Limit values ​​of the federal budget deficit. On the procedure for determining the size of the local budget deficit The maximum size of the budget deficit for the regional budget

A budget deficit is an excess of spending over income. Balancing the budgets of all levels is a necessary condition for fiscal policy.

In the presence of a budget deficit, expenditures included in the current expenditure budget are subject to priority financing. The size of the budget deficit federal budget cannot exceed the total volume of budget investments and expenditures on servicing the state debt of the Russian Federation in the corresponding financial year.

The size of the budget deficit of a constituent entity of the Russian Federation cannot exceed 15% of the volume of budget revenues of the constituent entity, excluding financial assistance from the federal budget.

The size of the budget deficit of the local budget, approved normative act representative body of local self-government, cannot exceed 10% of the local budget revenues, excluding financial assistance from the federal budget and the budget of the subject Russian Federation.

If in the process of budget execution there is an excess of the maximum level of deficit or a significant decrease in revenues from revenue sources of the budget, then a mechanism for sequestering expenditures is introduced, which consists in a proportional reduction in public expenditures (by 5, 10, 15, and so on) monthly for all budget items during the remainder of the current financial year. Protected articles are not subject to sequestration.

Credits from the Bank of Russia, as well as the acquisition by the Bank of Russia of debt obligations of the Russian Federation, subjects of the Russian Federation, municipalities during their initial placement cannot be sources of financing the budget deficit.

The sources of financing the budget deficit of the federal budget are:

1. internal sources in the following forms: loans received from credit institutions in the currency of the Russian Federation; government loans carried out by issuing valuable papers on behalf of the Russian Federation; budget loans and budget credits received from the budgets of other levels of the budget system; proceeds from the sale of state-owned property; the amount of excess of revenues over expenditures on state stocks and reserves; change in balances of funds on accounts for accounting for federal budget funds;
2. external sources in the following forms: government loans in foreign currency by issuing securities on behalf of the Russian Federation; loans from foreign governments, banks and firms, international financial organizations, provided in foreign currency.

Additional funds

State credit reflects credit relations regarding the mobilization by the state of temporarily free Money enterprises, organizations and the population on the basis of repayment to finance public spending.
Individuals and legal entities act as lenders, while the state represented by its bodies acts as a borrower.

The state attracts additional financial resources by selling bonds and other government securities on the financial market. This form of credit allows the state to attract additional financial resources to cover the budget deficit without issuing for these purposes.

State credit is also used to stabilize the money circulation in the country.

Classification of the state loan:

1. Depending on the borrower, government loans are divided into those placed by central governments and those placed by local governments.
2. According to the location of the state credit can be internal and external.
3. By terms of attraction: short-term (up to a year); medium-term (from one year to 5 years); long term.

The size of the state loan is included in the amount of the country's public debt.

1. The budget deficit of a constituent entity of the Russian Federation for the next financial year and each year of the planning period, the local budget deficit for the next financial year (the next financial year and each year of the planning period) is established by a law (decision) on the relevant budget, subject to the restrictions established by paragraphs 2 and 3 of this article.

2. The budget deficit of a constituent entity of the Russian Federation shall not exceed 15 percent of the approved total annual volume of budget revenues of a constituent entity of the Russian Federation, excluding the approved volume of gratuitous receipts.

For the subject of the Russian Federation, in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented, the budget deficit must not exceed 10 percent of the approved total annual budget revenues of the subject of the Russian Federation, excluding the approved amount of gratuitous receipts.

If the law of the constituent entity of the Russian Federation on the budget approves, as part of the sources of financing the budget deficit of the constituent entity of the Russian Federation, proceeds from the sale of shares and other forms of participation in capital owned by the constituent entity of the Russian Federation, and (or) a decrease in the balance of funds on accounts for accounting for the budget of the constituent entity of the Russian Federation, including the funds of the Reserve Fund of the constituent entity of the Russian Federation, the budget deficit of the constituent entity of the Russian Federation may exceed the limits established by this paragraph, within the amount of the said receipts and reduce the balance of funds on the accounts for accounting for the budget funds of the constituent entity of the Russian Federation, including the funds of the Reserve fund of the subject of the Russian Federation.

