The budgetary efficiency of an investment project is assessed upon request and from the position of a government agency at the federal or regional level. In accordance with these requirements, budgetary efficiency can be determined for budgets of various levels or for a consolidated budget. Budget efficiency indicators are calculated according to the criteria for evaluating investment projects based on determining the flow of budget funds.

To the inflows of funds for calculating budgetary efficiency relate:

§ inflows from taxes, excise taxes, duties, fees and contributions 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 relevant budget to project participants;

§ payments to repay tax credits;

§ commission payments to the Russian Ministry of Finance for support of foreign loans (in federal budget revenues);

§ dividends on shares and other securities owned by the region or state, issued in connection with the implementation of the investment project.

To outflows of budgetary funds relate:

§ provision of budgetary (in particular, state) resources on the terms of securing in the ownership of the relevant management body (in particular, in federal state ownership) part of the shares of the joint-stock company created to implement the investment project;

§ provision of budget resources in the form of an investment loan;

§ provision of budgetary allocations - funds on a gratuitous basis (subsidies);

§ budget subsidies related to the implementation of a certain pricing policy and ensuring compliance with certain social priorities.

Separately, you should consider:

§ tax benefits, reflected in a decrease in revenues from taxes and fees; in this case, there are no outflows, but inflows decrease;

§ state guarantees of loans and investment risks; there are no outflows; 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.

When assessing the budgetary effectiveness of a project, changes in budget revenues and expenses due to the impact of the project on third-party enterprises and the population are also taken into account, if the project has an impact on them, including:

§ direct financing of enterprises participating in the implementation of the investment project;

§ changes in tax revenues from enterprises whose activities improve or worsen as a result of the implementation of the investment project;

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

§ allocation of funds from the budget for the resettlement and employment of citizens in cases provided for by the project.

For projects that provide for the creation of new jobs in regions with high unemployment, the influx of budget funds takes into account the savings in capital investments from the federal budget or the budget of a constituent entity of the Federation for the payment of relevant benefits.

Based on data on inflows and outflows, cash flows are compiled to determine budgetary efficiency and general indicators (criteria) of the budgetary efficiency of the project are calculated. For each budget level, efficiency calculations are carried out separately.

The main indicator of budgetary efficiency is the value of net present value budget revenues. In addition, the internal rate of return and the budget profitability index are calculated.

Budgetary efficiency can be assessed as part of regulatory impact assessment or financial feasibility studies. In both the first and second cases, the discounted cash flow method is used in relation to the budget.

BUDGET EFFICIENCY - the financial consequences of implementing an innovative project (including personnel innovation) for the federal, regional or local budget. The main indicator of BE used to justify the measures of federal and regional financial support provided for in the innovation project is the budget effect. The budget effect for a certain period of time (step) of the implementation of an innovative project is defined as the excess of revenues of the corresponding budget over expenses in connection with the implementation of this project. The integral budget effect is calculated using the formula as the sum of discounted annual

ke the effectiveness of investment projects and their selection for financing (approved by the State Construction Committee, the Ministry of Economy, the Ministry of Finance and the State Committee for Industry of the Russian Federation No. 7-12\47 dated March 31, 1994). This document provides for three types of project efficiency: commercial (financial) efficiency, taking into account the financial consequences of the project for its direct participants; budget efficiency, reflecting the financial consequences of the project for the federal, regional or local budget; national economic economics efficiency, taking into account the costs and results associated with the implementation of the project, going beyond the direct financial interests of the participants in the investment project and allowing for cost measurement. For large-scale projects (significantly affecting the interests of a city, region or all of Russia) it is recommended to necessarily evaluate the national economic economics. efficiency.

discounted income; profitability index; internal rate of return; payback period; budget efficiency; flow of real money; balance of real money.

budgetary efficiency, reflecting the financial consequences for the federal, regional or local budget;

Budget efficiency is determined separately for federal, regional and local budgets when calculating budget effects.

