In recent years, the main parameters of the regional budget have undergone significant changes under the influence of the volatility of world prices for metals and clarification of priorities of the inter-budgetary policy pursued by the government. All this has brought to the fore the study of the budget process. In June 2018, the Legislative Assembly of the Vologda Oblast approved the results of the budget execution for 2017, which were characterized by income growth, preservation of the social orientation of expenditures, a large-scale budget surplus of 7.5 billion rubles. It would seem that there were all grounds to recognize the successful results achieved. However, the analysis of the expenditure side of the budget has shown that the visible success was achieved at the expense of tight budget consolidation imposed on the regions by the Ministry of Finance of the Russian Federation: for 2013–2017, the amount of budget expenditures in relation to GRP decreased from 13 to 10%. The article continues the series of publications of the Federal State Budgetary Institution of Science “Vologda Research Center of the Russian Academy of Sciences” on the formation and execution of the regional budget. The purpose of the study was to try to find out how the budget process was implemented in 2017 and how the main tasks of the budget policy were solved. The methodological basis of the study is presented by the principles of economic, statistical and comparative analysis. The scientific novelty of the work is determined by a comprehensive analysis, which allowed us to assess the performance of the regional budget in conjunction with the goals and objectives of the budget policy, macroeconomic indicators, and to draw an analogy with the execution of the budgets of the regions of the Northwestern Federal District and to develop specific proposals to stabilize the budget. The main conclusion is that fiscal policies aimed at achieving the surplus do not appear to be fully corresponding to development objectives. The materials of the article can be used by regional authorities in the development of budget policy, by experts in the field of finance, and by scientists
Keywords
regional budget, revenues, public debt, socio-economic development, expenses, debt burden, loans, surplus