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Most of the state's financial resources are accumulated in Topic: Financial resources of the state

Introduction 3

1.2. Classification of financial resources 10

1.3. Principles of functioning of the financial resources of the state 12

2. Analysis of the state financial resources of the Russian Federation 15

2.1. Sources of formation of state financial resources of the Russian Federation 15

2.2. Directions for the use of state financial resources of the Russian Federation 22

Conclusion 39

Introduction

Finance and financial resources are not identical concepts. Financial resources do not define the essence of finance, do not reveal their internal content and social purpose. Financial science does not study resources, but social relations arising from the formation, distribution and use of resources.

The relevance of the topic lies in the fact that financial resources are the most necessary source of expanded production, socio-economic growth of society. Increasing the volume of financial resources is one of the most important tasks of the state's financial policy. A decrease in the size of financial resources has a negative impact on the development of society, leads to a decrease in investment, a decrease in consumption funds, and creates an imbalance in the distribution of the social product and national income. Financial resources act as material carriers of financial relations. Therefore, the study of their structure and problems of formation comes first in the process of studying the finances of the state.

The influence of financial resources on economic growth is not unilateral, in turn, the composition and volume of financial resources depend on the indicator of the state's economic growth, on the effectiveness of production.

The object of the work is the financial resources of the state.

The subject of the work is the problems and prospects of the financial resources of the Russian Federation.

The purpose of the course work is to study the problems and prospects of the financial resources of the Russian Federation.

In connection with the goal, it is necessary to perform the following tasks:

Expand the definition of the concept of financial resources of the state;

Consider the composition of financial resources and methods of their mobilization;

Analyze the sources of formation of financial resources and directions of their use.

The first chapter is devoted to the theoretical foundations of financial resources. Their essence, classification and content, principles of their functioning are considered. The balance of financial resources is considered.

The second chapter is devoted to the structure of financial resources. The structure of financial resources, sources of their formation are considered. The function of the state budget in the creation and distribution of financial resources has been studied.

The third chapter deals with the problems and prospects for the growth of financial resources. The main factors of growth of financial resources at the present stage are studied.

When writing the work, the works of the authors Burkhanov I. V. Zharkovskaya, E.P. Gryaznova, E.V. Myslyaeva, I.N. Sviridov, O.Yu., Tax Code of the Russian Federation, Budget Code of the Russian Federation, press publications, Internet data.

1. Theoretical aspects of financial resources

1.1. The concept and essence of financial resources

Financial resources are created in the process of economic and financial activity as a result of the creation and distribution of the gross social product of the state, accumulated by the state and business entities and act as one of the main factors of production, called money capital.

Financial resources are classified into centralized funds (state budget, off-budget funds) and decentralized financial resources (cash funds of organizations) (Fig. 1.1).

Allocate in addition the financial resources of the state, regions, organizations. The main source of creation of centralized financial resources at the general level is the national income. The financial resources of the state are a complex of all monetary resources managed by the state, its organizations, organizations, institutions as enterprises to cover their costs.

Based on the distribution and distribution of national income, centralized funds of monetary resources are created.

A part of the national income is created and remains under the control of organizations, more precisely, decentralized resources are created at the macro level, which are used for production costs in the organization.

Another necessary source of creation of financial resources are depreciation charges, which are formed due to part of the cost of the main production assets.

Centralized financial resources are the result of the distribution of net income through tax and non-tax payments and deductions.

Rice. 1.1 - Characteristics of financial resources

In addition, centralized financial resources are created thanks to a part of the national wealth involved in the economic turnover from the sale of the state's gold reserves, the sale of energy resources, proceeds from foreign economic activity, and in addition, thanks to the resources received from the sale of government securities. Finance is a tool that ensures the formation, distribution and use of funds of business entities in the process of production, distribution and use of the gross domestic product. This sphere of the economic structure of society, through financial transactions, serves the production, sale and consumption of goods and services. Finance is based on money and its movement. Finance organizes cash flows and provides for the needs of enterprises, the state, households and other entities in the formation and spending of cash funds. In this regard, finance reflects the relationship of all legal business entities and households associated with the formation and movement of cash funds.

Public finances are an integral part of the overall financial system. As is known, the economies of countries, in accordance with the system of national accounts, are divided into five sectors: non-financial corporate and quasi-corporate enterprises; financial institutions; government bodies; private non-profit institutions serving households (population); households. To these sectors is added the sector of the rest of the world. Each of these sectors includes corresponding institutional units. The totality of the finances of the institutional units of each sector, in their interaction with each other and with other sectors, forms the finances of the sectors of the economy and the financial system of the country as a whole, and the total amount of financial resources of the institutional units and economic sectors characterizes the amount of the country's financial resources. The set of finance institutional units of the public sector forms the system of public finance.

The motives of the financial activities of the state differ from the motives of the activities of other subjects of economic life. The main motive for household activity is to receive profit and income in the form of wages, interest, dividends, etc. In the field of entrepreneurial activity, the determining factor in decision-making is obtaining financial benefits, which has an impact on the formation of the material structure of reproduction. The main motive for the financial activity of the state is the formation and expenditure of funds for the implementation of its functions.

Public finances are a tool for mobilizing funds from all sectors of the economy for the implementation of state domestic and foreign policy. They represent a single set of financial operations of government bodies, with the help of which funds are accumulated and cash expenditures are made.

The main financial fund of the country, which ensures the formation, distribution and use of centralized funds of funds as a prerequisite for the functioning of any state, is the state budget. Along with state budgets, off-budget funds play a significant role. Together they make up the country's public finances.

The financial resources of the general government sector are formed mainly from taxes and contributions paid by enterprises, organizations and households.

The need for public finance is generated by the very fact of the existence of the state and the need for monetary support for the functions it performs. In the most general form, the main function of government bodies is to conduct state policy and fulfill state tasks through the provision of non-market goods and services for their consumption by the population and society as a whole, as well as through the redistribution of income (transfers) and wealth.

Funds mobilized through public finance are used for public spending that cannot be met by private enterprise. These include, in particular, public administration, public safety of citizens, social programs, ecology, and defense. The accumulation of funds in the budget allows the state to implement social programs aimed at developing a person, culture, healthcare, education, supporting low-income families, and solving the housing problem. By collecting and distributing monetary resources, the state gets the opportunity to correct the operation of the self-regulating market mechanism, influence the functioning of the markets for goods and services, financial markets and the distribution of income in sectors of the economy. With their help, intersectoral, intersectoral and interterritorial redistribution of GDP, state regulation and economic stimulation are carried out, taking into account the long-term interests of the country. The redistribution of resources between sectors of the economy, industries, social groups and territories is a lever for the restructuring of the economy, the implementation of spruce and scientific and technical programs.

The state performs its functions not in order to obtain commercial benefits or profits, but to ensure collective consumption. In this regard, public finances reflect the relationship between the state, on the one hand, and legal entities and households, on the other, regarding mandatory payments to the state's monetary funds and the use of these funds in the interests of taxpayers.

The main source of financial resources is the national income, the profits of organizations regardless of ownership, depreciation fund, insurance funds. The use of financial resources is carried out mainly through special-purpose funds, although a non-fund form of their use is also possible.