3. The deficit of the local budget should not exceed 10 percent of the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) receipts of tax revenues for additional deductions.

For a municipal formation in respect of which the measures provided for by paragraph 4 of Article 136 of this Code are being implemented, the budget deficit must not exceed 5 percent of the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) receipts of tax revenues for additional rates of deductions.

In the event that a municipal legal act of the representative body of the municipality on the budget approves, as part of the sources of financing the local budget deficit, proceeds from the sale of shares and other forms of participation in the capital owned by the municipality, and (or) a decrease in the balance of funds on accounts for accounting for local budget funds the deficit of the local budget may exceed the limits established by this paragraph, within the amount of the indicated receipts and a decrease in the balances of funds on the accounts for recording the local budget funds.

4. The budget deficit of a subject of the Russian Federation, the deficit of the local budget, formed according to the annual report on the execution of the corresponding budget, must comply with the restrictions established by paragraphs 2 and 3 of this article.

According to the data of the annual report on the execution of the relevant budget, the excess of the restrictions established by this article is a violation of the budget legislation of the Russian Federation and entails the application of coercive measures provided for by this Code for violation of the budget legislation of the Russian Federation.

5. Credits of the Central Bank of the Russian Federation, as well as the acquisition by the Central Bank of the Russian Federation of government securities of constituent entities of the Russian Federation, municipal securities when they are placed, cannot be sources of financing the deficit of the corresponding budget.

budget deficit- the state of the budget, characterized by an excess of the volume of expenditure obligations provided for in the budget over the volume of income planned in it and leading to the formation of a negative budget balance.

The budget deficit must be balanced, for which there are a number of special methods.

Mechanism of formation of deficit or surplus state budget can be represented as follows (Fig. 31):

• Balanced budget - equality of revenues and expenditures of the budget.
• deficit budget is the excess of expenses over income.
• Surplus budget - the excess of budget revenues over expenditures.

The emergence of a budget deficit is not an ideal situation for . Covering the budget deficit carried out by special financial methods:

• release into circulation additional ();
• issue of government bonds (domestic debt);
• financing and lending to other states ().

Everything sources financing of the state budget deficit can be represented as follows (Fig. 32):

The state budget deficit is an indicator of the "ill health" of the national economy. It is subject to settlement in the direction of reduction.

• reorganization in the direction of increasing its efficiency;
• restructuring of the state external debt;
• strengthening control over the spending of budgetary funds;
• reduction of budget expenditures on subsidies to unprofitable industries;
• streamlining the existing system of social benefits.

Budget surplus

It is extremely rare that when budgeting, the state opposite to the budget deficit develops - it surplus, i.e., the excess of income over expenses.

If the country's budget has been in deficit for a number of years, then the first step to regulate it is to create a budget surplus or develop opportunities to reduce the long-term deficit.

Particular attention should be paid to the concept of "primary surplus". This concept is used in assessing the possibility of reducing the public debt.

Primary surplus means that budget revenues minus attracted loans should exceed expenses reduced by the amount of servicing (interest and principal repayment).

The primary surplus shows that part of the budget revenues goes to pay off the public debt (i.e., budget revenues minus loans are more than budget expenditures minus public debt repayments).

In reality, this means the following:

DB - K > RB - OGD,

• DB— state budget revenues;
• TO- credits and loans;
• RB- state budget expenditures;
• OGD- service (payment of interest and repayment of the capital part of debts).

In the event of a budget surplus, when drawing up the budget in accordance with Article 88 of the Budget Code of the Russian Federation, one should:

• reduce the attraction of income from the sale of state property;
• provide for the allocation of budgetary funds for additional repayment of debt obligations;
• increase budget expenditures, including by transferring part of revenues to budgets of other levels.

A possible measure is reduction of budget tax revenues.

The federal budget deficit and its financing

In the course of drawing up and consideration, it may turn out that the budget will be reduced to an excess of expenditures over incomes, i.e., with a deficit.

In world practice, the safe level of the budget deficit is considered to be its volume no more than 3% of. In 1991-1999 budget deficits in Russia were significant. In 1997, there was a particularly large deficit, and the legislature was forced to sequester budgetary spending.

