Limit values ​​of the federal budget deficit. The concept of the budget deficit, its economic essence and methods of managing it. The maximum volume of the budget deficit of the subject of the Russian Federation

A similar norm regulates the size of the local budget deficit, but here this amount cannot exceed 10% of the local budget revenues, excluding financial assistance from the federal and regional budgets.

From all of the above, two important conclusions can be drawn:

• firstly, current budget expenditures must be provided with revenues;
• secondly, the attracted funds are directed exclusively for investment purposes and for servicing the state debt of the Russian Federation under the federal budget.

The sources of financing the budget deficit are approved by the legislative authorities in the law on the budget for the next year for the main types of funds raised. At the same time, the loans of the Central Bank of the Russian Federation, as well as the acquisition by it of debt obligations of the Russian Federation, subjects of the Russian Federation, municipalities during their initial placement cannot be sources of financing the budget deficit.

Sources of financing the deficit vary by budget levels.

The federal budget deficit is financed from both internal and external sources. Internal sources include:

• ruble credits of banks;
• state loans carried out by issuing securities on behalf of the Russian Federation;
• proceeds from the sale of state-owned property;
• the amount of excess of revenues over expenditures on state stocks and reserves;
• change in balances on accounts for the accounting of federal budget funds.

External sources of financing the federal budget deficit include:

• government loans in foreign currency by issuing securities on behalf of the Russian Federation;
• loans from governments of foreign states, banks and firms, international financial organizations in foreign currency attracted by the Russian Federation.

To finance the budget of a constituent entity of the Russian Federation and the local budget, only internal sources can be involved:

• state loans carried out by issuing securities on behalf of a constituent entity of the Russian Federation;
• budget loans and budget credits received from budgets of other levels;
• bank loans;
• proceeds from the sale of property owned by a constituent entity of the Russian Federation;
• change in balances on accounts for accounting for budget funds of a constituent entity of the Russian Federation.

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

• municipal loans carried out by issuing municipal securities;
• bank loans;
• budget loans and budget credits received from budgets of other levels;
• proceeds from the sale of municipal property;
• change in account balances for accounting for local budget funds.

As can be seen from these lists, the most common form of financing budget deficits is all kinds of borrowing, the classification of which is given in the following table:

From the above table it follows that loans can be attracted from individuals and legal entities, foreign states, international financial organizations. However, municipal loans are attracted only from legal entities and individuals.

World financial experience has developed a number of methods for preventing budget deficits and ways to eliminate them. At present, the following ideas about this form of budget imbalance are considered generally accepted.

If the budget deficit is evil, then an even greater evil for the economy and the financial system is its alleged elimination through purely mechanical manipulations. In this case, the disease acquires hidden forms, much more difficult to treat.

The balance of the budget and even the excess of budget revenues over expenditures should not be considered as an integral feature of a healthy, dynamically developing economy. A temporary budget deficit is quite acceptable.

The size of the budget deficit should not exceed the maximum allowable size, which is estimated at 2-3% of the gross domestic product.

To cover the deficit, various methods can be used:

1. internal and external loans;
2. tougher taxation;
3. monetary emission (monetization of the budget).

None of these methods has absolute advantages over others and is not completely non-inflationary.

But various forms of state credit are more preferable in this respect.

As measures aimed at reducing the budget deficit, traditionally used are those that, on the one hand, stimulate the flow of revenues to the budget, and on the other hand, help reduce government spending. These include:

• changing the direction of public investment in sectors of the economy in order to significantly increase the financial return of budgetary funds;
• greater use of financial incentives and sanctions.

This makes it possible to better take into account the specific conditions of management and stimulates the growth of production;

• reduction in the scope of state financing (government assistance to foreign states, military spending, etc.) while maintaining funding for only the most important social programs;
• prohibition of the central bank to provide loans to government structures of any level without proper clearance of debt in government securities.

In recent years, the federal budget has been running a surplus. This situation is explained mainly by the favorable price situation for Russia in the world energy market, one of the leaders of which is our country. However, the situation may change, oil and gas prices will fall, and in such conditions it will be extremely difficult to balance the budget. The preventive measure of the state is the formation of the Stabilization Fund of the Russian Federation (hereinafter referred to as the Fund), which will be used to ensure a balanced budget when the oil price drops below the base one.

In 2004, the entire budget surplus (83403.4 million rubles) is directed to the formation of the Fund. It is formed at the expense of part of the federal budget when the oil price exceeds the base price for Urals crude oil, which is set at $146 per ton, or $20 per barrel.