Financial funds are an integral part of the entire system of tender funds that operate in the national economy. Background The new form of using financial resources has some advantages: it ensures the concentration of resources in the main areas of growth of the national economy, makes it possible to more fully link public and private interests and more actively influence production.

1.2. Qualification of financial resources

Acting as material carriers of financial relations, financial resources have a significant impact on all stages of the production process, thereby adapting the factors of production to the needs of society. The result of their creation and application affects the rate of economic growth in the country. The profit on this type of resources and the movement of financial flows underlie the grouping and regrouping of factors of production, the creation of organizations, the growth of industries, and the performance of the national economy.

The principal assumptions that should be taken into account in the process of determining financial resources are the following:

1) financial resources, as a definition, belong to the basic category "finance", including the field of enterprise finance;

2) the nature of the essence of the basic concepts implies the attribution of the concept to distribution, cost processes;

3) the resource is considered from the standpoint of the potential for use and intended purpose.

The final, decisive category is finance - relations regarding the distribution of the created value. They are a tool for distributing the gross national product (GNP) and a tool for creating and using the financial resources of business entities and the state formed with their participation.

State financial resources include budgetary resources, resources of state off-budget funds and extra-budgetary funds of local self-government, and in addition, resources of state financial institutions: the National Bank, state insurance bodies, state credit institutions.

The main areas of application of the financial resources of the state are:

Costs for the growth of the business sector, its structural transformation;

Financing of social institutions;

Social protection of society;

Foreign economic activity;

environmental protection;

Control;

State defense;

Creation of material and financial reserves;

Other directions.

Organizations use financial resources to:

Expanded reproduction and growth of the organization;

Solving social problems of the team;

Financial incentives;

Creation of financial reserves;

Other directions.

The main source of centralized and decentralized financial resources in their primary calculation is the net income of entrepreneurs, regardless of the form of ownership, thanks to which financial resources are created, both by enterprises and the state.

1.3. Principles of functioning of the financial resources of the state

Balance of all incomes and expenses of the Russian Federation, constituent entities of the Russian Federation and municipalities, including incomes and expenses that are located in the respective territory of entrepreneurs and extra-budgetary funds. Cash income and expenses of the company are not included in the balance of financial resources. Distinguish the balance of financial resources: the Russian Federation; subject of the Russian Federation; local government. The balance of financial resources of the Russian Federation is a complex of revenues and expenditures of the state budget, state off-budget funds and the balance of financial resources of the regions.

The balance of financial resources of a constituent entity of the Russian Federation is the sum of the balance of income and expenditures of the budget of a constituent entity of the Russian Federation and the balance of financial resources of municipalities. The balance of financial resources of local self-government is the balance of revenues and expenditures of the budget of local self-government, and in addition to entrepreneurs in a given territory.

The development of a balance of financial resources is one of the components of the forecast for the socio-economic growth of the Russian Federation, a constituent entity of the Russian Federation, and local self-government. The balance acts as a tool that makes it possible to determine the need for the adoption of certain proposals and decisions at the level of macroeconomic growth forecast.

In the process of compiling the balance of financial resources, the following are used: reporting information of the State Committee of the Russian Federation on Statistics, the Ministry of the Russian Federation on Taxes and Duties, budget statistics data, the reporting balance of financial resources for the previous year. The specificity of territorial balances is the presence in the balance structure of a region or local self-government of resources received from the state budget or the budget of a subject of the Federation.

The revenue part includes the balance of mutual settlements - the difference between the resources received by the subjects of the Federation or local self-government from the federal or regional budget, and the resources transferred in accordance with the current budgetary and tax legislation to the federal or regional level, including mutual settlements with non-budgetary funds.

The income forecast of the balance of financial resources contains data on the socio-economic growth of the relevant territory for the last reporting period, expected data before the end of the base year, data for the next period, including the expected assessment of the result of entrepreneurs' activities, tax and non-tax revenues, other budget revenues, extra-budgetary funds.

The forecast of expenses of the balance of financial resources is based on the forecast of similar income balance items, taking into account the need to reduce the deficit of a certain budget and a possible reduction in government spending. Whenever possible, expenditures in the territories of the constituent entities of the Russian Federation are taken into account in the process of estimating expenses thanks to the resources of the state budget. This is associated with certain difficulties, because part of the resources of the state budget is distributed among the regions by federal ministries and departments and goes to the recipients of the resources, passing through the budgets of the subjects of the Federation. In connection with these costs, they are assumed taking into account the expert assessment of such resources.

The deficit of the balance of financial resources cannot be equal to the deficit of a certain budget, because the balance takes into account all the revenues that are received in the corresponding territory, and all expenditures in the given territory. The balance deficit reflects the deficit of all financial resources in the complex, and not just budgetary ones. At the same time, when forecasting the balance deficit, they rely on provisions that limit the budget deficit, take into account the directions of the state budget policy to save public spending and achieve a deficit-free budget.

Therefore, in the process of preparing the balance of financial resources, measures are being developed to reduce costs and possibly reduce costs. Sources of repayment of the balance deficit can be attracted resources, both internal and external: loans from credit institutions, government loans, budget loans, etc.

2. Analysis of the state financial resources of the Russian Federation

2.1. Sources of formation of state financial resources of the Russian Federation

The volume and structure of financial resources are directly related to the level of production growth: the larger the scale of production and the higher its result, the greater the volume of mobilized and applied financial resources. The financial resources of the Russian Federation include the following links in financial relations:

the state budget system;

extrabudgetary special funds;

State loan;

These three blocks of financial relations belong to centralized finance and are used to regulate the economy and social relations at the macro level. The financial relations of enterprises belong to decentralized finance and are used to regulate and stimulate the economy and social relations at the micro level.

The financial relations that develop between the state and enterprises, organizations, institutions and the population are called budgetary. The specificity of these relations as part of financial ones is that, firstly, they arise in the distribution process, in which the state (represented by the relevant authorities) is an indispensable participant, and, secondly, they are associated with the formation and use of a centralized fund of funds. , designed to meet national needs .

Budget relations are characterized by great diversity, since they cover different areas of the distribution process (between sectors of the economy, spheres of public activity, sectors of the national economy, territories of the country) and cover all levels of management (federal, republican, local).

In the process of functioning, budgetary relations receive their corresponding material and material embodiment; they are materialized (embodied) in the country's budgetary fund, which has a complex organizational structure. The specific value of the budget fund, which reflects the degree of centralization of financial resources in the hands of the state, depends on a number of factors: the level of economic development; management methods at enterprises, organizations, institutions; economic and social tasks solved by society, etc.

The totality of budgetary relations in the formation and use of the country's budgetary fund constitutes the concept of the state budget. In terms of economic essence, the state budget is monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income (partially - and national wealth) in connection with the formation and use of a budget fund intended to finance the national economy, social and cultural events, needs of defense and public administration. Thanks to the budget, the state is able to concentrate financial resources on decisive areas of economic and social development.