If the budget for the next year with a deficit is adopted, the sources of financing the budget deficit are approved at the same time.

• loans received from credit institutions in rubles;
• government loans carried out by issuing securities on behalf of the Russian Federation;

• government loans made in foreign currency by issuing on behalf of the Russian Federation;
• loans from foreign governments, legal entities and international financial organizations in foreign currency.

Sources of financing the federal budget deficit

Financing the budget deficit- Covering the negative balance of the budget by attracting financial resources through government loans and reducing the remaining liquid financial resources of the state.

As part of sources of domestic financing

• the difference between the funds received from the placement of government loans, carried out by issuing government securities on behalf of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation, and the funds allocated for their redemption;
• the difference between the budget credits received and repaid by the Russian Federation in the currency of the Russian Federation granted to the federal budget by other budgets of the budgetary system of the Russian Federation;
• the difference between credit institutions received and repaid by the Russian Federation in the currency of the Russian Federation;
• the difference between the credits of international financial organizations received and repaid by the Russian Federation in the currency of the Russian Federation;
• change in balances of funds on accounts for accounting for federal budget funds during the corresponding financial year;
• other sources of internal financing of the federal budget deficit (receipts from the sale of shares and other forms of participation in capital, from the sale of land plots, state reserves of precious metals and precious stones, reduced by payments for their acquisition; exchange rate difference from federal budget funds, etc.).

As part of sources of external financing the federal budget deficit is taken into account:

• the difference between the funds received from the placement of government loans, carried out by issuing government securities on behalf of the Russian Federation, the nominal value of which is indicated in foreign currency, and the funds allocated for their redemption;
• the difference between loans received and repaid by the Russian Federation in foreign currency from foreign banks and organizations, international financial organizations and governments of foreign states, including targeted foreign loans;
• the difference between the foreign currency loans received and repaid by the Russian Federation from credit institutions.
• other sources of external financing of the federal budget deficit (for example, the amount of funds allocated for the execution of state guarantees of the Russian Federation in foreign currency).

Budget Deficit Limits

Limit values ​​for the federal budget deficit

The federal budget deficit, approved by the federal law on the federal budget for the next financial year and planning period, cannot exceed the size of the non-oil and gas federal budget deficit (the latter cannot exceed 4.7 percent of the gross domestic product projected in the corresponding financial year (from 2012 .).

Approval of a federal budget with a deficit is allowed only if the oil price forecast for the relevant financial year does not exceed the base oil price established in accordance with this Code.

Credits of the Central Bank of the Russian Federation, as well as the acquisition by the Central Bank of the Russian Federation of government securities of the Russian Federation when they are placed, cannot be sources of financing the federal budget deficit.

Limit values ​​of the budget deficit of the subject of the Russian Federation and the municipality:

limit value budget deficit of the subject Russian Federation should not exceed 15% the approved annual volume of budget revenues of the constituent entity of the Russian Federation, excluding gratuitous receipts.

At the same time, the maximum value of the budget deficit of the constituent entity of the Russian Federation in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented should not exceed 10% of the approved annual budget revenues of the constituent entity of the Russian Federation, excluding gratuitous receipts. If the law of the constituent entity of the Russian Federation on the budget approves, as part of the sources of financing the budget deficit of the constituent entity of the Russian Federation, proceeds from the sale of shares, shares, shares owned by the constituent entity of the Russian Federation, as well as land plots owned by the constituent entity of the Russian Federation, and reducing the balance of funds on accounts for accounting for the budget funds of a constituent entity of the Russian Federation, the maximum size of the budget deficit of a constituent entity of the Russian Federation may be approved within the limits of the indicated receipts and a decrease in the balance of funds on accounts in excess of the restrictions established by this paragraph.

limit value municipal budget deficit should not exceed 10% the approved annual volume of revenues of the budget of the municipality, excluding gratuitous receipts and receipts of tax revenues for additional deductions.

At the same time, the limit value of the budget deficit of the municipality, in respect of which the measures provided for by paragraph 4 of Article 136 of this Code are being implemented, should not exceed 5% of the approved annual budget revenues of the municipality, excluding gratuitous receipts and receipts of tax revenues for additional deductions.

