strategic planning period, such as five years. For this period, a so-called development budget is drawn up, which should not be confused with a business plan. A business plan should contain not only quantitative information, but also a business idea, marketing research, a production organization plan, etc. In principle, financial part business plan and represents the development budget.

The five-year strategic planning period includes another period of four quarters. Moreover, such a planning period is always maintained: after the first quarter, another one is added to the fourth and a budget for four quarters is drawn up again. This is the principle of “sliding”. What is it for?

Firstly, using “sliding” budget, an enterprise can regularly take into account external changes (for example, inflation, demand for products, market conditions), changes in its goals, and also adjust plans depending on the results already achieved. As a result, forecasts of income and expenses become more accurate than with static budgeting. With regular planning, local employees become accustomed to the requirements and align their day-to-day activities with the company's strategic goals.

Secondly, with static budgeting By the end of the year, the planning horizon is significantly reduced, which does not happen with a “rolling” budget. For example, a company that approves a budget for the year in advance once a year in November, in October has plans only for the next two months. And when the budget for January appears, it may turn out that it is already too late to order some resources, the application for which should have been placed three months before delivery, that is, in October.

Personal experience

Igor Govyadkin

We use a static budget because our main customer, the Moscow Government, works within the framework of annual budgets. But we draw up the preliminary budget for next year in September.

Approved - execute!

Approved budgets must be executed - this is one of the basic rules. Otherwise, the whole idea of ​​planning and achieving your goals is null and void. For non-compliance it is necessary to punish, for execution - to motivate (the issue of motivation within the budgeting process will be discussed in detail in one of the next articles of this series).

Personal experience

Alexander Lopatin,deputy general director Svyazinvest company

When a step to the left or a step to the right of the budget is considered a crime - this is extreme. There is no need to be afraid to revise the budget - this is a normal process. You just need to clearly define the reasons for the change, the procedure for making changes, etc. If everything is clear to everyone, there are regulations, then problems and questions should not arise.

Teio Pankko,Chief Financial Officer of Alfa-Bank

The budget is practically a law. Since we approved it, it means that this is how we want to work. And the end result must be achieved. If something unplanned happens, we must understand why it happened, why the set goals were not achieved, and make appropriate operational decisions.

At the same time, as mentioned above, budgeting is primarily based on common sense. Any company may encounter force majeure circumstances, so the regulations must provide for a procedure for both planned and emergency budget adjustments. Ideally, the budget should include the probability of any event occurring. For this you can use, for example, a flexible budget.

A flexible budget is prepared on an “if-then” basis. That is, a flexible budget is a series of “hard” budgets based on various forecasts. In the future, no matter what events occur (military conflicts, world economic crisis, new OPEC decisions), there will be no need to revise and adjust the budget. It will be necessary to strictly implement the budget, which is based on the fulfilled forecast.

The Royal Dutch/Shell Group successfully used flexible budgeting in the 1980s. Then many oil companies believed that by 1990 oil prices would rise to $60-80 per barrel, and based on this they planned their development strategy. Royal Dutch/Shell Group has developed three possible scenarios, one of them taking into account low oil prices. The real price in 1990 was $25 per barrel. The use of “flexible” planning allowed the Royal Dutch/Shell Group to develop better than other companies in the current conditions. It is advisable to draw up a flexible budget in the case when there are parameters that do not depend on the enterprise, but have a significant impact on the results of its activities. Such parameters may be sales price, volume of demand, price of resources (for example, when the main resource is oil) and other external factors affecting the company's operation.

From indicative planning to directive planning

How often should you review your budget? The answer to this question should be contained in the regulations. Budget revision is the same regulated procedure as the preparation or execution of a budget. For this all plans should be divided into two categories: preliminary(indicative) and mandatory(directive).

The process of moving a plan from the “preliminary” category to the “mandatory” category must include certain stages: adjustment, coordination and approval. The duration of all stages is specified in the budgeting regulations. All this is necessary to ensure that the budget is not just a plan, but a plan that can be implemented. You can only get managers to fulfill an unrealistic budget once, but if you demand this constantly, the manager will simply leave the company.

Personal experienceIgor Govyadkin

We have adopted a year and a quarter as an indicative planning period, but the monthly budget falls into the category of directive plans.

Elena Korneeva,Financial Director of the company “I.S.P.A.-Engineering”

We do not draw up directive plans, only indicative ones. Even within the weekly budget. The situation is changing very quickly, and therefore we try to quickly respond to all changes. The budget cannot be monumental; it must reflect the real life of the enterprise.

Toward common standards

All budget forms (tables) must be the same for all accounting centers. This is especially true for holdings that include various enterprises. If each plant uses its own forms, then the financial service of the management company will spend the bulk of its time consolidating data rather than planning and analyzing results.

The procedure for filling out budgets at different enterprises of the holding, as well as at the levels of financial responsibility centers within enterprises, should be the same standard and based on a unified methodology. Accordingly, the deadlines for submitting budgets by divisions of the holding to the management company should be uniform.

The principle of detailing expenses

In order to save resources and control the use of funds, all significant expenses should be detailed. The author recommends detail all expenses whose share exceeds 1% of the total share of expenses, although the size of the company must also be taken into account. The point of detailing is to prevent managers of costly departments from profiting at the expense of the company.

The directive part of the budget should be much more detailed than the indicative part and have the highest possible level of detail.

The accounting period can also be detailed. For example, the income and expense budget can be detailed by month, and the cash flow budget - by week or even banking days, since control over financial flows requires greater care and efficiency.

The principle of “financial structure”

Before implementing budgeting, an enterprise needs to create a financial structure that can be built on principles other than organizational structure. Some divisions can be combined into a single financial accounting center. Conversely, within one division, different accounting centers can be distinguished (for example, by type of product or area of ​​activity).

Depending on the category of the accounting center (whether it is a profit center or a cost source), various systems criteria for assessing the effectiveness of these units.

Having developed a financial structure, the enterprise will identify the number of levels of collection of budget information and, depending on this, will be able to create a schedule for drawing up budgets for each accounting center.

“Transparency” of information

To eliminate the possibility of distortion of information and strengthen control over budget execution, the specialist analyzing the final data budget forms, you need access to the budgets of each accounting center, as well as operating budgets within the accounting centers themselves, down to the lowest level. In addition, he must have information about the stage of budget formation at all lower levels. And if some department submitted a budget later than necessary, then the financier responsible for budgeting must promptly receive information about the reasons why this happened. Therefore, constant monitoring of the budgeting process at all levels is necessary. In automated budgeting programs, such monitoring is easy to carry out; it is much more difficult to do this if budgets are formed in ordinary spreadsheets.

Towards effective budgeting

All procedures and principles described above must be reflected in the “Budgeting Regulations” that are uniform for the entire company. This document should define the procedure for approving budgets and their consolidation, forms of documents, workflow schemes, as well as the timing of consideration and decision-making at all levels of collecting budget information.

It must be remembered that budgeting is a large systemic task. But, despite the difficulties that arise in the course of solving it, we must try to adhere to the principles described above.

The main thing is to understand why budgeting is needed.

Interview with the financial director of the Econika corporation Vladimir Borukaev

– How long has your company been using budgeting?

– When we started doing business, we, like many other companies, did not even think about introducing budgeting. Then, in 1993-1994, we began to carry out planning in the classical form in which it is meant. Budgeting was introduced in stages. Some areas were implemented intensively, others gradually.

– What should financial directors who are planning to introduce budgeting in their enterprises first of all pay attention to, where to start?

– In my opinion, when introducing budgeting, the main thing is to understand the essence of the process. If a person does not understand the process, it will just be numbers. Management must monitor performance for each budget item. If they have changed, you need to understand why this happened.

– Does your enterprise have a system of motivation and managerial responsibility for budget execution? What kind of fines, bonuses?

– And, of course, there are fines and bonuses. But there is no direct, clearly defined dependence on budget execution. With us, each manager is responsible for his department and the final result he receives. You cannot reward or punish for the fulfillment or non-fulfillment of one budget item, especially in the short term, without understanding the process as a whole. It is necessary to understand the reasons, which do not always depend on the person responsible for the budget item.

– The sales budget is often called one of the most difficult for both planning and execution. How is it compiled in your company?

– The sales budget is formed based on the goals that are set for each department. For each source of income, a marketing plan is drawn up, on the basis of which sales volume is predicted.

– On what basis are these plans formed? Are they brought down from the top by management or initiated by the units themselves?

– Management Company determines the strategic goals and directions of development of the holding as a whole, and the subsidiaries, in accordance with them, independently form their own product and marketing strategies and plans, which are then approved by the Board of Directors.

– During the “round table” on budgeting, which was held by our magazine, among others, questions were raised: how should a financier control technical services, how to check the reality of the numbers in their budget requests? What do you think about it?

– When approving write-off standards, we first look at the existing statistics of the costs that we want to standardize. Moreover, several people usually participate in the development of standards, for example, heads of the transport service and logistics department. In addition, an auditor or an independent consultant is also involved in this process and provides an opinion. The standard is approved by a special commission.

– At what point does an enterprise need to introduce budgeting? It’s no secret that many companies still manage without it?

– If this is not a one-time deal, then planning is already required, at least for large indicators. If the business has a long history, then everything needs to be calculated more accurately and seriously. Although some heads of organizations believe that “the money goes and goes, why do we need planning and budgeting.” Typically, this approach ends up having a negative impact on the business.

Budget efficiency indicators reflect the impact of project implementation results on the revenues and expenses of the corresponding (federal, regional or local) budget.