Budget efficiency is the ratio of the volume of budget revenues to the volume of payments from the budget;

Commercial and budgetary efficiency of projects planned for implementation;

The main indicator of the effectiveness of investment projects is the payback period2 (commercial efficiency) and the ratio of the volume of receipts to the enterprise budget to the volume of payments from the budget (budget efficiency) (see Chapter 22).

If budget funds are involved in the implementation of the investment project, i.e. Since the state acts as a co-investor, budget efficiency is calculated. Budget efficiency indicators reflect the impact of project implementation results on the revenues and expenses of the corresponding budget.

Assessment of the financial efficiency of a commercial project is based on projected cash flows calculated on the basis of domestic market prices for project resources and its products. This process is reflected in the projected financial statements on the economic results of the future project-enterprise, which ultimately makes it possible to show specific financial benefits for project participants (for example, founding firms, individual shareholders, banks or other financial institutions). However, financial analysis is not able to fully reflect the results of the project for society or the economy as a whole, even if the budgetary efficiency of the project is taken into account - taxes of different budget levels. It is necessary to use methods of economic analysis aimed at quantitatively expressing the impact of the project on the economy as a whole, its benefit for certain groups in society.

Efficiency of the investment project. Essence and types. Principles of performance assessment. Features of assessing social, commercial and budgetary efficiency.

Budget efficiency indicators reflecting the financial consequences of the project for the federal, regional or local budget;

participants attracting credit or borrowed funds, and the share of individual participants presenting their property or funds to finance the project in the total volume of investments. Indicators of budgetary efficiency reflect the Budgetary impact of the results of the project on the effective revenues and expenses of the corresponding (federal)

/// group characterized by high price indicators: the cost of typical housing is 6400-7500 rubles/m"; the prestige indicator is the highest in the city; the environmental situation is unsatisfactory. This includes the most "expensive" territorial zones, which have fairly high architectural and artistic qualities, developed infrastructure. This determines the preservation and development of various types of business, administrative and cultural functions included in this group of territories in order to strengthen the economic base, increase the value of real estate and the budgetary efficiency of this part of the city. It is recommended to eliminate industrial and communal facilities that do not meet environmental requirements and are dilapidated. housing stock, reconstruction of five-story buildings with small apartments by adding attic floors and converting the first floors for the development of small businesses, as well as the construction of underground garage complexes to replace spontaneous garages in courtyards; development of a system of public green spaces.

This subsystem carries out comprehensive calculations of the efficiency of foreign trade for a wide range of goods and countries for reporting and planning periods using methods of national economic and budgetary efficiency.

Indicators of the effectiveness of investment projects in new methodological approaches are generalized into three groups: indicators of commercial efficiency, taking into account the financial consequences of the project for direct participants; economic efficiency indicators that take into account the valuation of costs and results associated with the implementation of the project; budget efficiency indicators reflecting the financial consequences of the project for the federal, regional and local budgets.

In some cases, assessing the budgetary effectiveness of investments is important. This case occurs when budget funds are invested in a project on an irrevocable basis, but as a result of the project, a sustainable business should arise as a source of income for budgets of all levels. Thus, the return on investment is carried out in the form of tax revenues from innovation activities. The coefficient of budgetary efficiency of investments can be calculated as the amount of tax revenues from the results of innovation activities divided by the amount of budgetary funds allocated for the implementation of the project for the same period of time. By analogy, the payback period for budget financing of innovative projects can be determined.

The criterion for selecting investment projects for state support is the amount of income that the state will receive as a result of the project’s implementation. Projects accepted for consideration are ranked in accordance with the budget efficiency indicator. This indicator is defined as the ratio of the sum of the discounted value of tax revenues and mandatory payments to the size of the state guarantee.

Alternative investment projects are compared in terms of commercial and budgetary efficiency. The most important characteristic of the commercial efficiency of investment projects is the payback period (period), and budgetary efficiency is the ratio of the volume of budget revenues to the volume of budget allocations.

