Balancing budgets at all levels is a necessary condition for fiscal policy. The excess of expenses over income constitutes a budget deficit. Budget surplus is the excess of budget revenues over its expenses;

If there is a budget deficit, expenses included in the budget are subject to priority financing. current expenses. The size of the federal budget deficit cannot exceed the total volume of budget investments and service costs government debt RF 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 without taking into account financial assistance from the federal budget.

Deficit size local budget, approved normative act representative body local government, cannot exceed 10% of local budget revenues without taking into account financial assistance from the federal budget and the budget of the subject Russian Federation.

If, in the process of budget execution, the maximum deficit level is exceeded or there is a significant decrease in revenue from budget revenue sources, then a mechanism for sequestering expenses is introduced, which consists of a proportional reduction government spending(by 5, 10, 15 and so on percent) monthly for all budget items for the remainder of the current financial year. Protected articles are not subject to sequestration (their composition is determined by the Federal Assembly of the Russian Federation, as well as by the representative authorities of the constituent entities of the Russian Federation).

Sources of financing the budget deficit are approved by the legislative (representative) authorities in the law on the budget for the next fiscal year by main types of funds raised.

Loans from the Bank of Russia, as well as the acquisition by the Bank of Russia of debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities when they initial placement cannot be sources of financing the budget deficit.

Sources of financing the federal budget deficit are:

1) internal sources in the following forms:

loans received from credit institutions in Russian currency;

government loans carried out by issuing valuable papers on behalf of the Russian Federation;

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

proceeds from the sale of state-owned property;

the amount of excess of income over expenses on state reserves and reserves;

changes in fund balances in federal budget accounts;

2) external sources in the following forms:

government loans made 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.

Government credit reflects credit relations regarding the mobilization by the state of temporarily free Money enterprises, organizations and the population on a repayable basis to finance government spending.

Lenders are individuals and legal entities, the borrower is the state represented by its bodies.

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

State credit is also used for stabilization purposes money circulation in the country.

Classification of government credit.

1. Depending on the borrower, government loans are divided into:

¨ placed central authorities management;

¨ placed by local authorities.

2. At 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 government loan is included in the amount of the country's public debt.

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

If there is a budget deficit, priority financing is given to expenses included in the current expenditure budget. The size of the federal budget deficit cannot exceed the total volume of budget investments and expenses for servicing the public 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 without taking into account financial assistance from the federal budget.

The size of the budget deficit of the local budget, approved by a normative act of a representative body of local self-government, cannot exceed 10% of the volume of local budget revenues without taking into account financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation.

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

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

The sources of financing the federal budget deficit are:

1. internal sources in the following forms: loans received from credit institutions in Russian currency; government loans carried out by issuing securities on behalf of the Russian Federation; budget loans and budget credits received from budgets of other levels of the budget system; proceeds from the sale of state-owned property; the amount of excess of income over expenses on state reserves and reserves; changes in fund balances in federal budget accounts;
2. external sources in the following forms: government loans made 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 state's mobilization of temporarily free funds of enterprises, organizations and the population on a repayable basis to finance government expenditures.
The lender is individuals and legal entities, the borrower is the state represented by its bodies.

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 emissions for these purposes.

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

State loan classification:

1. Depending on the borrower, government loans are divided into those placed by central government bodies and those placed by local government bodies.
2. At 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 to 5 years); long-term.

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

1. If a budget for the next financial year with a deficit is adopted, the relevant law (decision) on the budget approves the sources of financing the budget deficit.

2. Current expenses of the budget of a subject of the Russian Federation, the local budget, approved accordingly by the law on the budget of a subject of the Russian Federation or a normative act of a representative body of local self-government, cannot exceed the volume of revenues of the budget of the subject of the Russian Federation, the volume of revenues of the local budget, approved accordingly by the law on the budget of the subject of the Russian Federation Federation or a regulatory act of a representative body of local government.
3. The size of the federal budget deficit, approved federal law O federal budget, cannot exceed the total volume of budget investments and expenses for servicing the public debt of the Russian Federation in the corresponding financial year.
4. The size of the budget deficit of a constituent entity of the Russian Federation, approved by the law of the constituent entity of the Russian Federation on the budget for the corresponding year, cannot exceed 15 percent of the budget revenues of the constituent entity of the Russian Federation without taking into account financial assistance from the federal budget.
If the law of a 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 amount of the budget deficit of a constituent entity of the Russian Federation may exceed the limit established by part one of this paragraph, but not more than by the amount of proceeds from the sale of property.
5. 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 percent of the volume of local budget revenues without taking into account financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation.
If a normative act of a 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 established by part one of this paragraph, but not more than by the amount of proceeds from the sale of property.
6. Compliance with the limit values ​​established by paragraphs 2 - 5 of this article must also be ensured according to the report on the execution of the relevant budget for the financial year.

