Banking. Regional finance: composition and role in organizing market relations (the most important)

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Banking. Regional finance: composition and role in organizing market relations (the most important)

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Topic 70. Regional finance: composition and role in the organization of market relations

Public finances are monetary relations regarding the distribution and redistribution of the value of the social product and part of the national wealth, associated with the formation of financial resources at the disposal of the state and its enterprises and the use of public funds for the costs of expanding production, meeting the growing socio-cultural needs of members of society, the needs national defense and administration. Public finances include federal and regional finance. The composition of public finances includes: budgets of different levels of government, extra-budgetary funds, state credit, finances of state enterprises. Local budgets are an independent part of the budget system of the Russian Federation as a sovereign state. Local budgets provide financing for more than 80% of budget expenditures on health care, more than 60% of expenditures on education; large budgetary funds are directed to the development of industrial and social infrastructure.

Local budgets have multiple sources of income: - deductions from taxes of a higher level; - part of the corporate property tax; - property tax f.l.; - tax on property passing by way of inheritance and donation; - land tax; - state duty, etc. Local self-government bodies have the right to form targeted off-budget and foreign exchange funds. The resources of these funds are formed from:

a) voluntary contributions and donations from citizens, enterprises, institutions and organizations for relevant purposes;

b) amounts of fines for environmental pollution and irrational use of natural resources;

c) the amount of fines for damage and loss of objects of historical and cultural heritage, natural monuments d) other income of off-budget funds in accordance with the law. Funds from extra-budgetary and foreign exchange funds are on special accounts opened by the local administration, are not subject to withdrawal and are spent for their intended purpose.

Costs local budgets are carried out at the expense of their incomes and subventions received from the budgets of a higher territorial level. State credit relations arise in connection with the mobilization of temporarily free funds of enterprises, organizations and the population and their transfer for temporary use to public authorities to ensure financing of public expenditures. Attraction by the state of temporarily free funds y.l. - and f.l. is carried out by selling bonds, treasury bills and other types of state securities on the financial market. (issue and sale of bonds of local authorities).

Recently, local budgets have been developing rapidly due to the increasing role and influence of local authorities: the scale of the local economy is growing, the functions of local authorities are expanding and becoming more complicated. Local budgets are increasingly being used to regulate economic processes, influence the distribution of productive forces, help increase the competitiveness of products manufactured by local enterprises, create territorial infrastructure, and finance the costs of reproduction of labor resources. Local budgets play an important role in the implementation of social programs.

Authors: Shevchuk D.A., Shevchuk V.A.

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