1. Assessment of the profitability of territorial property (coefficients of regional financial security and budget efficiency are used), the needs for technical renewal of the region’s specialization industries, the state of wages, the resource base of the region, the territory’s participation in export-import operations, the quality of production and social infrastructure, the provision of transport routes and etc. These data constitute the information base for the methodological calculation of the total income of the region, its economic, financial and tax potential.

REGIONAL ORGANIZATIONAL STRUCTURE. If the organization's activities cover large geographical areas, especially on an international scale, then it may be advisable to STRUCTURE THE ORGANIZATION ON A TERRITORIAL PRINCIPLE, i.e. at the location of its divisions (Fig. 12.4.). A regional structure makes it easier to resolve problems related to local laws, customs and consumer needs. This approach simplifies the organization's communication with customers, as well as communication between members of the organization.

CHOICE OF ORIENTATION OF BRANCHES. Different types of divisional structure have the same advantages and disadvantages because they have the same goal - to ensure a more effective response of the organization to a particular environmental factor. The product structure makes it easy to handle the development of new products based on competition, technology improvement, or customer needs. A regional structure allows an organization to more effectively respond to local laws, socioeconomic systems, and markets as its market areas expand geographically. A customer-centric structure enables an organization to most effectively address the needs of those customers on whom it is most dependent. Thus, the choice of divisional structure should be based on which of these factors is most important in terms of ensuring the implementation of the organization's strategic plans and achieving its goals.

The two most common types of global structures are the global product structure and the global regional structure (Figures 12.7a and 12.76, respectively).

Rice. 12.7a. and b.Global product structure (a); Global regional structure (b).

At the third stage - regional - the regional structure of various predicted variables that have key values ​​for specific regions is determined.

Therefore, more than one iteration is required in order to find acceptable options, taking into account the national economic and regional interests, as well as resource and other limitations of the entire national economy, in which both the quantitative parameters and the regional structure of each industry will be reflected.

Like the IMF, the WBG is structured on a regional-sectoral principle: some vice-presidents head regional departments, the rest are responsible for specific areas of management. At the same time, the regional structure of the WBG is more extensive than that of the IMF. In addition, the WBG organizations have a more representative composition of specialists: in addition to economists and financial experts (as in the IMF), engineers, agronomists, lawyers, experts in telecommunications and other various industries also work here. Their task is to thoroughly examine the projects for which funds are proposed to be allocated.

Regional structure. In this case, individual divisions are responsible for promoting the product in a specific territory. This approach allows for more flexible consideration of local traditions, legislation, and market characteristics.

Suppliers Structure, in % of the total number of suppliers Regional structure, in % of the number of suppliers of each type

A regional management structure in its pure form is currently found in a small number of companies. These are mainly poorly diversified firms, with a predominance of one or two homogeneous products in the production structure. For such firms, the main thing is to approach each specific market and adapt to its national characteristics and the needs of end consumers. This organizational structure is typical for some oil companies (Gulf Oil, Royaldatch-Shell), as well as for the Canadian company Messi-Fergusson - a manufacturer of agricultural machinery, industrial and construction equipment, the Swiss food monopoly Nestlé, the British Dutch - Unilever.

A regional management structure is used by companies that produce a limited range of products and are focused on broad markets and a specific consumer. The disadvantage of this management structure is the difficulty of transferring technical information to foreign subsidiaries, as well as coordinating activities across countries and products. These challenges are especially acute for hardware companies with multiple product lines. Another important problem that arises with a regional management structure is the possibility of duplication of line and functional responsibilities, especially in regional offices.

7.2. Calculation of cash flows and regional efficiency indicators....... 57

Indicators of social6 efficiency take into account the socio-economic consequences of the implementation of IP for society as a whole, including both the direct results and costs of the project, and “external” ones: costs and results in related sectors of the economy, environmental, social and other non-economic effects. “External” effects are recommended to be taken into account in quantitative form if appropriate regulatory and methodological materials are available. In some cases, when these effects are very significant, in the absence of these documents, it is allowed to use the assessments of independent qualified experts. If “external” effects do not allow for quantitative accounting, a qualitative assessment of their influence should be carried out. These provisions also apply to regional efficiency calculations.