Budget efficiency in the i-th year of the project is defined as the difference between the revenues of the corresponding budget 2) and expenses P,\

Integral budget efficiency is calculated using the formula

z1ya = 1[(D-L)/(1 + i)"]-

In other words, the sum of the discounted annual budget efficiency is equal to

^ int 2^ " ? r=1

Budget expenses include:

funds allocated for direct budget financing of the project on the basis of Decree of the Government of the Russian Federation of March 21, 1994 No. 220;

bank loans allocated as borrowed money subject to compensation from the budget;

direct budget allocations for surcharges to market prices for fuel and energy resources;

payment of benefits for persons who remain unemployed due to the implementation of the project;

payments on government securities, etc.

Budget revenues include:

value added tax, special tax and all other tax revenues (including benefits) and rent payments in given year to the budget from Russian and foreign enterprises and participating firms for the implementation of the project;

an increase (with a “-” sign - a decrease) in tax revenues from third-party enterprises, due to the impact of the project on the financial position;

funds received by the budget for the use of land, water and other natural resources, payment for subsoil, etc.;

customs duties and excise taxes received by the budget on products (resources) produced in accordance with the project;

share premium from issue valuable papers for the implementation of the project;

dividends on shares and other securities owned by the state, region and other securities issued to finance the project;

income from licensing, competitions and tenders for exploration, construction and operation of facilities provided for by the project;

repayment of preferential loans for the project allocated from budget funds;

fines and sanctions associated with the project for the irrational use of material, fuel, energy and natural resources.

Receipts to extra-budgetary funds - the Pension Fund of the Russian Federation, employment funds, medical and social insurance- in the form of mandatory contributions wages, accrued for the completion of work provided for by the project.

Based on the indicators of annual budget efficiency, its additional indicators are also determined:

internal norm of budget efficiency;

payback period for budget costs;

the degree of financial participation of the state (region) in the implementation of the project, determined by the formula

where Rint is integral budget expenditures;

Zint is the integral costs of the project, calculated at the level of the state and region.

National economic indicators economic efficiency reflect the effectiveness of the project from the point of view of the interests of the entire national economy as a whole, as well as the project participants.

The most economical project option, taking into account government support, is the option with the highest indicators of integral and national economic efficiency. When calculating economic efficiency indicators at the national economy level, the project results include:

final production results, i.e. revenue;

social and economic results;

direct financial results;

credits and loans.

The project costs include the costs necessary for its implementation (current and one-time) and calculated without re-accounting.

When calculating economic efficiency indicators at the enterprise level, the project results include:

revenue from product sales;

social results.

The costs include only one-time and current costs of the enterprise, calculated without re-accounting (simultaneous accounting of one-time costs for the creation of fixed assets and current costs for their depreciation is not allowed).

When assessing the effectiveness of a project, it is necessary to take into account risk and uncertainty.

Uncertainty is incomplete or inaccurate information about the conditions of the project, including the associated costs and results. The uncertainty associated with the possibility of adverse situations and consequences arising during the implementation of the project is characterized by the concept of risk.

The most significant types of investment risks include:

instability risk economic legislation and the current economic situation, investment conditions and use of profits;

the risk of adverse socio-political changes in the country and region;

incomplete or inaccurate information about the dynamics of technical and economic indicators, new technology and technologies;

fluctuations in market conditions, prices, exchange rates;

production and technological risk (accidents and equipment failures, manufacturing defects);

incomplete or inaccurate information about financial situation and business reputation of participating enterprises (the possibility of non-payments, bankruptcies, failures of contractual obligations).

To take into account the factor of uncertainty and risk when assessing the effectiveness of a project, the following methods are used: 1)

stability check; 2)

adjustment of project parameters and economic indicators; 3)

formalized description of uncertainty.

The stability testing method involves drawing up a plan for project implementation under the most likely or most dangerous conditions for any participants. At the same time, they evaluate possible income, losses and performance indicators for individual participants, and the influence of the discount factor is not taken into account.

The degree of sustainability of the project relative to possible changes in the conditions of implementation can be determined using the indicator of the maximum level of production volume, prices for manufactured products, etc.

The break-even point reflects the sales volume at which sales revenue equals production costs, i.e. C(2 = C(), where C is the price; C is the cost per unit of production; 0 is the volume of annual sales (the time interval may change). Profit will be ensured provided that C(2 > C(). When C() TBu = Zu_post / (C - Zu_per),

where 3u.post - semi-fixed costs;

c - unit price;

Zu-per ~~ conditionally variable costs per unit of production.

The calculation becomes more complicated if, when production volumes or capacity utilization levels change, costs change disproportionately.

The uncertainty of the project implementation conditions can also be taken into account by adjusting the project parameters and economic standards used in the calculation, replacing their design values ​​with the expected ones. In these cases:

terms of construction, reconstruction and other work increase by average value possible delays;

the average increase in construction costs due to errors is taken into account design organization, revision of design decisions during construction and unforeseen expenses;

Late payments, irregular supplies of raw materials and materials, unscheduled equipment failures, fines and sanctions for violation of contractual obligations are taken into account.

The method of formalized description of uncertainty when assessing investment projects includes the following steps: 1)

description of the entire set of possible conditions for the implementation of the project and the costs, results and performance indicators corresponding to these conditions; 2)

converting initial information about uncertainty factors into information about probabilities various conditions implementation and corresponding performance indicators or the intervals of their change; 3)

determination of performance indicators for the project as a whole, taking into account the uncertainty of implementation conditions and expected performance indicators.

The main indicators used to compare various investment projects and select the most profitable option are indicators of the expected integral effect.

If the probabilities of various project implementation conditions are known exactly, the expected integral effect is calculated using the mathematical expectation formula:

Integral effect under the /th condition of implementation;

P" - probability of realization of the i-th condition;

k - number of conditions.

IN general case the expected integral effect is determined as follows:

E = yE + (1 - y)E? ,

oj G shah "I" pip’

where Zmax, Zm1p are, respectively, the largest and smallest of the mathematical expectations of the value of the integral effect according to probability distributions;

y is the standard to take into account the uncertainty of the effect,

reflecting the preferences of the relevant economic entity under conditions of uncertainty. When determining the expected integral economic effect, it is recommended to take it at the level of 0.3.

Real Cash Flow

Let's consider a conditional example of calculating economic efficiency investment project industrial enterprise. This calculation is the final stage, i.e. all results summarized in table. 19, were taken into account on the basis of information from the marketing service (sales markets, their capacity, sales conditions, etc.), calculations of current production costs, and sources of financing for the investment project. In table Figure 19 shows three components of cash flow:

Table 19 N2 Indicator value by year, thousand rubles. strictly

ki indicator ^0 *2 ^3 ^4 1 Operating activities -578.8 -8040 20,000 60,000 129,800 1.1 Sales and other income 5.5 37,100 142,000 275,500 500,000 1.2 Materials and components - 16,000 38 500 62,500 120,000 1.3 Other direct costs - 14,200 33,000 52,700 70,100 1.4 General costs and taxes 12.3 14,300 50,000 100,000 180,000 1.5 Interest on loans 572.0 640 500 300 100 II Investment activities -730 35 - 1700 - 2.1 Proceeds from the sale of assets - 35 - 1700 - 2.2 Costs of acquisition of assets -730 - - - III Financial activities 1980 100 -850 -1600 -3200 3.1 Own share capital 1545 - - - - 3.2 Short-term loans - - 3.3 Long-term loans 500 - 3.4 Repayment of loan debts 65 100 ' 00 100 1100 3.5 Payment of dividends - - 750 1500 3100 IV Surplus funds +671.2 -8105 19 150 60 100 126 600 V Total need for funds - -810 5 - - - VI Balance at the end of the year + 671.2 -7468.8 11681.2 71,781.2 198,381.2 real cash from operating or production activities;

real cash from investment activities;

real money from financial activities, as well as final results (surplus funds, total need for funds and balance at the end of the year).

Let's calculate cash for each component of cash flow.

Operating activity (I) in the year 0 is negative, since cash receipts from sales (p. 1.1) are significantly lower than costs and payments (p. 1.3 and 1.4):

1Yu = (page 1.1 - page 1.2 + 1.3 + 1.4 + 1.5) = 5.5 - (12.3 + 572) =

578.8 thousand rubles;

1„ = 37,100 - (16 LLC + 14,200 + 14,300 + 640) = -8040 thousand rubles;

1.2 = 142,000 - (38,500 + 33,000 + 50,000 + 500) = 20,000 thousand rubles; 1(3 = 275,500 - (62,500 + 52,700 + 100,000 + 300) = 60,000 thousand rubles; ],4 = 500,000 - (120,000 + 70,100 + 180,000 + 100) = 129,800 thousand . rub.

For investment activities (II) in the /0th year, expenses in the form of costs for the acquisition of assets amounted to 730 thousand rubles, in the /0th year - 35 thousand; in Year 3 - 1,700 thousand rubles.

Financial activity (III), with the exception of the 0th year, is negative. So, = (p. 3.1 + 3.2 + 3.3 - (p. 3.4 + 3.5)) = = 1545 + 500 - 65 = 1980; III, = -100 thousand rubles; III,2 = -850 thousand; II 1(3 = -1600 thousand; W,4 = -3200 thousand rubles.

Surplus funds (IV) is calculated as the sum of lines (I + II + + III):

1UL = (-578.8) + (-730) + 1980 = +671.2 thousand rubles;

IV, = (-8040) + 35 + (-100) = -8105 thousand rubles;

IV,2 = 20,000 + (-850) = 19,150 thousand rubles;

IV,з = 60,000 + 1700 - 1600 = 60,100 thousand rubles;

1V.4 = 129,800 + (-3200) = 126,600 thousand rubles.

The total need for funds arises if the “Surplus of Funds” component is negative. Thus, K„ = = - 8105 thousand rubles.

