ENSURING THE BALANCE OF LOCAL BUDGETS: FINANCIAL INSTRUMENTS AND FACTORS OF INFLUENCE

The paper considers the basic theoretical conceptions of ensuring the balance of budgets which achievement continues to remain one of actual activities of municipal governing bodies in all territory of the Russian Federation continues to remain one of serious problems of formation and performance of local budgets. Thus in the conditions of delay of the economic growth of the country which is characterized by reduction of the budgetary income, a certain reduction of potential sources of financing of municipal budgets happened need of increase in the budgetary expenses within implementation of municipal programs of a social and economic orientation. It reduces possibilities of local authorities to finance the formed deficiency within implementation of the existing budgetary obligations. The paper considers the main theoretical concepts of ensuring balance of budgets and the special aspects of municipal budgetary process, and analyses the key indicators of budgets of municipalities. The author defines the internal and the external factors influencing the balance of municipal budgets among which the tax system stands apart. It is shown that the optimal taxes distribution between the levels of the budgetary system of the Russian Federation should guarantee the constitutionally fixed independence of local government, however, as a result of the budgetary and tax reform carried out in Russia, the most significant taxes generally come to federal and regional budgets. The author analyzed the instruments of financing of municipal budget, among which the release of municipal debt obligations is the most prospective. The growth of the budgetary obligations of municipalities leads to the fact that the local authorities use the debt financing instruments more actively. The municipal loans market is estimated as rather risky because it was impossible to create attractive financial instruments, and the unstable situation in national economy in general, as well as the insufficient municipal securities market development serve as the reason for that.