Being an economic form of existence of real, objectively determined distribution relations, fulfilling a specific public purpose - to meet the needs of society and its state-territorial structures, the budget can be considered as an independent economic category. This category, being part of finance, is characterized by the same features that are inherent in finance in general; but at the same time it has features that distinguish it from other areas and links of financial relations. Features include the following:

The state budget is a special economic form of redistributive relations associated with the separation of a part of the national income in the hands of the state and its use in order to meet the needs of the whole society and its individual state-territorial formations;

With the help of the budget, there is a redistribution of national income, less often - national wealth between sectors of the national economy, territories of the country, spheres of public activity;

The proportions of the budgetary redistribution of value, to a greater extent than in other parts of finance, are determined by the needs of expanded reproduction as a whole and by the tasks facing society at each historical stage of its development;

The area of budget distribution occupies a central place in the composition of public finances, which is due to the key position of the budget in comparison with other links.

The view of the budget as an economic category was not immediately recognized. Only in recent years has the prevailing point of view become, according to which the state budget, from the standpoint of economic essence, can be considered as an independent economic category, and from the standpoint of the legislative establishment of the financial base of the state, as its financial plan.

The essence of the state budget as an economic category is realized through distributive (redistributive) and control functions. Thanks to the first, there is a concentration of funds in the hands of the state and their use in order to meet national needs; the second allows you to find out how timely and fully the financial resources are at the disposal of the state, how the proportions in the distribution of budgetary funds actually add up, and whether they are effectively used. Features of the state budget as an economic category leave their mark on the functions it performs. The content of functions, the scope and object of their action are characterized by defining specificity.

The scope of the distribution function is determined by the fact that almost all participants in social production enter into relations with the budget. The main object of budgetary redistribution is net income; however, this does not exclude the possibility of redistribution through the budget and part of the cost of the necessary product, and sometimes national wealth.

The control function lies in the fact that the budget objectively - through the formation and use of the state's fund of funds - reflects the economic processes taking place in the structural links of the economy. Thanks to this property, the budget can "signal" how financial resources come into the state's disposal from different business entities, whether the size of the state's centralized resources corresponds to the volume of its needs, etc. The basis of the control function is the movement of budgetary resources, reflected in the relevant indicators of budget revenues and expenditure assignments.

The state budget has always been an important tool for influencing the development of the economy and the social sphere. With its help, the state, carrying out the redistribution of national income, can change the structure of social production, influence the results of management, carry out social transformations, etc.

The budget can have a great influence on the country's economy due to the fact that it can be used in the interests of accelerating scientific and technological progress. The creation of a fundamentally new mechanism for budget financing of science, the improvement of the state system of training and retraining of personnel, the use of a preferential tax regime in terms of taxing profits from the sale of new types of products, and similar budgetary measures are designed to stimulate scientific discoveries and new technical achievements, reduce the time for their introduction into production, and in the end - to serve as a catalyst for accelerating scientific and technological progress.

Budget revenues express the economic relations that arise between the state and enterprises, organizations and citizens in the process of forming the country's budget fund. The form of manifestation of these economic relations are various types of payments by enterprises, organizations and the population to the state budget, and their material and material embodiment is the funds mobilized to the budget fund. Budget revenues, on the one hand, are the result of the distribution of the value of the social product among the various participants in the reproduction process, and on the other hand, they are the object of further distribution of the value concentrated in the hands of the state, because the latter is used to form budget funds for territorial, sectoral and targeted purposes.

The basis for the growth of financial resources is the growth and improvement of production.

Factors that affect the amount of financial resources:

The total amount of profit, which depends on the size of production and sales of products, the price index, the amount of costs, structural shifts in the production of products, the services provided and the work performed

The amount of taxes, which depends on the rate indicator, the amount of taxable trade, the indicator of tax benefits, compliance with tax discipline

The volume of mandatory payments, depending on the indicator of insured tariffs, / indicator of benefits.

The main types of financial resources of the state include:

1) Loans from the IMF and other international organizations, plus domestic loans from the Central Bank.

2) Taxes.

3) Deductions to off-budget funds.

4). Company payments to the local budget.

5) Others.

The composition of the financial resources of the state and their form are presented in Table. 2.1.

Table 2.1 - Composition of financial resources

Type of financial resourcesLevelSublevelForm of financial resourcesOwn financial resourcesmacro-state income from leasing and selling state and municipal property; income from the activities of state, municipal unitary organizationsmicro-economic entityauthorized capital, profits, depreciationhouseholdsalary, income from the sale of personal propertyFinancial resources Mobilized in the marketmacro-statesissuance of securities and paper money, state creditmicro-economic entitysale, purchase of securities, state credithouseholdsReceived in order of allocation financial resourcesmacro-governmenttaxes, fees, paymentsmicro-business entityinterest and dividends on securities issued by other ownershousehold

IN financial resources include:

Own resources:

a) at the level of organizations and households - profit, salary, household income;

b) at the state level - income from state enterprises, privatization, and in addition from foreign economic activity;

Mobilized in the market:

a) at the level of organizations and households - the sale and purchase of securities, a bank loan;

b) at the state level - issuance of securities and money, state credit;

Resources received in the order of distribution:

a) at the level of organizations and households - interest and divi dendy on securities issued by other owners;

b) at the state level - mandatory payments.

The financial resources united by economic agents have different directions of their application. If centralized financial resources are spent, as a rule, for national and municipal purposes: for the maintenance of the state apparatus, meeting the social needs of society, ensuring the functioning of the area of circulation, then decentralized - for purposes that are related to the need for entrepreneurial activity and the family.

Back in late 2011, as a result of the ongoing recession in the domestic economy and the threat of massive bankruptcies in the Russian banking system, the Central Bank began to provide limited lending in the domestic market. Here is what the head of the Central Bank himself said about this:

The significance of this fact cannot be overestimated. In addition to Western securities, the assets of the Central Bank included liabilities of Russian banks, and I noted this earlier in a separate publication. This, one might say, was a historical moment, although the actions themselves were obviously dictated by force majeure, and not by some kind of decision to exit the colonial regime. Subsequently, the situation returned to the previous one, when the volumes of Western lending reached their previous levels.

But back in July 2012, it was reported that banks in July for 317 billion rubles. (+14.5%) increased the volume of borrowings from the Central Bank, bringing the debt to it to 2.577 trillion. rub., according to the statistics of the regulator. The debt to the Central Bank reached its annual maximum precisely on July 31 and now amounts to 5.7% of all assets of the system,

Like a month earlier (in June, an increase of 32.7%) was recorded, the resource base of banks expanded largely due to borrowings from the Bank of Russia, the regulator itself admits. The loan portfolio of banks increased by 372 billion (+1.4%) and exceeded 25.7 trillion. rub. Thus, banks continued to attract funds from the Central Bank to increase lending.

If we look at the balance sheet of the Central Bank at that moment, we find that foreign securities in the gold reserves were worth 14.964490 trillion. rubles, but the amount of cash (6.809902 trillion) and funds on accounts (9.635604 trillion) amounted to 16.445506 trillion, that is, by 1.481016 trillion. more rubles. Which means nothing more than an additional emission of money that goes beyond the usual buying of petrodollars.