The balance at the end of the year (VI) is calculated as the sum of the results of lines IV (surplus funds) and VI (balance at the end previous year):

?,(+/ 1 ?G+VI, = (-8105) + 671.2 = 7468.8 thousand rubles;

VII = 19,150 +(-7468.8) = 11,681.2 thousand rubles;

VI,3 = 60,100 + 11,681.2 = 71,781.2 thousand rubles;

VI(4 = 126,600 + 71,781.2 = 198,381.2 thousand rubles.

If we take the discount rate equal to 200% (E = 2.0), then

NPV = 3 - K,

Page I from table. 20 (operating activities)

" b (1 + 2.0)" '

_ ^ page II from table. 20 (investment activities)

(1 + 2.0)" ? Components of results 3 are the sum of the values ​​of the discounted effect, in which capital investments are excluded from the cost structure. Components of result K are discounted capital investments, taken with the opposite sign:

3 = -578,8 + (-8040: 3) + (20 000: 9) + (60 000: 27) + (129 800: 81) =

2788.1 thousand rubles;

K= -730 + (35: 3) + (1700: 27) = 655.38 thousand rubles;

NPV = 2788.1 - 655.38 = 2132.7 thousand rubles;

ID=3//G= 2788.1: 655.38 = 4.25.

The main condition for the implementation of an investment project, as noted in Methodical recommendations, is a positive balance real money in any calculation year. If in some year of calculation the balance of real money is negative, it means that the project in this form cannot be implemented regardless of the value of the integral performance indicators.

Based on the indicators of net present value (NPV) and profitability index (PI), we can conclude that this project is effective.

The internal rate of return is also quite high:

DDY = ?[(/g,-5()/(1 + ?t)"]/Х[^/(1 + ^„)"] = 2.71, or 271%.

Taking into account discounting, payback period: 3 years

In accordance with the requirements of government or regional administration It may be necessary to determine the budgetary effectiveness of a project for different budget levels. For this purpose it is determined budget effect project, which then becomes the basis for calculating all the necessary indicators.

The budget effect is determined for each calculated step of the project as the difference between budget income and expenses associated with the implementation of this project.

Budget expenses include:

• funds allocated for direct budget financing of the project. Depending on the form of ownership, only from the budgets of the corresponding levels budget system;
• subsidies ( share) from budgets of all levels;
• loans from the Central, regional and authorized banks for individual project participants, allocated as borrowed funds subject to compensation from the budget;
• direct budget allocations for surcharges to market prices for fuel and energy resources;
• payment of benefits for people who remain unemployed in connection with the implementation of the project (including when using imported equipment and materials instead of similar domestic ones);
• payments on government securities;
• state, regional guarantees of investment risks to foreign and domestic participants.

Budget revenues include:

• taxes and payments to extra-budgetary funds paid by enterprises participating in the project in part related to its implementation;
• an increase (with a minus sign - a decrease) in tax revenues from third-party enterprises, due to the impact of the project on their financial position;
• customs duties and excise taxes received by the budget on products (resources) produced (expended) in accordance with the project;
• dividends on shares and other securities owned by the state, region and other securities issued to finance the project, as well as income from the sale of these shares;
• budget revenues income tax from the wages of employees accrued for the performance of work provided for by the project;
• payments to repay soft loans for the project allocated from budget funds.

Based on the indicators of annual budget effects, project performance indicators from a budget point of view are determined. The list of indicators and the formula for their calculation do not differ from the indicators commercial efficiency project.

When determining budget efficiency, the discount rate is used, defined as the sum of the refinancing rate Central Bank RF and the risk premium determined according to the table given in the previous subsection. If the calculations were performed in constant prices, then the nominal discount rate is additionally reduced to the real rate.

Risk analysis

The section should contain the types and description of the main risks for the project, their assessment (qualitative assessment of the magnitude of the risk and/or quantitative assessment of the likelihood of the risk occurring and the degree of potential damage), methods of risk management (their reduction, distribution between participants) and proposed guarantees to investors.

Analysis methods

Assessing and studying the risks of an investment project should begin with identifying factors that are likely to affect the results of the project and lead to deviation of the project from the planned option. Methods for selecting risk factors depend on the nature of the project and the characteristics of the industry.

Methodology for assessing the budgetary efficiency of a project

• high significance - this factor can significantly influence the results and lead to the failure of the project;
• medium importance – the factor has a noticeable impact on the results of the project;
• low significance - deviations associated with this factor will not have a significant impact on the results of the project as a whole;

and also to one of the probability levels:

• high probability - deviations associated with this factor are expected or very possible, this is an area in which it is difficult to make accurate forecasts;
• average probability - deviations associated with this factor are possible, but not very common;
• low probability - it is expected that there will be no deviations for this factor, although theoretically they are possible.

For a detailed analysis, factors are selected that have a sufficiently high significance and probability in the project being studied.

The following can be used as the main methods of risk analysis in business plans:

• drawing up project development scenarios;
• constructing sensitivity graphs and determining the maximum permissible values ​​of uncertain factors;
• calculation of break-even point;
• probabilistic and statistical analysis.

Project development scenarios imply a detailed study and analysis of the project based on several possible options its development. The creation of scenarios can be based on different market forecasts, different expected results of research and development, options for equipment costs and costs, and different market strategies. Each of the scenarios is analyzed using standard methods, and the totality of the obtained indicators reflects the range of possible project results.

Scenarios can be described either separately, in the risk analysis section, or in the main part of the business plan (in this case, the entire project analysis is carried out with a mention of each of the scenarios).

Sensitivity graphs projects are a variant of scenario analysis in which the value of only one factor varies, and the results of the analysis are presented in the form of a graphical dependence of the final indicator on changes in this factor.

Key sensitivity factors include assumptions (input data) of the financial model, actual values which during the implementation of the project (due to the impossibility of their accurate assessment or their inherent instability) may significantly deviate from the values ​​included in the financial model. The most important of these parameters are:

• volume of sales;
• prices for the products (services) of the project;
• prices for basic raw materials and materials, fuel, labor resources.

Also, typical sensitivity factors include:

• volume of capital expenditures;
• delays in putting the investment facility into operation and reaching its design capacity;
• the amount of fixed operating costs;
• discount rate;
• forecast inflation rates;
• currency exchange rates, etc.

Typical results of financial forecasts that are used as outputs of sensitivity analysis include:

• indicators investment attractiveness(NPV, IRR, PBP);
• financial stability indicators;
• loan repayment period;
• assessment of the company's market value.

If a project has several development scenarios, which are formulated as “baseline”, “pessimistic” or “optimistic” scenarios, then sensitivity graphs are always built only for the base scenario of the project.

The deviation of the factor at which the final indicator of the project ceases to be acceptable is maximum permissible value factor and can be separately considered in the risk analysis. It is recommended to analyze and justify the probability (or impossibility) of changing the uncertainty factor by an amount greater than the maximum permissible.

An assessment of the project's sensitivity to changes in sales volumes can be presented as a project break-even analysis. Break-even level can be approximately estimated using the following formula:

where each component of the formula is taken from the corresponding item in the income statement.

The break-even level may vary from project period to period. It is recommended to present in the risk analysis average level breakeven, established after production reaches its design capacity. The periods during which the construction and launch of production takes place, as well as the establishment of stable operations, are not used in calculating the break-even level.

A break-even level close to 1 indicates a high sensitivity of the project to fluctuations in demand. Sufficient break-even levels vary by industry and individual characteristics project, but on average a project can be considered resistant to fluctuations in demand if its break-even level does not exceed 0.6-0.7.

In some cases, it is permissible to include the use of statistical and probabilistic analysis methods (such as the Monte Carlo method) in the risk analysis of an investment project. However, one should be especially careful when using these methods and, in particular, limit (or better yet completely eliminate) the use expert assessments when preparing source data for them.

Risk reduction

An analysis of the impact of risks on project results should be accompanied by a description of the measures planned to reduce these risks. Traditional risk mitigation measures include:

• Risks associated with sales:

o conclusion preliminary agreements for supplies;

o attracting consumers as co-investors and project partners;

o use of “take or pay” contracts;

o control over sales channels.

• Risks associated with the amount of costs:

o concluding preliminary agreements with suppliers;

o attracting suppliers as co-investors and project partners;

o vertical integration of production (i.e., concentration in one’s hands of all stages of production and sales from raw materials to the final buyer);

o the use of pricing principles in which changes in certain types of costs are automatically transferred to the cost of the final product (service);

o increasing the share of variable costs (for example, using piecework wages or outsourcing);

o introduction of budget planning mechanisms.

• Risks associated with the investment phase of the project:

o attracting a reliable contractor;

o completion of design and survey work;

o concluding contracts that provide for the contractor’s comprehensive responsibility for construction results;

o engaging a contractor as a co-investor or project partner.

• Risks associated with technological failures and loss of property:

o use of high quality equipment;

o concluding contracts for maintenance and monitoring of equipment;

o property insurance.

• Financial risks:

o use of fixed interest rates on loans;

o increasing the debt coverage ratio.

• Legal risks:

o preliminary obtaining of licenses and permits;

o letters of support from local government representatives.

In addition to measures that reduce the risks of the project as a whole, it is recommended to provide information about measures that can be taken to reduce the risks of individual project participants, primarily the bank.

Such measures may include:

• provision of guarantees and guarantees from the holding to which the project initiator belongs;
• provision of liquid collateral, market price which is not subject to significant fluctuations.

If the project includes these or other measures aimed at reducing risks, they should be mentioned in the business plan.

Appendix 1. Financial model of the investment project

The budget of the investment project is prepared for presentation to potential investors and should provide them with the opportunity to study the details of financial forecasts, independently check the logic of calculations and carry out calculations of interest to them. In this regard, a business plan, as a rule, should be accompanied by financial model. Below are the main requirements and wishes for this model.

Budget efficiency is assessed at the request of state and/or regional authorities. In accordance with these requirements, budget efficiency can be determined for budgets of various levels or consolidated budget. Budget efficiency indicators are calculated based on the flow definition budget funds.

