LECTURE No. 13. Budget deficit and sources of its coverage

1. State borrowings of the Russian Federation

State borrowings of the Russian Federation - these are loans and credits that are attracted from individuals and legal entities, foreign states, international financial organizations, they give rise to debt obligations of the Russian Federation as a borrower or a guarantor of repayment of loans by other borrowers.

State external borrowings of the Russian Federation - loans and credits attracted from individuals and legal entities, foreign states, international financial organizations, for which debt obligations of the Russian Federation arise as a borrower or a guarantor of repayment of loans by other borrowers, denominated in foreign currency.

State internal borrowings of the Russian Federation - loans and credits attracted from individuals and legal entities, foreign states, international financial organizations, for which debt obligations of the Russian Federation arise as a borrower or a guarantor of repayment of loans (credits) by other borrowers, denominated in the currency of the Russian Federation.

Government borrowings of constituent entities of the Russian Federation, municipal borrowings - loans and credits attracted from individuals and legal entities, for which debt obligations arise, respectively, of a constituent entity of the Russian Federation or a municipality as a borrower or guarantor of repayment of loans by other borrowers, denominated in the currency of obligations.

The budget deficit

If the budget for the next financial year with a deficit is adopted, the relevant budget law approves the sources of financing the budget deficit, and if the budget for the next financial year without a deficit is adopted, the relevant budget law may provide for the attraction of funds from the sources of financing the budget deficit to finance expenditures budget within the limits of the cost of debt repayment.

Current expenditures of the budget of a constituent entity of the Russian Federation, the local budget, approved by the law on the budget of a constituent entity of the Russian Federation or a regulatory act of a representative body of local self-government, cannot exceed the volume of budget revenues of a constituent entity of the Russian Federation, the volume of local budget revenues, approved by a law on the budget of a constituent entity of the Russian Federation or a regulatory act of a representative body of local self-government .

The size of the federal budget deficit, approved by the federal law on the federal budget, cannot exceed the total volume of budget investments and expenditures for servicing the state debt of the Russian Federation in the corresponding financial year.

The size of the budget deficit of a subject of the Russian Federation, approved by the law of the subject of the Russian Federation on the budget for the corresponding year, cannot exceed 15% of the budget revenues of the subject of the Russian Federation, excluding financial assistance from the federal budget.

If the law of the constituent entity of the Russian Federation on the budget for the corresponding year approves the amount of proceeds from the sale of property, the maximum size of the budget deficit of the constituent entity of the Russian Federation may exceed the limit of 15%, but not more than by the amount of proceeds from the sale of property.

The size of the local budget deficit, approved by the normative act of the representative body of local self-government on the budget for the corresponding year, cannot exceed 10% of the local budget revenues, excluding financial assistance from the federal budget and the budget of the constituent entity of the Russian Federation.

If the normative act of the representative body of local self-government on the budget for the corresponding year approves the amount of proceeds from the sale of property, the maximum amount of the local budget deficit may exceed the limit of 10%, but not more than by the amount of proceeds from the sale of property.

Compliance with the limit values ​​must also be ensured according to the report on the execution of the relevant budget for the financial year.

2. Sources of financing the budget deficit

The sources of financing the budget deficit are approved by the legislative authorities in the law on the budget for the next financial year for the main types of funds raised.

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

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

1) internal sources in the following forms:

a) loans received by the Russian Federation from credit institutions in the currency of the Russian Federation;

b) government loans carried out by issuing securities on behalf of the Russian Federation;

c) budget loans received from the budgets of other levels of the budget system of the Russian Federation;

d) proceeds from the sale of state-owned property;

e) the amount of excess of revenues over expenditures on state stocks and reserves;

f) change in the balances of funds on the accounts for the accounting of federal budget funds;

2) external sources in the following forms:

a) government loans made in foreign currency by issuing securities on behalf of the Russian Federation;

b) loans from foreign governments, banks and firms, international financial organizations, provided in foreign currency, attracted by the Russian Federation.