In calculations of regional efficiency, the social discount rate can be adjusted by the regional economic management bodies.

Regional efficiency indicators reflect the financial effectiveness of the project from the point of view of the corresponding region, taking into account the impact of the project on the enterprises of the region, the social and environmental situation in the region, the income and expenses of the regional budget. In the case when the country as a whole is considered as a region, these indicators are also called indicators of national economic efficiency.

An approximate form for calculating regional efficiency is given in table. GO. 13 (Appendix 3).

Increase the discount rate (in calculations of commercial efficiency - commercial, in calculations of social and regional efficiency - social, in calculations - budgetary

It is advisable to apply these formulas in cases where the project involves obtaining a state guarantee. In this case, the number of scenarios should also include those when the borrowed funds are not fully repaid and the state (federal or regional budget) has to pay off the issued guarantee. Under such scenarios, when calculating social, budgetary and regional efficiency, payments of outstanding amounts under the guarantee are included in the costs. The mathematical expectation of these payments can be used to estimate the opportunity cost of government guarantees.

The risk-free social (public) discount rate, used to assess social and regional efficiency, is considered a national parameter and should be established centrally by the economic management bodies of the national economy of Russia in connection with forecasts of the economic and social development of the country. Pending its centralized establishment, it can be taken at the level of a risk-free commercial discount rate adopted to assess the commercial effectiveness of the project as a whole.

Table PP. 15 Cash flows and indicators of regional project efficiency

Note:* If necessary (see clause A6.2 of Appendix 6 and note to Table A3.8). Further, the calculation of regional efficiency is carried out in the same way as the calculation of social, commercial and other efficiency

End of work -

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The essence of performance assessment. Types of efficiency. Principles of performance assessment

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All topics in this section:

The essence of performance assessment. Types of efficiency. Principles of performance assessment
The essence and necessity of investment assessment Financial and economic assessment of investment projects occupies a central place in the process of justification and selection of possible investment options.

Preparation of information for assessing the effectiveness of the Project. Assessment of the recipient's financial condition
INITIAL INFORMATION FOR EFFICIENCY CALCULATIONS - information about the project and its participants;

PROJECT INFORMATION duration of construction;
about

Static and dynamic methods for assessing the effectiveness of IP
Discounting methods.

The following can be used as the main sources of information for financial analysis: 1. External data: - state of the economy, financial sector, political and economic

Discounting and choosing the discount rate
Discounting is the reduction of all future cash flows (payment flows) to a single point in time in the present. Discounting is the basis for calculating

Advantages and disadvantages
Positive qualities of NPV: 1. Clear decision-making criteria.

2. The indicator takes into account the time value of money (the discount factor is used in the formulas).
Internal rate of return of financial instruments

Internal return for financial instruments is the interest rate at which the present value of the future stream of payments for a given financial instrument coincides with its market
Application in loan interest and the use of the effective interest rate by the consumer

According to the requirements of the Central Bank, banks are required to indicate the EIR - the effective interest rate (calculated according to the formula given in article one). This rate can be calculated independently
Discounted yield index DPI

One of the options for modifying the concept of payback is to sum up all discounted cash flows (investment income) and then divide the amount by the discounted investment
Key project performance indicators: NPV, NV, profitability indices

Present Value in Investment Analysis NV The arithmetic sum of all cash outflows and inflows generated by an investment is called present value (NV). Used to calculate coe
Key project performance indicators: IRR, MIRR

It is better to have a few indicators of the investment project, but these indicators must be calculated with a high degree of reliability and fully cover the main characteristics of the investment project
Disadvantages of the discounting method, inconsistency of performance criteria

Let's take a closer look at some types of project inconsistency and ways to resolve conflicts between NPV, IRR and PI when ranking projects by degree of attractiveness.
Inconsistency