Inflows of funds for calculating budget efficiency include:

• inflows from taxes, excise taxes, duties, fees and deductions to extra-budgetary funds established by current legislation;
• income from licensing, competitions and tenders for exploration, construction and operation of facilities provided for by the project;
• payments to repay loans issued from the respective budget for project participants;
• payments to repay a tax credit;
• commission payments to the Ministry of Finance of the Russian Federation for support of foreign loans;
• dividends on regionally or state-owned shares and other securities issued in connection with the implementation of individual entrepreneurs.

Budget outflows include:

• provision of budgetary resources on the terms of securing in the ownership of the relevant management body part of the shares of the joint-stock company created for the implementation of individual entrepreneurs;
• provision of budget resources in the form of an investment loan;
• provision of budget funds free of charge (subsidies);
• budget subsidies related to the implementation of certain pricing policy and ensuring compliance with certain social priorities.

• tax benefits, reflected in a decrease in revenues from taxes and fees.

  Budgetary efficiency of an investment project

  In this case, there are also no outflows, but inflows decrease;

• state guarantees of loans and investment risks. There are no outflows. An additional influx is the guarantee fee. When assessing the effectiveness of a project taking into account uncertainty factors, payments under guarantees in the event of insured events are included in the outflow.

A table is recommended as the output form cash flow budget with the determination of budget efficiency indicators. The main indicator of budget efficiency is the budget NPV. In the case of providing government guarantees for the analysis and selection of independent projects for a given total value of guarantees, on a par with the NPV of the budget, a significant role can also be played by the index of profitability of guarantees (IGI) - the ratio of NPV to the value of guarantees (discounted if necessary).

Budget efficiency indicators reflect the impact of project implementation results on the revenues and expenses of the corresponding federal, regional and local budgets. The main indicator used to justify the federal and regional financial support measures provided for in the project is the budget effect. Bt = Dt - RT - that is, the excess of revenues of the corresponding budget over expenses in connection with the implementation of this project for the t-th step.

The integral budget effect is calculated using the formula as the sum of discounted annual budget effects or as the excess of integral budget revenues over integral expenses.

Based on indicators of annual budget effects, additional indicators of budget efficiency are also calculated:

• internal rate of budget efficiency
• payback period for budget investments
• degree of financial participation of the state = integral budget expenses/integral project costs.

BUDGET EFFICIENCY OF AN INVESTMENT PROJECT

Calculation of regional efficiency indicators

ASSESSMENT OF PROJECT EFFECTIVENESS BY HIGHER LEVEL STRUCTURES

Regional efficiency indicators reflect the financial efficiency of the project from the point of view of the corresponding region, taking into account the impact of the project on enterprises in the region, social and environmental situation in the region, income and expenses of the regional budget.

The calculation is carried out similarly to the calculation of social efficiency, however:

Additional effect in related sectors of the national economy, as well as social and environmental effects (regional externalities) are taken into account only within a given region;

When determining working capital In addition to inventories, payment delays and liabilities for settlements with the external environment are taken into account;

The valuation of products and resources is carried out at economic prices, with regional adjustments made if necessary;

Cash inflows include cash receipts into the region from the external environment in connection with the project (payment for products, receipts of subsidies and grants, borrowed funds from the federal center, other regions, foreign sources);

Cash outflows include payments to external environment(over budget high level, to other regions, etc.).

Calculation of industry efficiency indicators. When assessing the effectiveness of an investment project, it should be taken into account that participating enterprises may be part of a broader structure (industry, financial industrial group, holding, etc.). The impact of project implementation on the costs and results of the corresponding structure is characterized by industry efficiency indicators.

When calculating these indicators:

The impact of the implementation of the investment project on the activities of other enterprises in this industry is taken into account (indirect industry financial results of the project);

Mutual settlements between enterprises within the industry are not taken into account;

Interest on loans from industry funds is not taken into account;

Contributions to industry funds are not taken into account.

Calculations of industry efficiency indicators are similar to calculations of the efficiency of enterprises’ participation in the project.

Budget efficiency reflects the financial results of the investment project for the federal, regional or local budgets. The main indicator of budgetary efficiency is the budgetary effect.

Budget effect Bt for t-th step of project implementation is defined as the excess of revenues of the corresponding budget Dt over expenses Pt in connection with the implementation of this project:

Budget revenues and expenses taken into account when assessing budget efficiency are given in Table. 3. It is also necessary to take into account changes in budget revenues and expenses due to the impact of the project on third-party enterprises and the population.

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Budget efficiency indicators reflect the impact of project implementation on revenues and expenses of the republican and local budgets.

The main indicator of the budgetary efficiency of the project is the budgetary effect, which is used to justify the government support measures included in the project. For step t budget effect B(t) is defined as the difference between income (Dt) and expenses (Pt) of the corresponding budget:

Integral budget effect B(int.) is calculated as the excess of integral budget revenues D(int .) over integral budget expenditures R(int.):

B(int.) = D(int.) – P(int.).

IN list of budget income items from the implementation of the investment project can be attributed:

· tax revenues and rent payments;

· increase in tax revenues from other enterprises;

· additional income tax revenues from employee wages;

· revenues to budgetary and extra-budgetary funds (fund social protection and the state employment promotion fund)
and etc.

TO budget expenditures related to the implementation of the project include:

· funds allocated for direct budget financing of the project;

· payment of benefits for people who remain unemployed;

· loans National Bank allocated as borrowed funds subject to compensation from the budget, etc.

Economic efficiency reflects the impact of the process of implementing an investment project on the environment external to the project and takes into account the ratio of results and costs of the investment project, which are not directly related to the financial interests of the project participants and can be quantitatively assessed.

Selection of an investment project involving state support, is produced based on the maximum integral effect, taking into account commercial, budgetary and economic efficiency.

Test questions on topic No. 13

1. Define the concept of investment.

2. Who is the subject of investment activity?

3. In what objects are investments being made?

5. What is the difference between gross and net investment?

6. How are they divided? real investment?

7. Which form of the investment process is the most effective?

8. What sections does the investment project consist of?

9. What is the difference between commercial and budget efficiency?

10. What indicators are used to assess the economic efficiency of an investment project?

11. In what cases is the project effective?

12. What is the relationship between the indicators net present value and the profitability index?

13. What characterizes the internal rate of return?

14. How is the budget effect determined?

15. What is the algorithm for calculating commercial efficiency?

EXAM QUESTIONS

1. The concept of an enterprise, its functions and principles of organization.

2. Classification of enterprises.

3. Enterprise life cycle.

4. Modern forms of enterprise associations.

5. Characteristics of the external and internal environment of the enterprise.

6. Indicators for assessing the external environment.

7. Government regulation activities of the enterprise.

8. Concept and indicators of production concentration.

9. Forms and indicators of specialization.

10. The essence and indicators of industrial cooperation.

11. Concept and types of production diversification.

12. Concept, composition and structure of fixed assets.

13. Methods of accounting and valuation of fixed assets.

14. Depreciation and amortization of fixed assets.

15. Essence and types of leasing.

16. Leasing efficiency.

17. Indicators of efficiency of use of fixed assets.

18. Concept, composition and structure working capital.

19. Sources of formation of working capital.

20. Determination of the need for working capital.

21. Indicators of the efficiency of using working capital and ways to accelerate their turnover.

22. Concept and composition material resources enterprises.

23. Logistics support of the enterprise.

24. Concept, composition and structure of personnel.

25. Calculation of the number of employees of the enterprise.

26. Labor productivity and its impact on the economy of the enterprise.

27. Factors and reserves for growth of labor productivity.

28. Essence, types and functions of wages.

29. Principles of organizing remuneration.

30. Tariff system of remuneration.

31. Forms and systems of wages.

32. Foreign experience in organizing wages.

33. Essence, goals and objectives of planning.

34. Planning principles.

35. Planning methods.

36. Types of planning.

37. Business plan: concept, requirements for development.

39. Concept, structure and purpose of the production program.

40. Indicators and measures of the production program.

41. Production capacity and methodology for its calculation.

42. Formation of an optimal production program.

43. The concept of production costs and costs
products.

44. Classification of costs for production of products (works, services).

45. Calculation of product costs and prices.

46. ​​Ways to reduce production costs.

47. The essence and types of income and profit of an enterprise.

48. Formation and distribution of profits.

49. Profitability: essence, types, indicators and methods of their calculation.

50. Financial results activities of the enterprise.

51. Ways to increase profits and profitability.

53. Classification of the results of innovation activities.

54. State regulation of innovative activities of an enterprise.

55. Essence and types of investments.

56. Features of investment activity.

57. Investment project: concept and main sections.

58. Assessment of the economic efficiency of investments.

59. Economic essence and stages of enterprise value assessment.

60. Methods for assessing the value of an enterprise. Calculation of share price.

LIST OF REFERENCES USED

Legislative and regulations

1. Civil Code The Republic of Belarus. – Mn.: Interpressservice, 2003. – 518 p.

2. Investment Code of the Republic of Belarus. – Mn.: IPA “Register”, 2001. – 56 p.

3. Labor Code The Republic of Belarus. - Mn.: National Center legal information of the Republic of Belarus, 1999. – 192 p.

4. Basic provisions on the composition of costs included in the cost of products (works, services): Resolution of the Ministry of Economy, Ministry of Finance, Ministry of Statistics and Analysis, Ministry of Labor dated January 30, 1998 No. 01–21/8 January 30, 1998 No. 03–02–07/300 (with amendments and additions) // National Register of Legal Acts of the Republic of Belarus 2003. No. 8.