The fact that the issue of money went beyond the gold reserves indicated that the Central Bank had gone beyond the formal boundaries of the currency regime. This was also noted in a separate publication. However, the fact that such an exit did not exceed a few percent of the total money supply suggests that in general the situation remained the same - there was an obvious shortage of money in the economy and the Central Bank eliminated only an acute peak of liquidity shortage to stabilize the situation.

Lending rates in the interbank market remained within 7% (MIBOR 30), which was twice as high as the pre-crisis rates of 2005-2006:

However, the tendency to increase lending to Russian banks by the Central Bank was still growing. By the end of 2012, the volume of loans amounted to 3.4 trillion. rubles. In 2013, the Central Bank reduced this level to 2.7 trillion. by the end of May, and then again began to increase. In December 2013, they amounted to 4.2 trillion. rubles, and in July 2014 reached almost 6 trillion.

If we compare the volume of gold reserves and money supply at the same time, we get the ratio of 15.878 trillion. rubles (GFR = gold + securities of foreign issuers) and 18.625 trillion. rubles of emission (cash + funds in the accounts of the Central Bank). The difference will be 2.747 trillion. rubles - this is the amount that removes the Central Bank from the framework of the currency regime.

It is no longer secured by foreign exchange reserves, but by the obligations of Russian banks. So far, this share is not large and has little effect on the level of monetization, but the trend is clearly positive and allows us to say that Russia is gradually getting rid of the colonial regime and forming an independent financial system.

3. Problems and prospects of state financial resources of the Russian Federation and their role in economic development

3.1. The main problems of the financial resources of the state

Russian budget expenditures in 2018, according to preliminary calculations, will amount to 13.98 trillion rubles. rubles, and income 13.6 trillion rubles. Earlier, in the budget for 2017 and the planning period of 2018-20159, it was said that the state budget expenditures would be at the level of 14.2 trillion. rubles, and revenues will amount to 14.02 trillion. rubles.

A similar reduction occurred with the plan for 2017. Expenses amounted to 15.36 trillion. rubles, and revenues to the treasury were at the level of 14.5 trillion. rubles. Previously, revenues and expenses under the plan amounted to 15.6 trillion. rubles. In 2018, Russia is also waiting for a deficit budget: spending 16.39 trillion rubles, and revenues of 15.9 trillion.

The budget deficit will be covered by increasing the public debt from 12.3% in 2015 to 14.3% by 2018.

The materials of the Ministry of Finance also indicate that due to the gradual reduction in duties on oil and oil products, the Russian treasury will lose 444 billion rubles, but the increase in the tax on the extraction of minerals will bring 618 billion rubles to the budget.

In addition, it was previously reported that, according to the calculations of the financial department, the salaries of officials and the military will fall under the cut. This does not mean that they will fall, they simply will not be promoted, as was originally planned. Also, the government may try to save on pensions. If earlier Russians were offered to choose between 6% of the funded part or 2% of their salary, now there is a choice between 6% and a zero funded part.

The Ministry of Finance has taken up the revision of the budget for the next 3 years against the backdrop of a slowdown in Russia's economic growth and stagnation in industry. In mid-September, it became known that the government decided to reduce all unprotected items of the state treasury by 5-10% in order to free up money and redirect it to more important needs. At the same time, the president asked not to call it a budget sequestration. The conditions that have developed in Russian practice today, according to various estimates, are still in the nature of a transitional economy. Thus, the relations that arise in the process of formation and further spending of financial resources are the most important and relevant. In order to identify the weaknesses of these processes, as well as to find ways to improve their mechanisms, an analysis should be carried out based on the statistical data of past years. The use of financial resources by public authorities and local self-government for the current 2015 and planned 2016 is mainly focused on fulfilling the social obligations of the state, taking measures to maintain the long-term sustainability of the country's pension system, financing large-scale projects, as well as effective management of the state's financial resources. The budgetary policy of the state is aimed at achieving the strategic goals of the country, which are contained in such legal acts as decrees of the President of the Russian Federation and the Concept of Long-Term Socio-Economic Development of the Russian Federation for the period up to 2020 and others. The main objectives of the budget policy for the current and planned years this is, firstly, reducing the risks of imbalance in all budgets of the budget system of the Russian Federation, reducing the role of external economic factors in the federal budget revenue items, allocating additional allocations to improve the system of remuneration of employees of federal institutions, increasing the amount of pension payments and benefits every year, financing scientific activities and other. According to the long-term budget policy, it is also planned to reduce federal budget expenditures by 1.5%, then by 4.8% and 2.4% compared to previous years. State borrowings and proceeds from the processes of privatization of federal property these resources in the period from 2015 to 2016 will be the main source of budget financing. 2015 is forecast to double these resources. However, current trends in the use of financial resources are aimed at reducing many classic items of government spending, such as education and health care. This is due to the receding into the background of less priority expenditure items, which give way to expenditures that create favorable conditions for the budget system of the Russian Federation. However, according to the Main Directions of the Budget Policy, the expenditures of the consolidated budgets of the regions should increase to 39%, and the expenditures of the same regions on education should be equal to 40.5% of all regional expenditures. The expenditures of the consolidated budgets themselves should increase to 26% compared to previous periods. The question arises: how to increase the amount of expenses for several items without finding additional sources of income. The most inefficient but most popular solution reduction of other expenses. Improving the efficiency of the use of financial resources a long-standing problem of the state, which concerns all levels of the budget system. One of the measures to achieve improvements and gain efficiency is the creation and adoption of policy documents. An example from practice is the Program for Improving the Efficiency of Budget Spending for the Period up to 2012, which was approved by the President of Russia. With its help, new "budgetary rules" were introduced, and a reform was carried out regarding state and municipal institutions. Another achievement of this program is the fact that the concept of "Electronic budget" was approved. However, the problem is not completely solved, and problems remain open related to further reform of the budget process and control of the state and municipal level, the provision of services by the state, improving the use and distribution of interbudgetary transfers, and improving the legal framework for financial relations of the state. For this reason, it is important to adopt documents at the federal level that are focused on long-term development and perspective. These documents include the budget strategies of the Russian Federation, the essence of which is to make a forecast of the economic and social development of the country. As soon as the forecast is made, it will be possible to predict economic processes and regulate budget and tax policies. A very important role is played by the management of financial resources at the level of certain territories of the country, where the principle of independence gives the right to local governments to manage the financial resources of the regional budget. To achieve efficiency in the activities of local governments, it is necessary to make the following decisions: 1) reduce financial assistance from the federal budget to the budgets of the constituent entities of the Russian Federation. 2) improve the quality of financial management in the subjects. Despite the fact that there is practically no deficit in the budgets of state non-budgetary funds, they need to be improved and increased efficiency from the use of their budget revenues. So, for example, the long-discussed problem related to the issuance of pension payments has found its solution. The State Duma adopted laws on pension reform, which introduce a new procedure for calculating pension payments in 2015. It is assumed that the bar will be raised gradually and in 10 years will reach the value of 15 years. In other words, the new system provides choice and clearly delineates the requirements for a particular amount of pensions. Thus, in order to obtain effective results from spending certain state and municipal financial resources, it is necessary to carry out reforms, allocate priority items of expenditure, approve socio-economic programs, adopt strategies, and also reduce the share of transfers to stimulate own revenues of budgets of all levels of the budget system. RF. The Budget Code gives the following definition of the budget: the budget the form of formation and spending of the fund of funds intended for financial support of the tasks and functions of the state and local self-government, the costs incurred through lending to the Bank of Russia The state budget and its role in the economy The Budget Code of the Russian Federation considers the budget as a form of formation and spending of the fund of funds, which should be intended for financial support of the functions and tasks of the state and local self-government. According to the Budget Code of the Russian Federation, the budget this is a form of education and spending of funds intended for financial support of the tasks and functions of the state and local self-government. According to Art. 6 of the Budget Code of the Russian Federation, the budget system is a set of budgets of all levels and state extra-budgetary funds based on economic relations and state structure. The Budget Code gives the following definition of the budget: the budget a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local self-government.