The commented article is devoted directly to the very concept of deficit, as well as limiting the size of the budget deficit.
According to general theory budget law when adopting a budget law for the next financial year, if this law provides for a budget deficit, i.e. the excess of expenses over its income, such a budget must necessarily determine the sources of financing the budget deficit.
If a budget for the next financial year is adopted without a deficit, the relevant law (decision) on the budget may provide for the attraction of funds from sources of financing the budget deficit to finance budget expenses within the limits of debt repayment costs.
The Budget Code of the Russian Federation has established a number of restrictions that must be adhered to when setting the maximum budget deficit for the next financial year.
Firstly, restrictions for the first level budget, i.e. federal budget. According to the law, the maximum value of the federal budget deficit is determined as the sum of the total volume of budget investments and expenses for servicing the public debt of the Russian Federation.
Secondly, second-level budget restrictions, i.e. regional. According to current legislation:
- current expenses regional budget cannot exceed the volume of regional budget revenues;
- the size of the budget deficit of a constituent entity of the Russian Federation, approved by the law of a constituent entity of the Russian Federation on the budget for the corresponding year, cannot exceed 15% of the volume of budget revenues of a constituent entity of the Russian Federation without taking into account financial assistance from the federal budget.
Moreover, if the law of a subject of the Russian Federation on the budget for the corresponding year approves the amount of proceeds from the sale of property, the maximum amount of the budget deficit of a subject of the Russian Federation may exceed the limit, but not more than by the amount of proceeds from the sale of property.
Thirdly, these are restrictions for the third level of the budget, i.e. local budget. According to the Book Code of the Russian Federation:
- current expenses of the local budget cannot exceed the volume of local budget revenues;
- 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 volume of local budget revenues without taking into account financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation.
An important point is that if a normative act of a representative body of local 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, but not more than by the amount of proceeds from the sale of property.

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 the law (decision) on the corresponding budget in compliance with the restrictions established by paragraphs 2 and 3 of this article.

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

For a constituent entity of the Russian Federation in respect of which the measures provided for in paragraph 4 of Article 130 of this Code are being implemented, the budget deficit should not exceed 10 percent of the approved total annual budget revenues of the constituent entity of the Russian Federation without taking into account the approved volume of gratuitous revenues.

If the law of a constituent entity of the Russian Federation on the budget approves, among the sources of financing the budget deficit of a constituent entity of the Russian Federation, proceeds from the sale of shares and other forms of participation in capital, from the sale of state reserves precious metals and precious stones owned by a constituent entity of the Russian Federation, and (or) reducing the balance of funds in accounts for accounting for budget funds of a constituent entity of the Russian Federation, including funds Reserve Fund of a constituent entity of the Russian Federation, the budget deficit of a constituent entity of the Russian Federation may exceed the limits established by this paragraph, within the limits of the amount of specified revenues and a decrease in the balances in accounts for accounting for budget funds of a constituent entity of the Russian Federation, including funds from the Reserve Fund of a constituent entity of the Russian Federation.

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

For municipality in respect of which the measures provided for in paragraph 4 of Article 136 of this Code are being implemented, the budget deficit should not exceed 5 percent of the approved total annual volume of local budget revenues without taking into account the approved volume of gratuitous revenues and (or) tax revenues according to additional deduction standards.

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

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

The paragraph is no longer valid. - Federal Law of August 2, 2019 N 307-FZ.

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

Under budget deficit refers to the excess of expenses over income. Currently, in the conditions of the crisis state of the economy and finance, the deficit in the budget system of the Russian Federation has become a difficult phenomenon to overcome. If a budget for the next financial year is adopted without a deficit, the relevant law (decision) on the budget may provide for the attraction of funds from sources of financing the budget deficit to finance budget expenses within the limits of debt repayment costs.

Current expenses of the budget of a constituent entity of the Russian Federation, the local budget, approved accordingly by the law on the budget of a constituent entity of the Russian Federation or a normative 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 accordingly by the law on the budget of a constituent entity of the Russian Federation or a normative act of a representative body local 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 expenses for servicing the public 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 a constituent entity of the Russian Federation without taking into account financial assistance from the federal budget. If the law of a subject of the Russian Federation on the budget for the corresponding year approves the amount of proceeds from the sale of property, the maximum amount of the budget deficit of a subject of the Russian Federation may exceed the specified limit, but not more than by the amount of proceeds from the sale of property.

The size of the local budget deficit, approved by a normative act of a representative body of local government on the budget for the corresponding year, cannot exceed 10% of the volume of local budget revenues without taking into account financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation.

If a normative act of a 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 specified limit, 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.

Sources of financing the budget deficit are approved by the legislative (representative) authorities in the law (decision) on the budget for the next financial year for the main types of funds raised. Loans from the Bank of Russia, as well as 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.

The current expenditure budget identifies protected items for which expenditures are guaranteed in full under the conditions of the sequestration mechanism. The list of protected items is established annually when the corresponding budget is approved. These include items providing for the payment of wages, pensions, scholarships, expenses for renting premises, heating, lighting, etc.

As part of the budgets, the amount formed from the balances of funds in the corresponding budget is approved, which is used during the budget year to cover temporary cash gaps. This amount is called working cash. Working cash must be restored during the budget year to the amounts approved at the beginning of the year.