5. Regulations on the procedure for calculating depreciation of fixed assets and intangible assets: Resolution of the Ministry of Economy of the Republic of Belarus, the Ministry of Finance of the Republic of Belarus, the Ministry of Statistics and Analysis of the Republic of Belarus, the Ministry of Architecture and Construction of the Republic of Belarus dated November 23, 2001 No. 187 (as amended on January 24, 2003 No. 33) // National Register of Legal Acts of the Republic of Belarus. 2003. No. 8.

Educational literature

1. Rusak E. S., Sapelkina E. I. Enterprise Economics: educational manual / E. S. Rusak, E. I. Sapelkina. – Mn.: Academician. ex. under the President of the Republic Belarus, 2007. – 322 p.

2. Rusak E. S. Enterprise economics: answers to the exam. question / E. S. Rusak, E. I. Sapelkina. – Minsk: TetraSystems, 2008. – 144 p.

3. Rusak E. S. Enterprise Economics. Lecture course. – Mn.: Academy of Management under the President of the Republic of Belarus, 2004. – 244 p.

4. Economic mechanism for enterprise development: tutorial in 2 parts. Part 1. Economic methods, levers and incentives / S. A. Pelikh, E. S. Rusak, R. I. Vnuchko and others; under general ed. S. A. Pelikha, E. S. Rusak. – Mn.: Academician. ex. under the President of the Republic Belarus, 2006. – 311 p.

5. Susha G.Z. Enterprise Economics. – Mn.: LLC “New Knowledge”, 2003. – 384 p.

6. Hosking A. Entrepreneurship course: Practical guide: per. from English – M.: International relationships, 1993. – 352 p.

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Course work

"Budget Efficiency"

Introduction

Budget efficiency - relative indicator effect for the budget as a result of implementation state function, implementation of a program, investment project, defined as the ratio of the result obtained by the budget to the costs and expenses that determined and ensured its receipt.

Budgetary efficiency is assessed at the request of state and/or regional authorities. In accordance with these requirements, budgetary efficiency can be determined for budgets of various levels or a consolidated budget. Indicators of budgetary efficiency are calculated based on the determination of the flow of budgetary funds.

The task of increasing budgetary efficiency is solved within the framework of results-oriented budgeting procedures

The main indicator of budget efficiency is the net present value of the budget (NPV). In the presence of budget outflows, it is possible to determine the internal rate of return (IRR) of the budget. In the case of providing government guarantees for the analysis and selection of independent projects for a given total amount of guarantees, along with the NPV, a significant role can also be played by the guarantee return index (IGI) - the ratio of the NPV to the value of the guarantees (discounted, if necessary).

But this does not mean that they should not be counted. Their definition creates an information base for subsequent improvements and streamlining of costs. It should also be noted that calculations of the effectiveness of budget expenditures should be made both by the end users of these funds themselves and by the employees of the financial system who provide this money. Joint participation of representatives of both parties in determining effectiveness is also desirable.

The real sector of the city's economy is diversified with a clear predominance of industry. The latter includes industry on the territory of the city, but which is not its property, and industry is the property of the city, located on its territory. Both are connected with the city budget, but in different ways - the first is connected only with the revenue part of the budget, and the second - with both the revenue and expenditure parts. This feature should be taken into account when determining the budgetary efficiency of investments made in the city. The methodological features of such accounting have not been developed in sufficient detail and completeness, which affects the quality of calculations and corresponding indicators. This refers to their components - the effect and investment, presented taking into account the flow interpretation.

Relevance of this course work is that the absolute values ​​of efficiency indicators and their comparison can only be informative within a set of homogeneous objects (rural hospitals, secondary schools in major cities and so on.). The ones that have the most information are specific indicators efficiency calculated at the level of recipients of budget funds. The higher the stage of distribution of budget funds (the budget itself, summary list, etc.), the less information content absolute indicators efficiency.

The purpose of this course work is to substantiate the problems of budget efficiency and ways to solve them, based on a comprehensive analysis of historical and modern experience.

Coursework objectives:

Study the theoretical foundations (relevance, necessity, definitions) of budget efficiency.

Analyze Foreign experience, the experience of Tsarist Russia and the Soviet experience in budgetary efficiency.

Consider reforming budgetary efficiency at modern stage development of Russia.

Identify problems of budget efficiency and justify possible ways to solve them.

budget efficiency Russia reform

1 . Historical development of the budgetefficiencyand its relevance

1.1 Relevance, definition, need for budget efficiency

Budgetary efficiency is considered for budgets of various levels, a separate budget or a consolidated one. It reflects the impact of project implementation results on budget revenues and expenses at the corresponding level (federal, regional or local).

The budgetary efficiency of the project reflects the impact of the project on the income and expenses of the federal, regional or local budgets.

The main indicator of the budgetary effectiveness of the project is the budgetary effect used to justify the federal or regional support measures included in the project.

Indicators of national economic efficiency determine the effectiveness of the project from the perspective of the economy as a whole, industry, region associated with the implementation of the project.

The choice of an investment project that provides state support is made based on the maximum integral effect, taking into account commercial, budgetary and national economic efficiency.

The main indicator of budgetary efficiency when justifying the federal and regional financial support measures provided for in the project is the budgetary effect.

The budgetary effect of a project is defined as the excess of revenues from the corresponding budget over expenses in connection with the implementation of this project.

The integral budget effect is calculated as the sum of discounted annual budget effects or as the excess of integral budget revenues over integral budget expenditures.

Budget expenses include:

payments on government securities;

payment of benefits for persons who remain unemployed in connection with the implementation of the project (including when using imported equipment and materials instead of similar domestic ones);

state, regional guarantees of investment risks to foreign and domestic participants;

Central Bank loans Russian Federation, regional and authorized banks for individual project participants, allocated as borrowed funds subject to compensation from the budget;

direct budget allocations for surcharges to market prices for fuel and energy resources;

funds allocated for direct budget financing of the project;

funds allocated from the budget to eliminate the consequences possible during the implementation of the project emergency situations and compensation for other possible damage to its implementation.

Budget revenues include:

dividends on shares and other securities owned by the state, region and other securities issued to finance the project;

income from licensing, competitions and tenders for exploration, construction and operation of facilities provided for by the project;

value added tax, special tax, all other tax revenues (including benefits) and rent payments of a given year to the budget from Russian and foreign enterprises and firms, in particular related to the implementation of the project;

subsoil fees, licenses for the right to conduct geological exploration, etc. to the extent that it depends on the implementation of the project;

increasing preferential loans for the project, allocated from the budget, and servicing these loans;

customs duties and excise taxes received by the budget on products (resources) produced (expended) in accordance with the project;

receipt of payments to the budget for the use of land, water and other natural resources;

income tax revenues to the budget from wages of Russian and foreign workers accrued for the performance of work provided for by the project;

an increase (decrease, with a minus sign) in tax revenues from third-party enterprises, due to the impact of the project on their financial position;

fines and sanctions associated with the project for the irrational use of material, fuel, energy and natural resources.

share premium from the issue of securities for the implementation of the project;

Receipts to extra-budgetary funds - the pension fund, employment fund, medical and social insurance in the form of mandatory deductions for wages accrued for the performance of work provided for by the project - are also equated to budget revenues.

It is especially recommended to take into account: tax benefits, reflected in a decrease in revenues from taxes and fees. In this case, there are also no outflows, but inflows decrease; state guarantees of loans and investment risks.

There are no outflows. An additional influx is the guarantee fee.

When assessing the effectiveness of a project taking into account uncertainty factors, payments under guarantees in the event of insured events are included in the outflow.

Based on indicators of annual budget effects, additional indicators of budget efficiency are also determined;

internal norm of budget efficiency, calculated according to general principles;

payback period for budget costs;

the degree of financial participation of the state (region) in the implementation of the project.

For projects that provide for budgetary coverage of expenses in foreign currency and (or) foreign exchange earnings into the budget, indicators of the currency budget effect (annual and integral) are determined. The calculation is made in accordance with the accounting of expenses and income only in foreign currency, converted into the currency of the Russian Federation at established rates. It must be taken into account that the cost foreign currency not always correctly defined exchange rate, and the price of goods included in foreign trade turnover and those not included in it often turns out to be different.

If the good or resource in question is a traded good, its economic price is often called the frontier price (export or import parity price).

The goods included in the foreign trade balance include:

at the project input:

goods purchased for the import project,

goods exported without the project (i.e. those that could have been exported if they had not been diverted to the project);

at the output of the project:

import-substituting products that can reduce the need to import similar products,

goods that can be exported with government intervention.

export-oriented products, if they can be sold on the foreign market,

Goods included in the foreign trade balance are those whose production cost in the country is lower than the FOB (Free on board) price (for exports) and higher than the CIF (cost-insurance-freight) price (for imports).

Goods not included in foreign trade turnover are those goods for which the CIF price is higher than the cost of their production, or those that are not included in foreign trade turnover due to government intervention carried out through a system of export bans, quotas, licensing, etc. d.

These are often goods that, by the very nature of production, are cheaper to produce domestically than to import, while their import price is also lower than the cost of producing them domestically.

The main indicator used to justify, in particular, financial support for the activities provided for in the project, is the budget effect Bt, defined as the excess of revenues of the corresponding budget D t over expenses Pt in the t -th year:

When implementing IP at the expense of budgetary funds, the indirect effect obtained third parties and due to the impact of the project on them. It may consist of changes in tax revenues from the activities of enterprises, payments of benefits to persons left unemployed as a result of the implementation of individual entrepreneurs, allocation of funds from the budget for the resettlement and employment of citizens.

The values ​​of inflows and outflows of budget funds can be calculated in the same way as the sums of their discounted annual values ​​for the period T of the project. Based on them, the budget's NPV (NPV) is calculated. If there are budget outflows, the IRR and ID, the payback period and profitability of budget funds, the degree of financial participation of the state (region) in the implementation of the project (the ratio of total budget expenses to the amount of project costs) are determined.