In the event that a municipal legal act of the representative body of the municipality on the budget approves, as part of the sources of financing the local budget deficit, the amount of proceeds from the sale of shares, shares, shares owned by the municipality, as well as land plots owned by the municipality and reducing the balance of funds by accounts for the accounting of local budget funds, the maximum amount of the local budget deficit may be approved within the specified revenues and reduce the balance of funds on accounts in excess of the restrictions established by this paragraph.

Chapter 14. Budget deficit and sources of its coverage. State and municipal debt

14.1. Budget deficit and sources of its coverage

A budget deficit is an excess of expenditures over incomes of the corresponding level. In other words, this is a situation when, when approving the budget, there are no profitable sources for part of the expenses. However, this does not mean that sources will not appear in the future, during the execution of the budget.

The Budget Code determines that in the event of the adoption of the budget for the next year with a deficit, the federal law, the law of the constituent entity of the Russian Federation or the regulatory act of the local government approves the sources of financing the budget deficit.

The Code also establishes a ceiling on the budget deficit for each level of the budget system.

The size of the federal budget deficit cannot exceed the total volume of budget investments and expenditures for servicing the public debt of the Russian Federation.

The maximum size of the budget deficit of a constituent entity of the Russian Federation is related to the volume of income and cannot exceed 15 percent of the budget revenues of a constituent entity of the Russian Federation, excluding assistance from the federal budget.

The size of the local budget deficit cannot exceed 10 percent of the local budget revenues, excluding assistance from the federal budget and the budget of a constituent entity of the Russian Federation.

In addition, the code contains one more restriction, according to which the current expenditures of the budgets of the constituent entities of the Russian Federation and municipalities cannot exceed the volumes of incomes of the corresponding budget. Consequently, current expenditures should, on the one hand, be provided with income, and on the other hand, their volumes should be determined when forming budgets, taking into account the planned amount of income.

At the federal level, the deficit is defined both in sum terms and as a percentage of gross domestic product (GDP). V last years the federal budget is approved without a deficit and even with an excess of revenues over expenditures

In 2003, the federal budget was approved for spending in the amount of 2 trillion. 345.6 billion rubles and income in the amount of 2 trillion. 417.7 billion rubles. The excess of income over expenses is determined in the amount of 72 billion 150 million rubles. At the same time, the volume of GDP is projected in the amount of 13 trillion. 50 billion rubles, inflation rate (consumer prices) 10-12 percent. The excess of revenues over expenditures in 2003 is planned to be distributed as follows: 51.4 billion rubles are directed to repay the state debt and 20.7 billion rubles are directed to replenish the financial reserve.

The financial reserve is the funds accumulated to pay off the public debt in subsequent years.

On the example of our conditional subject of the Russian Federation with a population of 800 thousand people, the budget parameters are approximately as follows: expenses are determined in the amount of 4 billion 643 million rubles, and revenues in the amount of 4 billion 418 million rubles. The deficit was approved at 224.7 million rubles, which is 15 percent of budget revenues, excluding assistance from the federal budget, or 4.8 percent of total budget expenditures.

On the example of a municipality, let's consider the procedure for determining the parameters of possible costs. Own revenues of the municipal formation - a city with a population of about 100 thousand inhabitants, amount to 320 million rubles. Given the requirements of the budget code, the deficit cannot exceed 10 percent of revenues, i.е. will amount to 32 million rubles. Financial assistance from the budgets of other levels is determined in the amount of 100 million rubles. Therefore, the budget expenditure of a given municipality should be determined as follows:

Expenditure = Doh. own + Doh. fin. pom. + Def. =320+100+32= 452 million rubles.

If the volume of planned expenditures exceeds the amount determined above, the local government will either have to reduce expenditures on some items or find additional revenues at the municipal level.

It has already been noted above that if the budget is adopted with a deficit, the document approving the budget must determine the sources of its financing.

For the federal budget, two groups of sources of financing deficits are defined: external and internal.

External sources are defined in the following forms:

Government loans in foreign currency by issuing securities on behalf of the Russian Federation;

Credits of foreign governments, banks and firms, international financial organizations, provided in foreign currency, attracted by the Russian Federation.