There are the following main risks of socio-economic growth in 2018-2019:

1) achieving an unsatisfactory indicator of the forecasted values of the volumes and rates of GDP growth, including due to possible difficulties in attracting financial resources in order to ensure the planned indicator of domestic demand;

2) lower prices for oil and natural gas on world markets, due to both a possible slowdown in the growth of the global national economy and the development of alternative technologies for oil and gas production in countries that are traditional importers of these types of resources;

3) deviations of the ruble exchange rate against the US dollar from the predicted levels, due to the high dependence of the national currency exchange rate on the state of the global national economy and financial markets;

4) achievement of an unsatisfactory indicator of the expected growth in investment activity, including due to the continued high dependence of the growth rate of investments in fixed capital on the dynamics of investments in the fuel and energy and transport complexes;

5) achievement of an unsatisfactory indicator of target inflation levels, which are associated with a possible more necessary than predicted weakening of the ruble against the US dollar, rising prices for food and housing and communal services. However, despite some negative trends in Russian financial policy, the ongoing reforms open up broad prospects for the development of both the public and private sectors of the economy.

Many elements of state policy, including those in the budgetary and tax spheres, are not yet fully focused on stimulating the country's innovative development. The formation of conditions for modernizing the economy and changing the model of economic growth has not been completed. For the country's budget system, risks remain due to the high dependence of the economy and, accordingly, budget revenues on foreign economic conditions.

Summing up all of the above, it can be noted that the implementation of a rational and responsible financial policy is a necessary condition for the proper functioning of the Russian economy and, consequently, the implementation of the country's strategic development priorities.

3.2. Factors of growth of the financial resources of the state at the present stage

The current growth rate of nominal incomes of the population is about 8% per annum (as of October), for the first 10 months incomes grew by 8.5% compared to the same period last year. By December, the growth rate of nominal income will slow down somewhat (up to 6-7%) and slightly increase to 8-9% by March. But these are nominal incomes. Considering inflation, it's much worse.

At the end of October, real incomes fell by 0.5%, in November the fall was already by 1.5% (according to updated inflation data), in December the decline will accelerate to 3% (same as during the 2008 crisis). According to the official data of Rosstat, by the end of November inflation is already 9.1% per annum. By the end of December, at best, 10.3%, but it could be worse. By March, revenues could fall as much as 5%, the worst since the 2008 crisis.

Actually, below is a comparison of the rates of change in nominal and real incomes of the population (starting from November, my estimates of income changes)

In the public sector, among the majority of the category of state employees and officials, incomes (in the first 4 months of 2015) either remain at the level of 2013, or are moderately indexed by 6-10%, which is not enough to compensate for price increases. Due to the stagnation of the economy and the drop in oil and gas revenues, there is simply no money in the budget for large-scale injections, banknotes and wage growth.

In business, the mood is pessimistic, and against the backdrop of falling demand and business profitability, even a 5-7% nominal increase in wages can be a success.

By the way, there is an unambiguous correlation between real incomes and expenses.

On the graph, the real expenditures of the population from the GDP report and real incomes (according to my calculations, using nominal incomes and inflation).

For expenditures, the data is only for the 2nd quarter, but knowing the trends in income, it is possible to estimate the potential change in household expenditures. Following the above-illustrated correlation, in the first half of 2015 there may be a drop in household spending by 5-7%. The mood of the population, in general, is cautious and suspicious, which will contribute to an increase in the savings rate, fearing dismissal and loss of a source of income.

Lending to the population (as almost the main driver of increasing consumer activity over the past 2 years) slows down to 12-15% in December this year (in 2012 there was a 45% increase, in 2013 about 30%). In the first half of 2015 lending may slow down to 5% growth.

deflationary trends. Decrease in rates of crediting, increase in rate of savings, extremely suppressed demand. This, by the way, will limit the rampant prices in 2015, i.е. above 15-18% inflation is unlikely to rise.

In Russia, financial instruments and mechanisms are increasingly being introduced into the budget process, focused on the implementation of the above priorities of the state financial policy, such as:

application of budgetary rules regarding the use of oil and gas revenues of the federal budget;

formation of federal budget expenditures in the structure of state programs;

attracting significant volumes of government domestic borrowings, leveling the growth in the cost of servicing the public debt.

Although the initial draft of the federal budget for 2015 and for the planning period was calculated on a conservative assessment of the main macroeconomic indicators of the Russian economy, in comparison with the indicators of previous budgets: economic slowdown, lower global oil prices, weakening of the ruble against the US dollar and continued outflow of capital from the country. The real economic situation has destroyed even these very conservative forecasts.

Today, when developing the draft budget, an adequate assessment of the likelihood of negative scenarios was not given, which could significantly increase the risks for the Russian economy. And therefore, the approach of the full functional dependence of the Russian economy on the state of foreign markets for raw materials was again implemented in the budget.

In recent years, Russia's growth potential was estimated by most experts at a low 2-3%, in 2013 GDP growth was 1.3%, and its slowdown in 2014 was even more significant and the growth was only 0.6%. In such a situation, according to experts, questions about ways to stimulate the economy come to the fore.

Now, when the state is limited in resources, the tasks of development still need to be solved, but now under the conditions of sanctions and, focusing on import substitution programs. It is clear that fiscal stimulus has its limits. By stimulating demand, we should not stimulate asset bubbles, we should not stimulate inflation.

But when we talk about state demand, we must remember that we are introducing a federal contract system, and this is the rule for organizing this demand. Development of import substitution this is also an additional demand for the products of domestic manufacturers.

All export support measures this is also an additional demand from the outside world for the products of our enterprises. It is important to use the current situation for the rapid increase in domestic production, however, import substitution should be viewed as a largely forced measure and should not be elevated to the rank of a strategy, we should not close ourselves off from global competition.

Of course, in the context of limited public financial resources, we should also talk about revising the mechanisms for financing budget spending. Unfortunately, even today we are at the initial stage of reformatting budget expenditures from a departmental expenditure structure into a programmatic configuration for presenting the federal budget.

We have to state that a full-fledged system of state programs, which allows, with the help of a set of interrelated measures and intersectoral interaction, to achieve the set goals and solve the planned tasks, has not yet been formed. State target programs it is still, in fact, the old tasks of the old goals and old programs reformatted to meet the new requirements of the budget process.