Example. Let us assume that the existing budgetary system for providing an administrative district, say with heat or electricity, requires reconstruction due to increased consumption. It will be completed within two years. Investment costs (cost of land, buildings and structures, equipment, increase in working capital, etc.) in the 1st year will amount to 7 and in the 2nd - 13 million rubles. In addition to them, the project includes current production costs (operating costs for fuel, materials, labor, maintenance and repairs, overhead, etc.), starting from the 3rd year in the amount of 2 million rubles. Budget revenues will be received in the form of additional fees for using the public utility system (water, heat, etc.), increased tax revenues, etc. Their amount in the 3rd year (beginning of operation of the system) can be 8 million rubles; in the 4th - 15; in the 5th and 6th - 22; in the 7th - 10 million rubles, after which it will be required new reconstruction. For this example interest rate accepted in the amount of 0.20. The budget effect (million rubles) is calculated in Table 1 below.

Table 1. Example of calculating the budget effect

Index
1. Investment costs
2. Annual operating costs of production
3. Income from the project
4. Budget effect (page 2 + page 3 - page 1)
5. Discount factor at a rate of 20%
6. Discounted budget effect

Thus, the integral budget effect (NIB) will be: (3.77 + 6.27 + 8.04 + 6.7 + 2.23) - (5.83 + 9.02) = 12.16 million rubles.

Consequently, the investment project can be recommended for implementation.

Thus, a detailed calculation of budget efficiency is an important component when making a decision on the implementation of any investment project carried out at the expense of public funds.

1.2 Experience of Tsarist Russia and Soviet experience in budgetary efficiency

In the 20th century developed countries the process of formation of democratic principles in state structure and management. As a result, local self-government, exercised by the population itself through freely elected representative bodies, has become an essential component of the democratic state system in these countries. To perform their functions, these bodies are endowed with certain property and financial rights.

Thus, the concept of territorial finance appears, that is, economic relations that arise in the process of distribution and redistribution of funds in any territory.

In parallel with Western countries, the system of territorial finance was formed in the USSR, but the principles of its functioning were somewhat different. Financing of local authorities was carried out in accordance with planned indicators, without taking into account the efficiency of use of funds. After the collapse of the USSR, the system of spending financial resources of government bodies practically did not change, which did not correspond to the new conditions, and existed in this form until the end of the 90s.

Already in the 17th century. there was a unified state budget. Information about the existence of an annual “large” estimate of income and expenses dates back to the first years of the reign of the House of Romanov.

However, the budget process begins to actively develop only in the conditions of a bourgeois state and the development of parliamentarism. And since 1803, annual state budgets began to be drawn up, representing a breakdown of the income and expenses of ministries.

Arguments are made that before 1862, budget law in the sense of precise legal norms did not exist, the budget was not published and was a state secret. Only on May 22, 1862 were the Rules on the preparation, consideration, approval and execution approved state painting and financial estimates of ministries and main departments.

One of the important stages in improving the budget and the budget process in pre-revolutionary Russia is associated with the election of the first State Duma in 1906. The powers of the State Duma included: discussion and approval of the budget, discussion and approval of the State Control report on budget execution. But only the third State Duma actually began discussing the draft budget.

The first Soviet budget for January - June 1918 was approved by the Council of People's Commissars on July 11, 1918, which became the beginning of a system of semi-annual budgets that lasted throughout 1918-1919. Then in 1920-1921. there is a return to annual budgets.

The formation of the Union of Soviet Socialist Republics (1922) was the basis for the creation of a new budget system. From 1921 to 1924 budgets of the union republics are created. Issues of further development of the budget system are reflected in the Constitution of the USSR (1924). It determined the links of the budget system - the unified state budget (the all-Union budget and the budgets of the Union republics), the budgets of the Autonomous Soviet Socialist Republic and local budgets; the basic principles of the distribution of income and expenses between the links of the budget system and the basis of the budgetary rights of the USSR, union republics and local Soviets.

The first act, concretizing and developing general provisions in the field of the budget established by the Constitution of the USSR, there was a Decree of the Council of People's Commissars of the USSR “On the procedure for drawing up and considering estimates and lists of state revenues and expenses for 1923/24 budget year". On March 7, 1925, the Regulations on the Budget Commission, which was created on March 27, 1925, came into force. Its competence included: consideration of the unified State Budget approved by the Council of People's Commissars of the USSR; consideration of the report on the execution of the USSR budget; Review of general budgeting guidelines.

The Constitution of the USSR, adopted in 1936, largely repeated the provisions of the first Union Constitution of 1924 and established that the budget system of the USSR consists of the union, republican and local budgets, securing the right of all local Soviets to set their own budget. It is emphasized that since 1938, all budgets operating on the territory of our state have been united into a single State budget of the USSR, which consisted of the Union budget and the state budgets of the Union republics.

An important stage was the adoption on October 30, 1959 of the USSR Law “On the Budgetary Rights of the USSR and Union Republics.” The state budget of the USSR was drawn up on the basis of the state national economic plan, which determines and directs the entire economic life of the country.

Thus, the problems of budget efficiency began to be considered in our country quite recently. Despite the large share of the state, both in pre-revolutionary Russia and under the Soviet regime, in the structure of the country’s gross product, the efficiency of spending funds has never been a determining factor (and often was not considered at all) when making decisions on government funding any projects.

1.3 Foreign experience

The effectiveness of budget regulation largely depends on its legal and scientific-methodological support, taking into account foreign experience in the budgetary sphere, the optimal organization of stages, the success of social economic development in general, as well as other objective and subjective factors. As foreign experience shows, important To establish a systematic determination of budget efficiency, there is a reorganization of the budget process and, in particular, a significant expansion of the financial planning horizon over time. Very important problems arise here.

The natural duration of the budget is one year, approved every year new budget. This is a universal tradition for all countries and it most likely will not change in the near future. Meanwhile, the effectiveness of budget expenditures can rarely be determined with the necessary reliability within one year. It is necessary to expand the time frame of state financial, i.e. budget, planning. This issue is reflected in the resolution of the Russian Government as the need to improve medium-term financial planning.

Modern economic systems have great inertia; the state of the economy in a given period largely determines its development in the coming years, in different countries oh and in different industries in different ways. Inevitable changes in economic relations also require considerable time. The financial system, as the most active part of the economy, plays a huge role in the entire economic dynamics. This means the need for gradual and relatively reliable forecasts of all the constituent elements of the financial macrostructure, and first of all public finance as the most important and sustainable element of the entire financial system of society.

The activities of the state in the field of finance cannot be reduced to the annual compilation and approval state budget, but involves drawing up reliable forecasts for the development of both the entire economy and, above all, the state budget. It is the budget that is the main means of influence by the state on economic development. But in order to become such a means, it must be linked to economic development in terms of income and expenditure, and this presupposes an assessment of prospects and a reliable forecast.

Although the annual budget will apparently remain the same in all countries for the next 20-30 years, its preparation and approval cannot be the result of a rush job, emergency measures, or an urgent and immediate solution to all still unresolved issues. The annual budget should arise as a natural result of long-term development, balanced and calm assessments, and the establishment of reliable parameters for the development of the economy and the entire society. And this means the need for continuous forecasting for a fairly long term (5-7 years).

In fact, we are talking about the fact that the budget for a certain year begins to be developed several years earlier than the designated year. This period varies from country to country, but five years is gradually becoming the most common. Perhaps under the influence of socialist five-year plans.

The lack of effective incentives to increase the profitability of territorial budgets has led to the emergence of a large number of chronically subsidized territories. On the other hand, the planned equalization of territorial (including republican) budgets through subsidies and subventions has created a dependent mood among regional authorities and does not contribute to the development of their economic initiative.

Budgetary structure and regulation in various countries are determined by historical, cultural, socio-economic and political factors, the existing distribution of powers, both between the highest government bodies and between central and local authorities.

As enshrined in the first part of Article 131 of the Spanish Constitution: “The State, by issuing a law, may plan the general economic activity in order to meet collective needs, align and harmonize regional and sectoral development and stimulate the growth of income and wealth, as well as their fairest distribution."

The task of ensuring the harmonization of personal and collective interests, regional and public, and creating favorable conditions for economic development faces any modern state, but it is solved in different ways.

In most countries, the competence of parliament in the budgetary sphere comes down to the following: approving the budget developed by the government, monitoring its implementation and discussing the government report on its implementation. Thus, according to the Basic Law of Japan: “The right to dispose public finance carried out on the basis of a decision of Parliament", the introduction of new and changes existing taxes can only be carried out on the basis of law or subject to conditions prescribed by law; to cover an unforeseen budget deficit, a parliamentary decision may create reserve fund, responsibility for the expenditure of which rests with the Cabinet.

In Germany, the Parliament (legislative body) discusses the draft budget, adopts the budget, and also approves, taking into account the comments of the Federal Audit Office, the annual government report on budget execution, presented by the Federal Ministry of Finance.

The German Federal Ministry of Finance is responsible for the implementation of the consolidated state budget, which includes the budget of the federation with its specialized off-budget funds, budgets of federal states and communities. It is entrusted with the task of monitoring the execution of the state budget, intervening when necessary, for example through sequestration.

The UK government budget consists of two parts: the Consolidated Fund and the National Loan Fund. The main part of the state budget resources goes through the Consolidated Fund, which is an account of current receipts and expenditures. The National Loan Fund is the capital budget. The excess of income over expenses of the Consolidated Fund is credited to the income side National Trust loans If there is a deficit in the Consolidated Fund, it is covered by a loan from the National Loan Fund, and by this amount the Government increases the public debt.

The Consolidated Fund is a special account of the UK Treasury at the Bank of England. Funds from this account can only be allocated with the permission of Parliament and under the control of a special official of the House of Commons - the Comptroller (Auditor General), or as he is also called - the Comptroller General.