The level of this price is determined in the manner prescribed for establishing the rate of export customs duty on crude oil.

The Foundation has two sources:

1. additional federal budget revenues received from the excess of oil prices over the base price.
2. balances of federal budget funds at the beginning of the financial year, including income received from the placement of the Fund's resources.

The mentioned balances shall be credited to the Fund until February 1 of the year following the reporting one. At the same time, the following shall not be credited to the Fund: a) balances for which a different procedure for use is established by the budget law or an international treaty of the Russian Federation; b) free balances of budget funds needed by the Ministry of Finance to cover intra-annual temporary cash gaps, in the amount of 1/24 of budget expenditures approved for the year, including payments to repay external public debt, excluding funds allocated to the Pension Fund of the Russian Federation for the payment of the basic part of the labor pension.

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

Fund resources can be used:

1. to finance the federal budget deficit when oil prices fall below the baseline;
2. for other purposes, if their accumulated volume exceeds 500 billion rubles.

The volumes of use of these funds are determined by the law on the federal budget.

The Budget Code of the Russian Federation defines the procedure for managing the Fund's resources. Management is carried out by the Ministry of Finance in the manner determined by the Government of the Russian Federation. Certain management powers may be exercised by the Central Bank of the Russian Federation under an agreement with the Government of the Russian Federation. The Fund's resources may be placed in debt obligations of foreign states, the list of which is approved by the Government of the Russian Federation.

Operations with the funds of the Fund are reflected in separate accounts of the federal treasury.

The Government of the Russian Federation sends quarterly (cumulative) and annual reports to the State Duma and the Federation Council on the receipt of funds to the Fund, their placement and use as part of the reporting on the execution of the federal budget. The Ministry of Finance of the Russian Federation monthly publishes information on the Fund's balances at the beginning of the reporting month, the amount of funds received by the Fund and their use in the reporting month.

1. The budget deficit of a constituent entity of the Russian Federation for the next financial year and each year of the planning period, the local budget deficit for the next financial year (the next financial year and each year of the planning period) is established by a law (decision) on the relevant budget, subject to the restrictions established by paragraphs 2 and 3 of this article.

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

For a constituent entity of the Russian Federation, in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented, the budget deficit must not exceed 10 percent of the approved total annual volume of budget revenues of the constituent entity of the Russian Federation, excluding the approved volume of gratuitous receipts.

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

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

For a municipal formation in respect of which the measures provided for by paragraph 4 of Article 136 of this Code are being implemented, the budget deficit must not exceed 5 percent of the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) receipts of tax revenues for additional rates of deductions.

In the event that a municipal legal act of the representative body of the municipality on the budget approves, as part of the sources of financing the local budget deficit, proceeds from the sale of shares and other forms of participation in capital owned by the municipality, and (or) a decrease in the balance of funds on accounts for accounting for local budget funds the deficit of the local budget may exceed the limits established by this paragraph, within the amount of the indicated receipts and a decrease in the balance of funds on the accounts for accounting for the funds of the local budget.

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

The paragraph is invalid. - Federal Law of August 2, 2019 N 307-FZ.

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

1. In case of adoption of the budget for the next fiscal year with a deficit

the relevant law (decision) on the budget approves the sources of funding

budget deficit.

If the budget for the next financial year without a deficit is adopted by the relevant

the law (decision) on the budget may provide for the attraction of funds

from budget deficit financing sources to finance expenditures

budget within the limits of the cost of debt repayment.

2. Current expenses of the budget of the subject of the Russian Federation, local budget,

approved accordingly by the law on the budget of the constituent entity of the Russian Federation

or a normative act of a representative body of local self-government, not

may exceed the volume of budget revenues of the subject of the Russian Federation, the volume

revenues of the local budget, approved accordingly by the law on the budget of the subject

Russian Federation or a normative act of the representative body of the local

self-government.

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

4. The size of the budget deficit of the subject of the Russian Federation, approved

the law of the subject of the Russian Federation on the budget for the corresponding year, not

may exceed 15 percent of the volume of budget revenues of a constituent entity of the Russian Federation

excluding financial assistance from the federal budget.

If approved by the law of the subject of the Russian Federation on the budget

for the corresponding year the amount of proceeds from the sale of property limit

the size of the budget deficit of a constituent entity of the Russian Federation may exceed the limit,

5. The amount of the local budget deficit, approved by the normative act of the representative

local government on the budget for the corresponding year, cannot

exceed 10 percent of local budget revenues, excluding financial

assistance from the federal budget and the budget of the subject of the Russian Federation.