The problem is that the transition to the program principle implies the need to change the very system of decision-making that ensures real competition between state programs. That is, more effective programs should be eligible to receive more increased funding because they produce results. Less effective programs that do not give results, in theory, should be curtailed.

Of course, over the past few years, some progress has been made in building a system of economic rules: they created a budget rule, switched to new rules for organizing public procurement under a contract system, and in the monetary sphere, they practically switched to inflation targeting. This creates the prerequisites for achieving a balanced budget in the long run.

But at the same time, the coordination of these rules this is a problem that is still waiting to be solved. Moreover, within the "rules" themselves there are certain contradictions.

Thus, the impact of the slowdown in economic growth and the corresponding slowdown in the growth of budget revenues through the budget rule activates its impact on changes in the expenditure side of the budget, significantly restraining them.

If we take into account that a certain part of the economy's expenditures is artificially slowed down within the framework of the budget rule, it is clear that in this case not only inflationary processes, but also economic growth will naturally slow down.

As a kind of leveling of this influence, a general statement is introduced that in the near future the main source of increasing budget expenditures this is a source associated not with their absolute increase, but with the optimization of budget expenditures (both structural and technological) and an increase in their efficiency.

The reserve ruble mechanism as a means of increasing the country's financial resources. For the domestic economy, the internationalization of the ruble brings with it both benefits and costs. The most obvious advantages of the internationalization of the ruble include the following.

The most important positive consequence of the transformation of the ruble into a reserve currency is its inclusion in the processes of redistribution of global capital. In other words, Russia will regularly receive a significant additional inflow of long-term investments, and consequently increase the volume of financial resources. The redistribution of global capital between reserve currencies means providing significant advantages in global competition to those countries that issue currencies used by global investors as reserve ones. These advantages are realized in the form of additional resources for the development of enterprises in a given country, the acquisition of assets in other countries, for additional growth in the welfare of the population, etc. Therefore, the presence of a currency in Russia, considered as a reserve, is extremely important for enhancing its role in the world arena, sustainable socio-economic development, and the growth of the living standards of citizens.

In addition, other important positive consequences of the transformation of the ruble into a reserve currency should be noted. Minimization of foreign trade costs. In connection with the transfer of contracts into rubles, the costs of exchanging currencies disappear. Foreign exchange risks for residents no longer exist, which allows more reasonable investment planning. Transaction costs (associated with foreign exchange and hedging operations, international payments and management of accounts in different currencies) are reduced.

Transparency of foreign trade and financial market conditions. Prices become more transparent, as it is easier for counterparties within the ruble's zone of influence to compare them, which contributes to increased competition. In addition, the transparency of pricing in financial markets is increasing. In international lending and investing in rubles, priority is given to assessing credit rather than non-currency risk.

Reduced volatility of export earnings. Currently, due to the fact that export contracts are denominated in dollars or euros, ruble revenue depends on exchange rate fluctuations. After the transfer of foreign trade to rubles, export earnings will stabilize, and, as a result, the volatility of economic growth will decrease. In addition, trade volumes within the zone of influence of the ruble (in the CIS) are stabilizing.

Increasing the size of the financial sector. Since significant amounts of ruble resources will be kept on accounts in Russian banks, their ruble liabilities will increase. The inflow of capital into the country for the purchase of reserves by foreign investors will lay the foundation for the growth of foreign liabilities and assets of the banking sector denominated in rubles.

Development of the market for long-term instruments. Choosing the ruble as a reserve currency, foreign central banks will be interested in acquiring long-term debt with a high credit rating. Thus, they will contribute to the formation of a market for conservative investors and ensure demand for long-term instruments, which are in short supply in Russia.

Decreased financing costs. An increase in the size of the banking sector will lead to a discount (negative premium) for liquidity. Thanks to the influx of foreign capital, interest rates will decrease in the capacious and liquid ruble market.

Increasing the resilience of the national economy to external shocks. The growth of the banking sector and the strengthening of the securities market will contribute to greater stability of the national economy. Problems with the current financing of its development will disappear, which will reduce the country's vulnerability to external shocks.

Financing the trade deficit. Covering a hypothetical trade deficit is easier because capital flows are denominated in the same currency as current payments. Russia will be able to finance this deficit freely by issuing ruble-denominated debt instruments.

Minimizing the costs of Russian citizens traveling abroad. When traveling abroad for tourism or business purposes, it will be easy and with minimal losses on the exchange rate difference to exchange the ruble for local currency on the cash market of countries - Russia's main partners. In addition, Russian citizens who are consumers of imported goods and services will receive additional savings when purchasing these goods and services due to the fact that the ruble will appreciate steadily. At the same time, the status of a reserve currency carries with it serious costs. For this reason, a number of countries, including Japan and China, do not encourage or even prevent the spread of national currencies outside their economies.

The main negative consequence of the ruble receiving the status of a reserve currency is the inevitable strengthening of the ruble exchange rate, leading to a weakening of the competitive advantages of Russian producers. Other negative consequences of obtaining the status of a reserve currency by the ruble should also be pointed out. Conclusion

Financial resources are monetary resources that are administered by the state, local governments and entrepreneurs, used by them for the purpose of expanded production, meeting the socio-cultural needs of society and for the state to fulfill its goals.

The complicating economic and political situation will inevitably lead to the need for the growth of public, mainly state finances. The growth of budget expenditures will be affected by the growing need for financial resources for large investments in the modernization of production, in the development of new technologies, and in the training of personnel. In other words, stimulating the economy must inevitably become costly for the country's consolidated budget.

Of course, one should not simplify the problem by reducing it only to the need to increase budget expenditures. One of the key choices facing the government it is the choice of a policy aimed at maintaining economic growth through current consumption, or a policy of sustainable growth, which assumes a proportional distribution of costs between current consumption and investment in infrastructure (“investment in the future”). But, of course, now is the time when we should think more about the mechanisms to support the proposal.

Budget policy should be oriented not only to ensure the current life of society, but also to create prerequisites for future development. It is in the future structure of the economy that new sources of income are formed not only for corporations, but also for the budget. From this point of view, infrastructure development is one of the key conditions for increasing total factor productivity (labor productivity, return on private capital, etc.) and creating prerequisites for long-term sustainable growth.

For many years, one of the main focuses of Russian budget policy was considered to be the stability of public finances, which was ensured by the low level of public debt, as well as the accumulation of sovereign funds.

The structure of the use of GDP testified that in Russia there is a fairly large reserve of unsatisfied consumer demand. Accordingly, artificial containment of the use of GDP for final consumption formed a niche of consumer demand, which was covered by the growth of imports.

Today, in the context of sanctions that have largely provoked a sharp depreciation of the ruble, excessive dependence on imports has led to many economic problems that could well have been avoided.

The financial policy of the state occupies a significant place in state activity and is a fundamental element in the financial management system. For the proper functioning of the state economy, it is necessary to conduct a balanced financial policy within the framework of the country's economy.