Sources of financing the budget deficit of a constituent entity of the Russian Federation can be internal sources in the following forms:

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

2) budget loans received from the budgets of other levels of the budget system of the Russian Federation;

3) loans received from credit institutions;

4) proceeds from the sale of property owned by the state of a constituent entity of the Russian Federation;

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

Sources of financing the local budget deficit can be internal sources in the following forms:

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

6) loans received from credit institutions;

c) budget loans received from the budgets of other levels of the budget system of the Russian Federation;

d) proceeds from the sale of property owned by the municipality;

e) change in the balances of funds in the accounts for the accounting of local budget funds.

3. Stabilization Fund of the Russian Federation

Stabilization Fund of the Russian Federation - part of the federal budget funds, formed due to the excess of the oil price over the base oil price, subject to separate accounting, management and use in order to ensure the balance of the federal budget when the oil price drops below the base one.

The price of oil is understood as the price of crude oil of the Urals brand, determined in the manner prescribed for establishing the export customs duty rate for crude oil. The base oil price is understood as the price of Urals crude oil, equivalent to USD 197,1 per ton (USD 27 per barrel).

Sources for the formation of the Stabilization Fund are:

1) additional federal budget revenues generated by calculation due to the excess of the oil price over the base price;

2) balances of federal budget funds at the beginning of the corresponding financial year, including income received from the placement of funds from the Stabilization Fund.

Additional federal budget revenues to be credited to the Stabilization Fund in the current month are determined as the sum of:

1) actual revenues to the federal budget from the export customs duty on crude oil in the current month, multiplied by the ratio of the difference between the export customs duty rate for crude oil in the current month and the estimated rate of the said duty at the base oil price to the export customs duty rate in force in the current month customs duty on crude oil;

2) actual receipts to the federal budget of the tax on the extraction of minerals (oil) in the current month, multiplied by the ratio of the difference between the current rate of the tax on the extraction of minerals (oil) and the estimated rate of the said tax at the base price of oil to the current rate in the current month the current month at the rate of tax on the extraction of minerals (oil).

Calculation and transfer to the Stabilization Fund of funds are made in the manner determined by the Government of the Russian Federation. Until February 1 of the year following the reporting year, the Stabilization Fund shall be credited with the balances of federal budget funds at the beginning of the financial year, with the exception of balances for which the federal law on the federal budget for the next financial year or an international treaty of the Russian Federation establishes a different procedure for use, as well as free balances of the federal budget funds required by the Ministry of Finance of the Russian Federation to cover temporary cash gaps that arise during the year in the execution of the federal budget, in an amount equal to one twenty-fourth of the federal budget expenditures approved for the corresponding financial year, including payments to pay off the state external debt of the Russian Federation, excluding funds allocated to the budget of the Pension Fund of the Russian Federation for the payment of the basic part of the labor pension.

Based on the results of its consideration of the report on the execution of the federal budget for the previous financial year, the Government of the Russian Federation, by June 1 of the current year, specifies the amount of balances of federal budget funds to be used in accordance with the federal law on the federal budget for the corresponding financial year.

Funds from the Stabilization Fund are used to finance the federal budget deficit when the price of oil falls below the base price and for other purposes if the accumulated volume of funds from the Stabilization Fund exceeds RUB 500 billion.

The volumes of use of the Stabilization Fund's resources are determined by the federal law on the federal budget for the corresponding financial year, the draft of which is submitted by the Government of the Russian Federation. The resources of the Stabilization Fund may be placed in debt obligations of foreign states.

The management of the Stabilization Fund is carried out by the Ministry of Finance of the Russian Federation in the manner determined by the Government of the Russian Federation.

Separate powers to manage the resources of the Stabilization Fund are exercised by the Central Bank of the Russian Federation under an agreement with the Government of the Russian Federation.

Operations with the funds of the Stabilization Fund are reflected in separate accounts of the Federal Treasury opened with the Central Bank of the Russian Federation. The Government of the Russian Federation sends quarterly and annual reports to the State Duma of the Federal Assembly and the Federation Council of the Federal Assembly of the Russian Federation on the receipt of funds to the Stabilization Fund, their placement and use as part of reporting on the execution of the federal budget.

The Ministry of Finance of the Russian Federation publishes on a monthly basis information on the balance of the Stabilization Fund at the beginning of the reporting month, the amount of funds received by the Stabilization Fund and the use of the Stabilization Fund in the reporting month.

Author: Natalia Burkhanova

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