Any transfer of funds from this fund without the permission of Parliament is considered illegal, and the allocated funds must be returned.

The UK budget system includes two main links: the state budget, through which about half of the state's national income is redistributed, and local budgets, which are formally separate. Therefore, the budget process in central and local authorities has its own specifics.

Every year in the UK, two main financial laws are adopted that regulate relations in the budgetary sphere: the Appropriations Act, the subject of which is government spending, and the Finance Act, which enshrines government revenues and their sources.

The budgetary powers of the Swedish parliament, the Riksdag, are determined by the main constitutional document, the 1974 Form of Government. The ninth chapter, “Financial Power,” consolidates the budgetary and financial status of the Swedish representative body of the Constitution of the States of the European Union.

Financing of activities government agencies and institutions in Sweden is carried out on the basis of so-called “framework” allocations. Previous detailed regulation of their use of financial resources has gradually been replaced by wider freedom of action in financial sector, but taking into account the organization’s responsibility for the results of its activities. Also, funded bodies are given both the opportunity to receive budget loans and the right to carry over unused allocations to the next period.

Thus, on the one hand, the boundaries of the free financial activity of organizations are determined, and on the other, the efficiency of the management mechanism is ensured.

In regulations and specialized directives to specific institutions, the government specifies the goals and criteria of their activities, as well as the requirements for the provision of information by institutions about their activities.

The study of world experience shows the importance of using local budgets as an economic method of regulation, a way to solve socio-economic problems. Local budgets are more dynamic, they form a constantly developing system, transforming taking into account the specifics of the region and the economic situation. In France and Great Britain, the share of local finance in total financial resources states is more than 30 percent, in the USA, Germany, Japan - 50-60 percent. .

A study of trends in the evolution of budgetary systems in different countries shows that with the wider introduction of market mechanisms, the share of the centralized state budget is decreasing, and the share of lower-level budgets is increasing.

Along with the program-targeted method of regulation, a method such as result-oriented budgeting is widely used abroad.

Results-oriented budgeting is in many ways similar to the program-target method and, in particular, to target programs, since it is based on the establishment of quantitatively measurable goals and the means necessary to achieve them. However, unlike targeted programs result-oriented budgeting does not require the creation of special structures in the form of directorates, interdepartmental commissions or non-profit organizations and can be applied at the level of line ministries and departments. The budgets of these ministries take the form of programs with specific measurable goals and associated resources.

This approach to financing public services began to take shape in the second half of the 1980s and became entrenched in the practice of such states as Great Britain, Australia, New Zealand, USA and some others.

Here, for example, is how the goals of the UK judicial system are formulated in Her Majesty's Treasury Spending Review 2006:

“The Government is committed to improving the administration of criminal justice by 2010 by:

ensure the consideration of 80 percent of all cases of juvenile crimes within established deadlines and etc.

increase by at least 5 percent the proportion of victims and witnesses who consider the attitude towards them by representatives of the judiciary to be “reasonably satisfactory or highly satisfactory”;

reduce the time from the moment of arrest to the moment of sentencing (or closure of the case for other reasons);

strengthen public confidence, including that of ethnic minorities, in the justice system.”

Despite the obvious advantages of results-oriented budgeting, such as attention to the quality of services provided by the state, a focus on efficient spending of funds, and the ability to implement multi-year programs within line ministries, it also has its disadvantages.

Firstly, it involves the use of the cost-benefit method, which is not yet used in Russia when evaluating government programs. Consequently, certain funds and time will be required to train employees. Using the cost-benefit method, alternative options for achieving the same goal are compared, and the program is selected whose benefits from the actions taken exceed the costs associated with their implementation.

Second, the desired outcome may depend on more than just the efforts of a particular ministry, department, or other government agency. Therefore, isolate and identify the contribution state program In one way or another, the result can be quite difficult.

Third, decision makers have difficulty agreeing on the priority of goals that is necessary when moving to results-based budgeting. The inability to agree on program priorities makes it difficult to assess spending needs and measure progress against specified parameters.

And fourthly, experience has shown that premature attempts to introduce results-based budgeting in countries with transition economy led to the fact that the real result of the innovation was not an increase in the efficiency of government spending, but an increase in corruption.

Although the most informative performance indicators are calculated at the level of direct recipients of budget funds, practice, both foreign and domestic, shows that even at this level they may not be unambiguous. For example, funding schools not only provides education for young people, but also has great educational significance, accustoms students to socially useful activities, forms a range of needs, and significantly determines the moral character of a future full citizen of their country. Should all this be taken into account when calculating budget efficiency, and if so, how? There are a lot of similar questions that can be asked. Unfortunately, they are easier to ask than to answer. There are no ready-made recipes. Apparently, one should proceed from common sense, accumulated experience and empirical expediency. But the main conclusion will be that such a situation cannot be a basis for abandoning efficiency calculations. You need to start and develop this business in any situation, since even an imperfect performance indicator is better than its absence.

But this ambiguity should not be seen as an obstacle or reason for refusing to determine budget efficiency. The problem certainly has a solution, even if it is purely empirical. Systematic determination of budget performance and efficiency indicators will make it possible to create an information base and develop calculation methods, which, in the end, will turn the calculation of efficiency into a standard procedure for the entire state financial system.

To summarize this chapter, we note that in the circulation of capital, investment plays an important role as a stage of transition from accumulation to productive use of reproduction resources, due to which the transition occurs economic system from one state to another. It can be organized and planned, regardless of the nature of production relations and the form of ownership, but it can also be spontaneous, of a revolutionary or evolutionary nature. Any changes, except spontaneous ones, are associated with the formation of projects carried out on the basis of investments.

The latter involves business entities, both private owners and the state or society at all levels of government, including the federal, regional, municipal levels, which have their own goals and budget sources resource. Private investor, by implementing his project in any territory, he becomes involved in the implementation of goals that are electorally approved by society through potential jobs, tax contributions to the revenue side of budgets. This is where the problem of measuring and assessing so-called budget efficiency arises.

The desire to increase it also becomes clear. Solving such problems requires serious methodological support, built on the basic principles of a market economy. It includes identifying factors for increasing budget efficiency, measuring and assessing it with a new approach to regulatory framework, ensuring the validity of design decisions.

2. Practical aspect modern development budgetaryefficiency in Russia

2.1 Reforming budgetary efficiency at the current stage of Russia’s development

The financial crisis of 2008-2009 clearly demonstrated all our weaknesses in the economy, financial system, budget device. I would like to dwell on the problems and weaknesses specifically the budget process.

The main task of reforming the budget process is to create conditions and prerequisites for the most effective management of public finances in accordance with priorities public policy.

The situation in the economy and in the budget is currently so critical that it is impossible to do without fundamental changes both in the economy itself and in the organization of the budget process. Meanwhile, the implementation of the budget process, including budget planning, in a crisis is a very difficult job due to objective reasons.

It is necessary, on the one hand, to unconditionally fulfill social obligations to the population (in order to support them in difficult conditions), on the other hand, significant savings in budget funds. Save by what? A huge resource of additional budget funds is available in the organization of the budget process. That organization, the foundations of which were laid by the Concept of reforming the budget process in the Russian Federation in 2004-2006. This reform was designed to stimulate economic growth by closely linking budget expenditures with government policy priorities. The main goal there was an increase in the efficiency of government spending: achieving results at lower costs.

Five years have passed since the beginning of the reform. Have the goals set then been achieved? More likely no than yes. Much has been achieved, but today, unfortunately, there is no need to talk about the effectiveness of government spending.

As part of the reform of the budget process, it was possible to implement:

implementation of planning budget obligations based on dividing them into existing and assumed obligations.

amendments to the Budget Classification of the Russian Federation (including the transition to approval of the main positions budget classification not a separate law, but the Budget Code of the Russian Federation);

transition to medium-term planning. True, due to the crisis this year it was necessary to suspend the planning of indicators for a three-year period, but I think that this measure is temporary;

improvement of the budget process in terms of drawing up, reviewing, approving and executing budgets, a detailed description of the powers of participants in the budget process was made;

Program-target planning.

One of the main directions of reforming the budget process was to improve and expand the scope of application of program-targeted methods of budget planning, as well as a closer link between budget planning and the forecast of socio-economic development, long-term target programs. We have to admit that the use of program-target planning is still limited only to the development and implementation of federal target programs. But the approach to the development and implementation of these programs has remained virtually unchanged.

The government has not adopted the relevant documents defining the procedure for the formation, implementation and assessment of the effectiveness of the implementation of long-term target programs, the deadline for the adoption of which was set back in 2007. The effectiveness of program implementation is assessed using a comprehensive analysis of the parameters for implementing the Federal Target Program. Based on this assessment by the Ministry of Economic Development of Russia in the first quarter of 2008, the implementation of only five programs was considered effective, for 34 programs the average implementation efficiency was noted, for 14 programs the effectiveness assessment was not made, since financing of the programs from all sources of funding was not started.

As part of the ongoing budget reform, new approaches to financing budget investments have been formed, aimed at increasing the independence and responsibility of regions and the main managers of budget funds in matters of formation and execution of investment policy. But the practice of implementing state policy in the field of budget investments in last years showed that there are a number of significant shortcomings in the adoption and implementation of both federal target programs and the Federal Targeted Investment Program.

The procedure for passing documents through the federal bodies because of large quantity authorities with which they must be agreed. The presence of administrative barriers increases the time required for coordination and approval of design and estimate documentation for facilities included in the FAIP and the Federal Target Program. A significant drawback is the untimely opening of budget funding for the implementation of planned activities, as well as the uneven flow of funds for these purposes during the financial year.