The rate of development of industry, agriculture, transport, communications and other industries, as well as the subjects of the Russian Federation, depends on the degree of its rationality. Therefore, an important and relevant direction is the definition, analysis and study of financial policy problems, as well as the search for optimal ways to solve these problems.

In accordance with these problems and the strategic development of the Russian Federation, the following goals and objectives are defined:

Decrease in public debt;

Stabilization of the national currency and reduction of inflation rates sequentially from year to year

Transition to medium-term planning;

Balanced budgets of all levels and state off-budget funds;

Improving the model of budgetary federalism;

Increasing the reliability and reliability of economic forecasting;

Increase in the volume of subventions to the regions from the federal budget for the implementation of the federal powers transferred to them

The need to revise fiscal policy.

Thus, through these goals and objectives, it is necessary to ensure the balance and sustainability of the budget system, strengthen its role in stimulating long-term economic growth and raising the standard of living of the population, accelerating the country's innovative development and forming a sustainable pension provision mechanism for the long term.

Undoubtedly, the policy pursued by the government in the field of finance is ambiguous. It has both positives and many negatives. Political aspects of economic decisions have a large, often negative impact on it.

List of sources used

The Constitution of the Russian Federation (adopted by popular vote on December 12, 1993)
Budget Code of the Russian Federation dated July 17, 1998 (subject to subsequent amendments and additions)
Civil Code of the Russian Federation (Part I) of November 30, 1994 No. 51-FZ.
Civil Code of the Russian Federation (Part II) of January 26, 1996 No. 14-FZ.
Tax Code of the Russian Federation (Part II) dated August 5, 2000 No. 117-FZ.
Babich, A.M. State and municipal finance: textbook. for universities [Text] / A.M. Babich, L.N. Pavlova. M.: UNITI, 2009. 688 p.
The budget system of the Russian Federation: textbook. [Text] / Ed. G. B. Poliak. M.: UNITI-DANA, 2012. 212 p.
Burkhanova I. V. The budget system of the Russian Federation. Lecture notes [Text] / I. V. Burkhanov. M.: Eksmo, 2011. - 160 p.
Zharkovskaya, E.P. Finance: textbook. allowance [Text] / E.P. Zharkovskaya, I.O. Arends.-M.: Omega-L, 2011. 400 p.
Igonina L.L. Modernization of the Russian financial system: tasks, trends // Finance and credit. - 2012. - No. 3.
Kormilitsyna I.G. Financial stability: essence, factors, indicators // Finance and credit. - 2011. - No. 35.
Myslyaeva, I.N. State and municipal finance: Textbook [Text] / I.N. Myslyaeva.- M.: INFRA-M, 2009. 264 p.
Sviridov, O.Yu. Finance: textbook. allowance [Text] / O.Yu. Sviridov. M.: ICC "Mart", 2009. 480 p.
Finance: textbook. [Text] / Ed. A.G. Gryaznova, E.V. Markina. M.: Finance and statistics, 2011. 504 p.
Finance: textbook. [Text] / Ed. V. V. Kovaleva. M.: TK Velby, Prospekt, 2009. 640 p.
Finance: textbook. [Text] / Ed. G.B. Pole. M.: UNITI-DANA, 2011. 516 p.
Finance: textbook / team of authors; under. ed. E. V. Markina. M.: KNORUS, 2014 - 432 p.
Official website of the Bank for International Settlements. Access mode. URL:#"justify">Official website of the Bank of Russia. Access mode. URL: #"justify">Official site of the Russian federal publication Gross domestic product. Kolganov A., Guidelines for the financial system of Russia // #"justify"> Rating agency "EXPERT RA" http://raexpert.ru
Federal Tax Service: http://www.nalog.ru/
Federal State Statistics Service of the Russian Federation: www.gks.ru

INTRODUCTION

1.1 Determination of the financial resources of the state

2. FINANCIAL RESOURCES OF THE REGION

CONCLUSION

REFERENCES

INTRODUCTION

In the context of the ongoing economic transformations in the country, the issues of organizing finances and the optimal movement of financial resources, both at the macro level and at the level of business entities, are of particular importance. The importance of this provision is due to the fact that finance, being a value category, has a significant impact on the stage of the reproduction process in the country, and this influence is all the more noticeable and significant at the grassroots level of management - enterprises.

An important specific feature of finance, which distinguishes them from other distributive categories, is that financial relations are always associated with the formation of cash income and savings, which take the form of financial resources. This feature is common to the financial relations of any socio-economic formations, wherever they function. At the same time, the forms and methods by which financial resources are formed and used have changed depending on changes in the social nature of society.

The study of the economic essence of finance, the identification of specific features of this category is impossible without a particularly in-depth study of such a category as financial resources.

Under the conditions of the transitional economy, the role of the process of attracting and distributing financial resources in regulating reproduction processes is increasing, and the entire system of financial relations is being activated. This determines the relevance of the problem considered in the course work.

The purpose of this course work is to study and define the essence of such a financial category as financial resources at the macro level (state) and micro level (enterprises, households).

1. Reveal the essence of public financial resources, determine the composition of public financial resources, sources of their formation and directions of use;

2. To reveal the essence of the financial resources of the subjects of the federation, to determine their composition, sources of formation and directions of use.

In accordance with the tasks set, the work is divided into three parts, each of which is devoted to the study of the category "financial resources" in relation to the object of financial resources.

1. THEORETICAL FOUNDATIONS OF THE FINANCIAL RESOURCES OF THE STATE

In the context of the transition to a market economy, all institutions of the financial system are given great importance, since they make a certain contribution to the development of the state economy. Improvement of financial relations is the main condition for the functioning of a market economy.

Finance is an instrument of a market economy. They are an integral part of the economy, helping to implement the methods of state regulation through the formation of various funds of funds. The significance of finance is that, with the help of various funds of funds, the formation of income at the stages of distribution maintains certain proportions between production and its consumption.

Finance as a scientific concept is usually associated with those processes that appear on the surface of social life in various forms and are necessarily accompanied by the movement (cash or non-cash) of money. Whether we are talking about the distribution of profits and the formation of funds for on-farm purposes at enterprises, or the transfer of tax payments to state budget revenues, or the contribution of funds to extra-budgetary or charitable funds - in all these and similar financial transactions, there is a movement of funds.

The distribution and redistribution of value with the help of finance is necessarily accompanied by the movement of funds, which take a specific form of financial resources.

The state itself is the subject of state financial resources.

The object of state financial resources are financial relations as a result of actions that generate targeted funds: budget revenues at all levels and extra-budgetary funds.

Financial resources act as material carriers of financial relations.

They act as an object of real money circulation. , are sources of financing for expanded reproduction.

The main material source of funds is the national income of the country - the newly created value. It is divided into the cost of the necessary and surplus product. The necessary product and part of the surplus is the fund for the reproduction of labor power. The rest is an accumulation fund. For economic entities, the main monetary funds are the accumulation fund, the consumption fund and the fund of financial reserves.

Thus, the financial resources of the state are the totality of all types of funds, financial assets that the state has at its disposal. Financial resources are the result of the interaction of receipts and expenditures, the distribution of funds, their accumulation and use.