Alternative approaches to performance assessment. Gordon's method. Real options method
Dynamic criteria for the economic efficiency of investments are imperfect because in particular, they do not take into account the possibility of making necessary changes in the course of project implementation in conditions of uncertainty

Disadvantages of the real options method
High labor intensity, the need to collect a large amount of information, the threat of excessive optimism and overestimation of the project, the ambitions of managers. The option exists only when the managers act

Cash flows for calculating budgetary efficiency
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

Accounting for costs and benefits to society
When assessing the budgetary effectiveness of a project, changes in budget revenues and expenditures due to the impact of the project on third-party enterprises and the population are also taken into account, if the project has an impact

Concept of risk. Attitude to risk. Risk and return
Risk is the combination of the likelihood of an event and its consequences (ISO/IEC Guide 73).

Risk and uncertainty Decision-making processes in project management occur as usual.
Risk assessment. Quantitative and qualitative methods

Risk analysis - procedures for identifying risk factors and assessing their significance, in essence, analyzing the likelihood that certain undesirable events will occur and negatively impact
Forms and principles. Risk management system and processes

Risk management consists of smart... The term “risk management”, which is popular today, is problematic from the point of view. subject, object of management and the relationship of risk management with other areas of management
Any project is inextricably linked with uncertainty and risks

Project uncertainty is the lack or absence of information, knowledge, or understanding of the possible consequences of actions, decisions, or events. The result of the presence of neopre
Evasion

Risk avoidance involves changing the project management plan in such a way as to eliminate the threat caused by a negative risk, protect the project goals from the consequences of the risk, or weaken the goals,
Adoption

This strategy means that the project team has decided not to change the project plan due to the risk or has not found another suitable risk response strategy because either the likelihood of the risk
The choice of a risk response strategy is determined by the probability of the risk occurring, estimated by the magnitude of the consequences of the risk if it occurs. It is possible to use several strata simultaneously

Contingency response strategies
Some response methods are intended to be used only if certain events occur, that is, risks materialize. For some risks, the project team may

Methods for identifying risks: the “event-consequence” method
The “events – consequences” method (in English literature it is called HAZOR - HazardandOperabilityResearch) is the same method of event trees, but only without the use of graphics

Directions Duediligence
Directions: Contents: Financial: - general audit;

- assessment of the financial position of the enterprise;
Duediligence in the current activities of the company

However, it is incorrect to identify Duediligence only with actions when purchasing a company; Duediligence can also take place in the current activities of the company. In particular, it can be expressed in the construction on
Advantages and disadvantages of interim measures

Another way to optimize business processes of interaction with counterparties is to insure the risk of overdue debt.
Accounting statements are information messages

Speaking about the analysis of financial statements, we must consider its content as a certain information message. Information about individual economic facts and financial position of companies
Accounting and Probability

What does the above mean? Speaking about the influence of the probability of one or another scenario of events related to the facts of economic life reflected in the accounting, it is necessary to proceed from the fact that the accounting
We do not reflect, but acknowledge

Recognition is a term that can properly characterize a change in reporting due to accounting entries in the accounts. Recognition of certain reporting elements (assets,
Accounting and risk

Risk is the possibility of certain events occurring. Usually, when talking about risk, they mean events that are unfavorable in one way or another. However, it would be more correct to talk about events other than those
Management information blocks

For managers, taking into account the main areas of their responsibility and the goals facing them, I would highlight the following important blocks of management information that can be worked with on a regular basis
The form in which management reporting is presented to management is also important. The most typical forms are text, table and graphic. But not every leader is ready to read texts and

Algorithm of actions
Based on my experience, I will try to briefly outline the main actions, the implementation of which will make it possible to relatively painlessly establish the basics of management accounting, so that later it can be improved

Methods for identifying risks: the method of constructing event trees
Event tree - an algorithm for considering events emanating from the main event (emergency situation).

