STRATEGIC AND MEDIUM-TERM GUIDELINES FOR FORMATION AND DIRECTION OF FINANCIAL FLOWS IN THE BUDGET PROCESS
Abstract
The peculiarities of management of financial flows of state and local budgets, aimed at ensuring the participants of the budget process to achieve strategic and medium-term goals, results of their activities and ensuring effective are revealed in the research. Strategic and medium-term guidelines for the formation and direction of financial flows in the budget process with the application of empirical and theoretical research allow to determine the priority areas of budget funds, based on available budget resources, which improves the increasing of the efficiency the management of budget funds and prevent its inefficient using. The study also used methods of observation, measurement, analysis and synthesis. The purpose of the research is to develop theoretical and practical features of financial flow management in the budget process, focused on the quality and effectiveness of the results in the strategic and medium perspective. Creating the favorable conditions for efficient and effective using of budget funds will have a positive impact on ensuring a high quality of life, compliance of expenditures with real sources of income, optimization of budget expenditures, improving the quality of the budget process and development of the country in the strategic and medium term. It is determined that the condition for ensuring the quality and efficiency of financial flow management in the budget process is the degree of compliance of the results obtained from their course with the principles of the budget system. The process of managing financial flows by justifying the objectives, measures and results of the using of budget funds through analytical and informational assessment of their condition significantly simplifies regulation of undesirable tendencies and allows to prevent their occurrence. The focus of financial flows management in the budget process on the quality and efficiency of the results obtained, allows to fully and timely ensure the implementation of the powers of public authorities and local governments and social development processes in the strategic and medium perspective.
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