In case of approval by the normative act of the representative body of the local

self-government on the budget for the corresponding year of the amount of proceeds from the sale

property, the maximum size of the local budget deficit may exceed the limit,

established by part one of this clause, but not more than by the amount

proceeds from the sale of property.

6. Compliance with the limit values ​​set out in paragraphs 2 to 5 of this

article, should also be provided according to the report on the execution of the relevant

budget for the financial year.

budget deficit- the state of the budget, characterized by an excess of the volume of expenditure obligations provided for in the budget over the volume of income planned in it and leading to the formation of a negative budget balance.

The budget deficit must be balanced, for which there are a number of special methods.

The mechanism of formation of a deficit or surplus of the state budget can be represented as follows (Fig. 31):

• Balanced budget - equality of revenues and expenditures of the budget.
• deficit budget is the excess of expenses over income.
• Surplus budget - the excess of budget revenues over expenditures.

The emergence of a budget deficit is not an ideal situation for . Covering the budget deficit carried out by special financial methods:

• release into circulation additional ();
• issue of government bonds (domestic debt);
• financing and lending to other states ().

All sources financing of the state budget deficit can be represented as follows (Fig. 32):

The state budget deficit is an indicator of the "ill health" of the national economy. It is subject to settlement in the direction of reduction.

• reorganization in the direction of increasing its efficiency;
• restructuring of the state external debt;
• strengthening control over the spending of budgetary funds;
• reduction of budget expenditures on subsidies to unprofitable industries;
• streamlining the existing system of social benefits.

Budget surplus

It is extremely rare that when budgeting, the state opposite to the budget deficit develops - it surplus, i.e., the excess of income over expenses.

If the country's budget has been in deficit for a number of years, then the first step to regulate it is to create a budget surplus or develop opportunities to reduce the long-term deficit.

Particular attention should be paid to the concept of "primary surplus". This concept is used in assessing the possibility of reducing the public debt.

Primary surplus means that budget revenues minus attracted loans should exceed expenses reduced by the amount of servicing (interest and principal repayment).

The primary surplus shows that part of the budget revenues goes to pay off the public debt (i.e., budget revenues minus loans are more than budget expenditures minus public debt repayments).

In reality, this means the following:

DB - K > RB - OGD,

• DB— state budget revenues;
• TO- credits and loans;
• RB- state budget expenditures;
• OGD- service (payment of interest and repayment of the capital part of debts).

In the event of a budget surplus, when drawing up the budget in accordance with Article 88 of the Budget Code of the Russian Federation, one should:

• reduce the attraction of income from the sale of state property;
• provide for the allocation of budgetary funds for additional repayment of debt obligations;
• increase budget expenditures, including by transferring part of revenues to budgets of other levels.

A possible measure is reduction of budget tax revenues.

The federal budget deficit and its financing

In the course of drawing up and consideration, it may turn out that the budget will be reduced to an excess of expenditures over incomes, i.e., with a deficit.

In world practice, the safe level of the budget deficit is considered to be its volume no more than 3% of. In 1991-1999 budget deficits in Russia were significant. In 1997, there was a particularly large deficit, and the legislature was forced to sequester budgetary spending.

If the budget for the next year with a deficit is adopted, the sources of financing the budget deficit are approved at the same time.

• loans received from credit institutions in rubles;
• government loans carried out by issuing securities on behalf of the Russian Federation;

• government loans made in foreign currency by issuing on behalf of the Russian Federation;
• loans from foreign governments, legal entities and international financial organizations in foreign currency.

Sources of financing the federal budget deficit

Financing the budget deficit- Covering the negative balance of the budget by attracting financial resources through government loans and reducing the remaining liquid financial resources of the state.

As part of sources of domestic financing

• the difference between the funds received from the placement of government loans, carried out by issuing government securities on behalf of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation, and the funds allocated for their redemption;
• the difference between the budget credits received and repaid by the Russian Federation in the currency of the Russian Federation granted to the federal budget by other budgets of the budgetary system of the Russian Federation;
• the difference between credit institutions received and repaid by the Russian Federation in the currency of the Russian Federation;
• the difference between the credits of international financial organizations received and repaid by the Russian Federation in the currency of the Russian Federation;
• change in balances of funds on accounts for accounting for federal budget funds during the corresponding financial year;
• other sources of internal financing of the federal budget deficit (proceeds from the sale of shares and other forms of participation in capital, from the sale of land plots, state reserves of precious metals and precious stones, reduced by payments for their acquisition; exchange rate differences from federal budget funds, etc.).