The event tree (ET) is used to determine and analyze the sequence (optionally
Sensitivity analysis, risk consideration when analyzing project effectiveness

Project sensitivity analysis The task of quantitative analysis is to numerically measure the impact of changes in risk factors on the effectiveness of the project. General scheme of feeling analysis
Scenario method, stochastic modeling

Probabilistic methods of risk assessment The risk associated with a project is characterized by three factors: 1) an event associated with the risk;
2) probability of risks;

3

Methods to counter private risks Risk insurance; risk avoidance (avoidance), risk transfer; distribution (sharing) and diversification of risks; risk pooling; risk limitation; reserving funds (creating 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 (social protection fund and state employment promotion fund) and etc.

TO

· payment of benefits for people who remain unemployed;

· loans from the 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.

The choice of an investment project that provides state support is made 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. What objects are being invested in?

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

6. How are real investments divided?

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. State regulation of enterprise activities.

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 of 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. The concept and composition of the material resources of an enterprise.

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. The 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 of the enterprise.

51. Ways to increase profits and profitability.

53. Classification of the results of innovative 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 assessing the value of an enterprise.

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

LIST OF REFERENCES USED

Legislative and regulatory acts

1. Civil Code of 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 of the Republic of Belarus. – Mn.: National Center for 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: a textbook 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: trans. from English – M.: International relations, 1993. – 352 p.

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Course work

"Budget Efficiency"

Introduction

Budget efficiency is a relative indicator of the effect for the budget as a result of the implementation of a government function, the implementation of a program, an 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.

The relevance of this course work lies in the fact that the absolute values ​​of performance indicators and their comparison can be informative only within a set of homogeneous objects (rural hospitals, secondary schools in large cities, etc.). The most informative are specific performance indicators calculated at the level of recipients of budget funds. The higher the stage of distribution of budget funds (the budget itself, the summary list, etc.), the less informative the absolute performance indicators are.

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 Soviet experience in budgetary efficiency.

Consider reforming budgetary efficiency at the current stage of Russia's development.

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

Budget 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 standpoint of the economy as a whole, the industry, and the 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;

loans from the Central Bank of the 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 of emergency situations possible during the implementation of the project and to compensate 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 revenues to the budget, indicators of the foreign exchange 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 is necessary to take into account that the value of foreign currency is not always correctly determined by the exchange rate, and the price of goods included in foreign trade turnover and 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 an IP at the expense of budgetary funds, the indirect effect received by third-party organizations and due to the influence of the project on them is taken into account. 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 a new reconstruction will be required. For this example, the interest rate is assumed to be 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, in developed countries, the process of forming democratic principles in government and governance actively took place. 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 effectiveness of the 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 of the state list and financial estimates of ministries and main departments approved.

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 specifying and developing the general provisions in the field of the budget established by the Constitution of the USSR was the 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 the 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 state financing of 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 socio-economic development as a whole, as well as other objective and subjective factors. As foreign experience shows, the reorganization of the budget process and, in particular, a significant expansion of the financial planning horizon over time is important for establishing a systematic determination of budget efficiency. Very important problems arise here.

The natural duration of the budget is one year, and a new budget is approved every year. 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 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 all economic dynamics. This means the need for gradual and relatively reliable forecasts of all the constituent elements of the financial macrostructure, and primarily public finances as the most important and stable 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 of the state budget, but involves the preparation of 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 promulgation of law, may plan general economic activities with a view to satisfying collective needs, equalizing and harmonizing regional and sectoral development and stimulating the growth of income and wealth, as well as their most equitable 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 manage public finances is exercised on the basis of a decision of Parliament,” the introduction of new and changes to existing taxes can only be carried out on the basis of law or subject to the conditions prescribed by law; To cover unforeseen budget deficits, a reserve fund may be created by decision of parliament, the responsibility for spending 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 extra-budgetary funds, the budgets of the federal states and municipalities. 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 of the National Loan Fund. 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 law, the subject of which is government spending, and the finance law, which fixes 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 the activities of government bodies and institutions in Sweden is carried out on the basis of so-called “framework” allocations. The previous detailed regulation of their use of financial resources is gradually being replaced by wider freedom of action in the financial sphere, 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 the total financial resources of the state is more than 30 percent, in the USA, Germany, and 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 target programs, results-based 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 countries such as the UK, Australia, New Zealand, the 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 the established time limits, 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, isolating and identifying the contribution of a government program to a particular outcome 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 economies led to the fact that the real result of the innovation was not an increase in the efficiency of public 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 in 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 reproductive resources, due to which the economic system transitions 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 economic entities, both private owners and the state or society at all levels of government, including the federal, regional, and municipal levels, which have their own goals and budgetary sources of resources. A private investor, implementing his project in any territory, becomes involved in the implementation of goals that are electorally approved by society through potential jobs and tax contributions to budget revenues. 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 the regulatory framework that ensures the validity of design decisions.