The participation of the constituent entities of the Russian Federation in the formation of the list of construction projects and objects is not sufficiently ensured, which does not allow the interests and priorities of the regions to be fully taken into account. There is also a lack of timely delivery of information about the development of the Federal Target Program and the Federal Investment Program to the constituent entities of the Russian Federation, as well as the lack of a clear submission scheme necessary documents to federal departments. This leads to regions submitting their budget requests late or incorrectly completed.

Summarizing the above, it can be noted that program-target planning should become in the very near future the basis of all budget planning. To do this, it is necessary to take measures to accelerate the implementation of the program-target principle of budget planning based on the formation of long-term target programs in accordance with the Budget Message of the President of the Russian Federation on budget policy in 2010-2012.

Assessment of the effectiveness of budget expenditures.

Improving and expanding the scope of application of program-targeted methods of budget planning involves the formation and inclusion in the budget process of a procedure for assessing the effectiveness of budget expenditures. Unfortunately, a system for fully monitoring the effectiveness of budget allocations has not yet been created, and evaluation indicators have not been developed or legally approved. It is necessary to accelerate work in this direction in order to allocate budget resources only in direct proportion to the achievement of specific results.

Efficiency assessment should be carried out for all budgetary allocations, including those transferred to authorized capitals joint stock companies(including development institutions) and state corporations. According to the Accounts Chamber, in 2008-2009 there was a certain imbalance between free in cash, which were available state corporations, and the real needs for their use. It is unacceptable that budget funds are not used by corporations for intended purpose and are held in deposit accounts in commercial banks.

Restructuring public sector.

One of the most important conditions for economic growth and increasing the efficiency of using budget funds is to accelerate the process of restructuring the budget sector. In most cases, the estimated financing mechanism is ineffective because it is not related to the results of the activities of the budgetary institution. The ability to manage extra-budgetary income creates the interest of budgetary institutions in providing paid services, but reduces their interest in the quality implementation of their core activities. The consequence of this is a decrease in the volume and quality of government (municipal) services.

Most budgetary institutions providing social services are able to operate in market conditions. But at present many of them are in no hurry to become autonomous institutions. Therefore, it is necessary to create conditions and incentives for budgetary institutions in order to transform them into autonomous ones.

In addition, the reorganization process is not going fast enough, since the Government of the Russian Federation has not adopted a number of resolutions to implement the Federal Law “On Autonomous Organizations,” which was adopted back in 2006.

State financial control.

At further development effective budget planning, the role of the state is increasing financial control. However, so far the government has not made the promised changes to the chapter of the Budget Code of the Russian Federation, which establishes the basis of state financial control. System state control the use of budget funds should provide for mandatory performance assessment officials responsible for decisions made on planning and rational use of budget funds.

In addition, no modern methodological basis medium-term forecasting of the country's socio-economic development, necessary to improve the quality of budget planning.

Thus, at the present stage of Russia’s development, an active reform of the budget system is taking place, aimed primarily at increasing the efficiency of budgets at all levels. Reform is taking place in many directions and concerns various aspects of the budget process, which allows us to draw a conclusion about its complexity and possible effectiveness. However, we should not forget about the problems of implementing reforms, which are primarily associated with bureaucratization, a high level of corruption and the insufficient development of some institutions of the domestic economy.

2.2 Problems of budget efficiency and ways to solve them

The global economic crisis, accompanied by a strong drop in world energy prices, seriously hit Russian economy and revealed a whole range of unresolved problems, the severity of which in previous years was smoothed over by favorable economic conditions. This makes Russia's budget system extremely vulnerable from the point of view of fiscal risks and forces it to pursue a more stringent budget policy in order to avoid a situation where the government will experience difficulties in fulfilling its obligations. In this regard, it was decided to base budget planning on moderately optimistic assessments of economic prospects.

Currently, the forecast for the main indicators of socio-economic development has deteriorated significantly compared to what was expected in mid-2008. Such serious changes are explained, among other things, by the fact that the previous forecast turned out to be overly optimistic. Meanwhile, it was on this forecast that the Federal Law of November 24, 2008 No. 204-FZ “On the federal budget for 2009 and for the planning period of 2010 and 2011” was based (Table 2). Based on inflated assumptions, we formed on medium term obligations of the state.

Given the worsening situation, it is necessary to reconsider the parameters of the budget system. But if in terms of income there is an objective reduction of more than 40% compared to originally planned, then in terms of expenses the situation is different. In times of crisis, obligations are not only difficult to reduce - they have to be increased in order to support a weakened economy and vulnerable categories of citizens.

Table 2. Comparison of the main parameters of the socio-economic development forecast used to calculate income federal budget

	Federal Law on the Budget No. 204-FZ		Change %	Federal Law on the Budget No. 204-FZ		Change %	Federal Law on the Budget No. 204-FZ		Change %
GDP, billion rubles
Cumulative GDP growth in% compared to 2008
Cumulative CPI in % to December 2008
Average annual dollar exchange rate
Urals oil prices (world), dollars/barrel
Gas prices, dollars/thousand cubic meters m
Export of hydrocarbons
Crude oil, million tons
Natural gas, billion m3
Petroleum products, million tons
Hydrocarbon production
Oil, million tons
Natural gas billion m3
International trade
Export, billion $
Import, billion $
Other indicators in billion rubles.
Profit of enterprises for tax purposes
Depreciation for tax purposes

In the current conditions, Federal Law No. 76-FZ of April 28, 2009 repealed the law on the budget for the planning period 2010-2011, and the parameters of the budget for 2009 were significantly adjusted. As a result, in nominal terms, the volume of federal budget revenues in 2009 was reduced compared to originally planned by 38.6%, and federal budget expenditures increased by 7.4% or from 9.03 trillion. rubles to 9.69 trillion. rubles Based on the current estimate for 2009, budget revenues will be even lower by 2.3%, and expenses will increase by an additional 3.0% - to 9.98 trillion. rubles

Despite the deterioration of the macroeconomic situation as a whole and, as a consequence, a sharp reduction in budget system revenues, the volume of expenditures next year compared to 2009 remains virtually unchanged, and compared to what was originally planned in the Federal Law of November 24, 2008 No. 204-FZ 2010 decreases by only 500 billion rubles. In accordance with the updated budget projections, expenditures in 2010 are envisaged in the amount of 9.823 trillion. rubles, in 2011 - 9.359 trillion. rubles versus 9.980 trillion. rubles in 2009. At the same time, the structure of budget expenditures changes significantly. The volume of transfers from the federal budget is growing Pension Fund, as well as interest payments on government debt.

The sharp decline in planned budget revenues in the coming years is largely due to the fall in world energy prices. In 2010-2011, world oil and gas prices will be 36-40% (or 35-40 US dollars) lower than previously expected.

The new forecast differs significantly from the previous one in terms of pace GDP growth: if in the middle of last year it was expected that GDP in 2011 compared to 2008 would grow by more than 20%, then according to current estimates in 2011 the physical volume of GDP will be lower than the level of 2008 by 5.2%, and the nominal volume of GDP will be 28-31% lower than the initial budget projections for 2009-2011.

According to the current forecast, after a deep fall in GDP in 2009, there will be a gradual recovery from the recession.

The forecast of indicators has significantly worsened foreign trade: in 2010, compared to 2009, exports in dollar terms will decrease by 45%, imports - by 55-58%.

According to new estimates, enterprise profits for tax purposes will be lower than envisaged by Federal Law No. 204-FZ, by 37% in 2010 and by 43% in 2011.

A reduction in income is expected not only due to the deterioration of macroeconomic conditions for economic development, but also as a result of the implementation of tax incentive measures taken to overcome the consequences of the crisis. So, by 4 p.p. the profit tax rate was reduced (at the expense of revenues to the federal budget), another 0.5 percentage points. the federal rate was transferred to regional budgets. As a result, the income tax rate going to the federal budget decreased from 6.5% to 2%. This measure costs the federal budget about 1% of GDP in 2009 conditions.

History and concept of budgetary security, its legal and regulatory framework. The system of bodies ensuring budgetary security in Russia. Problems of the budget and budgetary security of the state today, trends and prospects for its development in the future.

course work, added 08/10/2011

Essence tax budget policy as an instrument of macroeconomic regulation, its implementation in Russia and abroad. Socio-economic focus fiscal policy. Efficiency fiscal administration; Laffer curve.

course work, added 06/01/2016

Theoretical aspects formation of the budget policy of the Russian Federation at the present stage of development. Ways to strengthen the revenue base of the federal budget. Structure of expenses of the consolidated budget. streamlining government obligations.

course work, added 05/13/2015

Formation of a model of convergent regional development in Ukraine, assessment of its relevance and effectiveness at the present stage, methods and ways of implementation. The influence of state budget policy on the convergence or divergence of regional development.

test, added 04/16/2010

The role of external government debt in the country's economy. Studying the problem of the effectiveness of external borrowings. Characteristics of the budget, monetary and exchange rate policies of the state. Ways to increase the efficiency of external investments of the Russian Federation.

course work, added 01/07/2015

The concept and meaning of the state budget. Goals and objectives of budget policy. The main components of the Russian federal budget. Solving problems of the budget policy of the Russian Federation, prospects for its development. Formation of income and expense items, monitoring their implementation.

course work, added 05/07/2009

Features of budget classification in Russia: history, characteristics; budget revenues and expenditures, sources of financing and types of public debt. Results of improving the budget classification in the Russian Federation, review of changes and rules for its application.

course work, added 12/20/2010

Analysis of the macroeconomic environment. Determination of cash flow, calculation depreciation charges and discount rates. Calculation of participation effectiveness indicators equity, commercial and budgetary efficiency of the investment project.

course work, added 09/26/2012

Essence, principles and classification of the budget system. The influence of state budget policy on financial policy enterprises. State regulation of the economy. Budget message of the President of the Russian Federation for 2011 and the planning period of 2012 and 2013.