ENSURING THE FINANCIAL SECURITY OF THE REGION AS AN EFFECTIVE TOOL OF BUDGET POLICY
Abstract
In modern conditions, one of the major tasks of regional financial security is to improve the quality of the use of budgetary resources. Implementation of the budget balance is an important part of budget policy of a state, and, particularly, of a region. Budgetary policy is a major leverage for the regional financial security. The paper presents the directions to strengthen the regional financial security through a balanced budgetary policy. We also suggest three possible scenarios that can affect the regional financial security in different ways. The data are relevant for the Novosibirsk region: the decline in revenues while reducing the costs of the consolidated budget; the growth of incomes at growth of expenses of the consolidated budget; the decrease in incomes at growth of expenses of the consolidated budget. To calculate the forecast values of indicators of the consolidated budget of the Novosibirsk region in 2018-2020 we use the average growth rate according to the geometric average formula. The method of calculating the forecast was that the values of the indicators of the previous year were adjusted to the average growth rate depending on the decline or growth rate. According to the results we propose a set of elements of budgetary policy to ensure the regional financial security.
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