2. The practical aspect of modern development of budgetefficiency 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, and budget structure. I would like to dwell on the problems and weaknesses of 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 the priorities of state 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 was to improve the efficiency of government spending: achieving results with less cost.

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:

introduction of planning of budget obligations based on their division into existing and assumed obligations.

amendments to the Budget Classification of the Russian Federation (including the transition to approval of the main positions of the budget classification not by a separate law, but by 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 recent years has shown 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 federal authorities is significantly complicated due to the large number of authorities with which they must be approved. 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 to the constituent entities of the Russian Federation about the development of the Federal Target Program and the FAIP, as well as the lack of a clear scheme for submitting the 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 the authorized capital of joint-stock companies (including development institutions) and state corporations. According to the Accounts Chamber, in 2008-2009 there was a certain imbalance between the free funds available to state corporations and the real needs for their use. It is unacceptable that budget funds are not used by corporations for their intended purpose and are kept in deposit accounts in commercial banks.

Restructuring of the 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. The estimated financing mechanism that operates in most cases 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 function 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.

With the further development of effective budget planning, the role of state financial control increases. 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. The system of state control over the use of budget funds must provide for a mandatory assessment of the activities of officials responsible for decisions made on planning and rational use of budget funds.

In addition, a modern methodological basis for medium-term forecasting of the country's socio-economic development, which is necessary to improve the quality of budget planning, has not been created.

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 the Russian economy and revealed a whole range of unresolved problems, the severity of which in previous years was mitigated 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, the state's obligations were formed for the medium term.

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 federal budget revenues

	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 to the Pension Fund is growing, as well as interest payments on public 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 GDP growth rates: 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 volumes of GDP will be below the 2008 level 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 for foreign trade indicators has significantly worsened: 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 budget 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.

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The essence of fiscal policy as an instrument of macroeconomic regulation, its implementation in Russia and abroad. Socio-economic orientation of fiscal policy. Efficiency of fiscal administration; Laffer curve.

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Theoretical aspects of the 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.

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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.

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The role of external public 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.

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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.

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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.

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

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

When we talk about the effectiveness of an investment project, a priori there is a commercial logic in finding the effects and benefits of its implementation. What is usually overlooked is the public benefit of the investment, whether the government is involved in facilitating the project or not. Understanding and calculating the budgetary efficiency of an investment project is closely related to the concepts of its commercial and social efficiency.

Content of public and budgetary effects in the project

It happens that some investment projects are not commercially profitable for business. That is, they cannot provide private investors with the profitability they are accustomed to. At the same time, projects are socially useful and, therefore, effective, only they have a special form of utility. What, then, can serve as an economic justification for government support for such projects if private investors do not have sufficient interest in financing?

It is important for the state to find “support points” to justify its participation in supporting the investment project, which is beneficial from the standpoint of social significance. By them we mean factors that include certain redistribution and indirect effects. The state can take these circumstances of project effectiveness into account when deciding to participate in supplementing and adjusting cash flows. External social losses and benefits from the project should also be taken into account.