Domestic sources of financing the deficit are defined in the following forms:

Credits received by the Russian Federation from credit institutions in the currency of the Russian Federation;

State loans carried out by issuing securities on behalf of the Russian Federation;

Budget loans and budget credits received from the budgets of other levels of the budget system of the Russian Federation;

Proceeds from the sale of federally owned property;

The amount of excess of revenues over expenditures on state stocks and reserves;

Changes in balances of funds in accounts for accounting for federal budget funds.

The sources of financing the budget deficit of the constituent entity of the Russian Federation are somewhat different from the federal level and consist only of internal sources in the following forms:

State loans carried out by issuing securities on behalf of a constituent entity of the Russian Federation;

Budget loans and budget credits received from the budgets of other levels of the budget system;

Loans received from credit institutions;

Proceeds from the sale of state-owned property of a constituent entity of the Russian Federation;

Changes in the balances of funds on accounts for accounting for budget funds of a constituent entity of the Russian Federation.

For the municipal level, the sources of financing the budget deficit practically do not differ in form from the sources defined for the constituent entity of the Russian Federation:

Municipal loans carried out by issuing municipal securities on behalf of the municipality;

Loans received from credit institutions;

Budget loans and budget credits received from budgets of other levels;

Proceeds from the sale of municipal property;

Changes in the balances of funds on accounts for accounting for local budget funds.

In practice, the main sources of financing the budget deficit at the level of the subject and at the level of the municipality are budget loans and loans from commercial organizations. Loans are not widely used. The sale of property is a source that tends to decrease as it is sold and, as a result, is final.

If the budget for the next financial year with a deficit is adopted, the sources of financing the budget deficit are approved by a corresponding decision. If the budget for the next financial year without a deficit is adopted, the relevant decision on the budget may provide for the attraction of funds from sources of financing the budget deficit to finance budget expenditures within the limits of debt repayment costs. The size of the regional budget deficit, approved by the law of the subject of the Federation on the budget for the corresponding year, cannot exceed 15% of the volume of regional budget revenues, excluding financial assistance from the federal budget. If the budget for the corresponding year approves the amount of proceeds from the sale of property, the maximum size of the regional budget deficit may exceed the 15% limit, but not more than by the amount of proceeds from the sale of property. The state debt of the region is fully and unconditionally secured by all property owned by the subject of the Federation, constituting the treasury of the subject of the Russian Federation. The debt obligations of the region are repaid within the terms determined by the terms of borrowing and cannot exceed 30 years. The maximum amount of public debt of a subject of the Federation must not exceed the amount of revenues of the corresponding budget, excluding financial assistance from the budgets of other levels of the budget system of the Russian Federation.

2.6. Financial assistance from the federal budget

The Budget Code of the Russian Federation establishes the following forms of financial assistance to regional budgets from the federal budget:

Providing subsidies to equalize the level of the minimum budgetary provision of the regions;

Providing subventions and subsidies to finance certain targeted expenses;

Providing budget loans;

Provision of a budget loan to cover temporary cash gaps arising in the execution of the regional budget. Financial assistance from the federal budget to equalize the level of the minimum budgetary provision of the regions is provided subject to the signing of an agreement on the execution of the regional budget through the Federal Treasury of the Russian Federation. All budgets are drawn up and executed on the basis of the principle of priority financing of expenses related to ensuring minimum state social standards with unconditional fulfillment of debt obligations. Until the financing of the minimum state social standards at the level of the minimum budgetary security is ensured, the draft budget cannot include expenses (and expenses cannot be financed during the execution of the budget) that are not related to the achievement of the minimum state social standards, or expenses that ensure the financing of individual state social standards above the minimum level with underfunding of others with unconditional fulfillment of debt obligations. Subventions and subsidies to the budgets of constituent entities of the Russian Federation are provided to finance targeted expenditures (expenditures under federal targeted programs, capital expenditures, expenditures transferred from the budgets of other levels of the budget system of the Russian Federation, and other targeted expenditures). The procedure for their provision and calculation are determined by a special federal law or the budget for the next financial year.