Chuhunov O. Formation of local budgets in the system of financial and economic regulation

The essence of forming local budgets in the system of financial and economic regulation, based on the integration of financial institutions of managing local finances, a set of methods, tools and levers of providing institutional architectonics of forming local budgets, which will increase the impact of budget policy on the socio-economic processes, will provide an opportunity to increase the impact of local budgets on economic development in local communities, good living standards and well-being of the population. There have been further developments in the approaches to the priority directions of budgetary policy regarding the effective formation of local budgets, which will provide an opportunity to ensure the socio-economic development of territories, accessibility and quality of public services; provisions on improving the efficiency of local budgeting in the system of financial and economic regulation in order to meet public needs and achieve the socio-economic goals of the development of administrative and territorial units. The experience of forming local budgets in countries with advanced and transformational economies is generalized and systematized, which will enable to improve the quality of local finance management in the conditions of economic transformations. The institutional principles of the local budgeting system have been improved, taking into account the forecasts of socio-economic development of the territories for the short and medium term, which will make it possible to strengthen the efficiency of the budget process as a significant tool for ensuring economic growth; provisions on the peculiarities of formation and development of the system of formation of local budgets that will contribute to the effectiveness of the regulatory mechanism of budgetary policy at the local level; basic principles of perspective forecasting of expenditures of local budgets based on their influence on the dynamics of socio-economic indicators of the development of administrative and territorial units.