The last named effects, as a rule, are not taken into account in conditions of market regulation, but have a significant impact. Negative effects, in particular, include the deterioration of environmental safety and the state of nature, and positive effects include the results of joint educational projects. Indirect effects arise outside the investment project, although they are taken into account in market interaction. Such circumstances include various distortions of commercial estimates of the social value of resources and manufactured products. The state does not always implement a balanced policy in the field of export duties and subsidies, which entails a number of distortions.

Assessing the social effectiveness of project implementation also attaches significant importance to redistribution effects. They should be excluded from the costs or benefits of the project, depending on the focus. These include:

• taxes, duties, fees;
• social contributions from wages;
• subsidies;
• guarantees;
• subsidies, subventions, transfers;
• tax benefits in various forms;
• income from licensing and other permitting activities;
• income from competitions and tenders conducted by government bodies within the framework of legally permitted activities.

Socially significant projects should be the focus of the state’s attention, and those that correspond to the development strategy of state institutions should be assessed for budgetary efficiency. This assessment is based on a key indicator – NPV of the spent budget. The presence of outflows and inflows of budget funds in the forms taken into account makes it possible to determine the IRR and PI of the budget.

Budget efficiency indicators

First, we need to decide what level of budgetary activity of participation in the investment project we are dealing with. The assessment depends on the level of state or municipal budget involved in participation. In addition, budget efficiency extends to calculations of the consolidated budget of subjects, multi-level budgets and a budget that takes into account extra-budgetary funds. For example, the assessment is carried out at the regional government level of a socially significant project. The following budget effects are considered:

• with the participation of a constituent entity of the Federation in financing the project;
• without the participation of a subject of the Federation;
• budgetary effect of funds allocated to compensate part of the coupon income on bonds issued by the company to attract investments;
• budgetary effect from direct participation in the project (in the authorized capital of the company being founded, for example).

Methodological differences, regardless of the budget level and type of participation, are usually insignificant. However, there are some difficulties in isolating cash flow data from budget calculations. The methodology under consideration is based on a real example of recommendations for calculating budget efficiency using funds from the city of Moscow (PM Order No. 838-RP dated April 29, 2004). The methodology selects two forms of budget expenditure: budget loans and budget subsidies. The focus is on investments related to the use of stock market instruments (bond issues). To calculate the net present value of the budget, the cash inflow formula is considered.

Formula for calculating cash inflow from project implementation

This example presents a local assessment of budget revenues from an investment project. In general practice, the composition of budget cash inflows may be somewhat broader. The following is a list of possible inflows for calculating efficiency.

Outflows of budget funds in connection with project expenses also have a standard list, which includes the following outflows of money by area.

It is quite natural that the lists of inflows and outflows of funds from the budget are approximate. Assessing the effectiveness of a specific project will require their clarification. It must be remembered that the composition of budget assessment indicators will depend on the structure of these lists. For example, the provision of government investment guarantees will entail the use of a guaranteed return index (the ratio of budget NPV to guaranteed volumes). Let's return to the methodological example of the Moscow government. Finally, the basic formulas of the methodology are given.

Formula for the budget effect of an investment project

Formulas for local indicators of project budget efficiency

Something strange is happening, but more than 30 years after the start of Perestroika, I still don’t believe that ordinary capitalism is sustainable in Russia. The question is, why? Because seventy years of one development trend cannot pass without a trace, not only for our country, but for the whole world. Suffice it to recall the “Scandinavian model of the social orientation of a market economy.” It is recognized as a successful replica of a number of concepts for the structure of industrial and social relations in the USSR.

This is why, in my opinion, the idea of ​​public-private partnerships in various forms is promising, and not only the one spelled out in Law No. 224-FZ of July 13, 2015. We need to look for mechanisms, and maybe it’s time to stop taking from The West has its own forgotten methods, and begin again to develop our own, Russian, unique ones. It’s not for nothing that our universities have produced millions of economists and lawyers for so many years. The main thing is to create a state strategy, popularly accept it, highlight public accents and implement partnerships between business and the state for the mutual benefit of society and entrepreneurial initiative.