As part of sources of external financing the federal budget deficit is taken into account:

• the difference between the funds received from the placement of government loans, carried out by issuing government securities on behalf of the Russian Federation, the nominal value of which is indicated in foreign currency, and the funds allocated for their redemption;
• the difference between loans received and repaid by the Russian Federation in foreign currency from foreign banks and organizations, international financial organizations and governments of foreign states, including targeted foreign loans;
• the difference between the foreign currency loans received and repaid by the Russian Federation from credit institutions.
• other sources of external financing of the federal budget deficit (for example, the amount of funds allocated for the execution of state guarantees of the Russian Federation in foreign currency).

Budget Deficit Limits

Limit values ​​for the federal budget deficit

The federal budget deficit, approved by the federal law on the federal budget for the next financial year and planning period, cannot exceed the size of the non-oil and gas federal budget deficit (the latter cannot exceed 4.7 percent of the gross domestic product projected in the corresponding financial year (from 2012 .).

Approval of a federal budget with a deficit is allowed only if the oil price forecast for the relevant financial year does not exceed the base oil price established in accordance with this Code.

Credits of the Central Bank of the Russian Federation, as well as the acquisition by the Central Bank of the Russian Federation of government securities of the Russian Federation when they are placed, cannot be sources of financing the federal budget deficit.

Limit values ​​of the budget deficit of the subject of the Russian Federation and the municipality:

limit value budget deficit of the subject Russian Federation should not exceed 15% the approved annual volume of budget revenues of the constituent entity of the Russian Federation, excluding gratuitous receipts.

At the same time, the maximum value of the budget deficit of the constituent entity of the Russian Federation in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented should not exceed 10% of the approved annual budget revenues of the constituent entity of the Russian Federation, excluding gratuitous receipts. If the law of the constituent entity of the Russian Federation on the budget approves, as part of the sources of financing the budget deficit of the constituent entity of the Russian Federation, proceeds from the sale of shares, shares, shares owned by the constituent entity of the Russian Federation, as well as land plots owned by the constituent entity of the Russian Federation, and reducing the balance of funds on accounts for accounting for budget funds of a constituent entity of the Russian Federation, the maximum amount of the budget deficit of a constituent entity of the Russian Federation may be approved within the limits of the indicated receipts and a decrease in the balance of funds on accounts in excess of the restrictions established by this paragraph.

limit value municipal budget deficit should not exceed 10% the approved annual volume of revenues of the budget of the municipality, excluding gratuitous receipts and receipts of tax revenues for additional deductions.

At the same time, the limit value of the budget deficit of the municipality, in respect of which the measures provided for by paragraph 4 of Article 136 of this Code are being implemented, should not exceed 5% of the approved annual budget revenues of the municipality, excluding gratuitous receipts and receipts of tax revenues for additional deductions.

In the event that a municipal legal act of the representative body of the municipality on the budget approves, as part of the sources of financing the local budget deficit, the amount of proceeds from the sale of shares, shares, shares owned by the municipality, as well as land plots owned by the municipality and reducing the balance of funds by accounts for the accounting of local budget funds, the limiting size of the local budget deficit may be approved within the limits of the indicated receipts and reduce the balance of funds on the accounts in excess of the restrictions established by this paragraph.

The Budget Code establishes limits on the volume of the budget deficit and regulates the ways of covering it. Article 92 of Chapter 13 of the Budget Code of the Russian Federation defines the maximum size of the deficit of budgets of different levels. The budget for the next financial year cannot be approved with a deficit exceeding this limit.

Size of the deficit federal budget cannot exceed the size of the non-oil and gas deficit of the federal budget. The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Welfare Fund, and the total volume of federal budget expenditures in the corresponding financial year. The federal budget's non-oil and gas deficit may not exceed 4.7 percent of the gross domestic product projected for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period.

The size of the budget deficit of a constituent entity of the Russian Federation may not exceed 15 percent of the volume of budget revenues of a constituent entity of the Russian Federation, excluding financial assistance from the federal budget.

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

At the same time, budget revenues must fully cover its current expenses. Sources of financing the deficit of regional budgets can only be used to cover investment costs, these funds cannot be used to service and pay off the debt of the constituent entities of the Russian Federation.

The size of the local budget deficit may not exceed 10 percent of the volume of local budget revenues, excluding financial assistance from the federal budget and the budget of a constituent entity of the Russian Federation.

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

Proceeds from deficit financing sources can also be used only for investment spending.

Compliance with the limit values ​​of the budget deficit established by the Budget Code must be ensured according to the report on the execution of the relevant budget for the financial year.

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