The state needs financial resources to implement the functions assigned to it. Without sufficient financial resources, the state cannot effectively influence the development of production, the social sphere, participate in international relations, organize its external defense and ensure internal law and order.

1.2 Composition of financial resources and methods of their mobilization

The main types of public financial resources include:

1. Loans from the IMF and other international organizations, plus domestic loans from the Central Bank.

2. Taxes.

3. Deductions to off-budget funds.

4. Payments of the population to the local budget.

5. Others.

The composition of public financial resources and their form are presented in Table 1.1.

Table 1.1.

Composition of financial resources

type of financial resources	level	sublevel	form of financial resources
own financial resources	macro-	state	income from leasing state and municipal property; from the sale of this property; income from the activities of state, municipal unitary enterprises
	micro-	business entity	authorized capital, profit, depreciation
	micro-	household	wages, income from the sale of personal property
financial resources mobilized in the market	macro-	state	issue of securities and paper money, state credit
	micro-	business entity	sale, purchase of securities, government loan
	micro-	household	sale, purchase of securities, government loan
financial resources received in the order of redistribution	macro-	state	taxes, fees, payments
	micro-	business entity	interest and dividends on securities issued by other owners; insurance claims, etc.
	micro-	household

1.3 Sources of formation of financial resources and directions of their use

Potentially, financial resources are formed at the stage of production, when new value is created and the old one is transferred. But the real formation of financial resources begins only at the stage of distribution, when the value is realized and specific economic forms of the realized value are singled out as part of the proceeds.

The use of financial resources is carried out mainly through special-purpose funds, although a non-fund form of their use is also possible.

Financial funds are an important component of the general system of monetary funds functioning in the national economy. The stock form of the use of financial resources is objectively predetermined by the needs of expanded reproduction and has some advantages over the non-stock form: it allows you to more closely link the satisfaction of any need with the economic capabilities of society; ensures the concentration of resources in the main directions of development of social production; makes it possible to link social, collective and personal interests more fully and to influence production more actively.

The purpose of financial policy is the most complete mobilization of financial resources necessary to meet the urgent needs of the development of society. In accordance with this, financial policy is designed to create favorable conditions for the revitalization of entrepreneurial activity. Much attention is paid to the definition of rational forms of withdrawal of enterprise income in favor of the state, as well as the share of participation of the population in the formation of financial resources. Great importance is attached to increasing the efficiency of the use of financial resources by distributing them among the spheres of social production, as well as their concentration in the main directions of economic and social development.

Evidence-based financial policy, with its correct and successful implementation, brings positive results. Its significance lies in the fact that it can be accompanied by an increase in the standard of living of the people.

The financial policy contributes to the strengthening and development of economic ties with all countries of the world, providing conditions for the implementation of joint activities.

Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It helps to provide financial resources for targeted programs, to concentrate funds on key areas of economic development, to stimulate the growth of production efficiency; increasing the interest of all regions in the development of the economy, the use of local raw materials.

Thus, the financial policy of the state - it is a set of measures for the formation and use of financial resources. The financial policy has its concrete embodiment in the financial mechanism of the state.

The financial mechanism is a set of forms and methods of managing the financial activities of the state. It includes a system of monetary settlements, a system of financial leverage and incentives, financial norms, standards, indicators, state banking and financial reserves, and financial control.

Financial distribution covers the social product and part of the value of the NB, therefore, financial resources include that part of the value of the social product and the NB, which is distributed and redistributed with the help of finance. Financial resources are one of the components of all monetary resources circulating in the country, which, in addition to them, also include credit resources, monetary incomes of the population, working capital of enterprises. It is not difficult to draw a line between financial resources and monetary income, because financial resources are at the disposal of the state and business entities, and the latter are in the hands of citizens and are used to meet the needs of life.

Working capital is also not included in financial resources, tk. features of the use of working capital at the enterprise suggest their constant, inseparable circulation in the form of a natural-material component. The enterprise cannot even temporarily allocate working capital for other purposes, tk. OS should always be strictly used to service the circulation of objects of labor in the enterprise. Financial resources are no longer independent of the natural-material form of the value of the product being created. They can be distributed and redistributed through various channels and funds, so specialists do not include working capital in financial resources.

Financial resources - income and receipts of business entities and the state represented by its bodies, which are used for the purpose of expanded reproduction and to meet other needs. It is financial resources that make it possible to separate the category of finance from the category of price and other cost categories. Financial resources, acting in the form of money, differ from other resources. They are relatively isolated in their functions, so there is a need to ensure that financial resources are linked to other resources.

All three elements of the value of the social product act as sources of financial resources, but the degree of participation of each of them is different.

Finance affects social reproduction in the following areas:

1) financial support of the reproduction process;

2) financial regulation of economic and social processes;

3) financial stimulation of the economy.

Financial sources are divided into:

1) sources that operate at the macro level (state level);

2) sources that operate at the micro level (enterprise level).

The most important source of financial resources is the value of a country's GDP, which consists of C+V+M (capital + wages + profits).

V + M - the main sources of financial resources at the macro level.

Element V, being the personal income of the worker, as a rule, wages, acts as a source of financial resources in three areas:

1) taxes (should be paid from the salary);

2) insurance payments;

3) other payments (like trade union dues, contributions to special funds, etc.)

Thus, element V is involved in the creation of financial resources at the macro level.

Element M - surplus value, profit. It is the main source of financial resources.

Sources of financial resources at the macro level:

1. GDP (the first group of financial sources).

2. Income from foreign economic activity

3. National wealth.

4. Attracted (borrowed) resources.

The volume of financial resources, first of all, depends on the volume of GDP created in the country, their nominal value also depends on the scale of prices, as well as on the ratio of individual parts of the social product, and above all, the necessary and surplus product (the more surplus, the more the amount of financial resources An increase in financial resources can also occur due to an increase in the value of fixed assets as a result of a change in the depreciation rate or revaluation of fixed assets.

The main directions of the use of financial resources:

1. Expenses (the use of financial resources to ensure the reproduction process - the funds of commercial enterprises). These include: the cost of financing capital investments, the cost of repairs, the acquisition of intangible assets, filling the gap and financing the increase in working capital; payment of bonuses to employees to stimulate labor; granting subsidies to unprofitable enterprises; formation of a reserve fund; payment of insurance compensation to enterprises and organizations, financing of research and development.

2. Financing of social and cultural expenses. Payments to the disabled, the poor, financing of social and cultural institutions of a non-profit type; insurance indemnities for personal insurance paid to citizens by insurance authorities, provision of material assistance, various social benefits.

3. Use of financial resources for the needs of defense, law enforcement agencies, public authorities.

Financial planning is one of the elements of financial management, the object of which is the distribution process.

It covers the formation and distribution of financial resources, education and the use of various monetary funds on their basis and is carried out on the basis of production and financial indicators.

In the process of financial planning, the following are determined:

Sources and amounts of financial resources for the planned period;

Volumes of monetary funds created on their basis;

The directions and structure of the use of monetary funds are calculated. At the same time, the tasks of choosing the most efficient use of financial resources and monetary funds created on their basis are solved.

In the process of drawing up financial plans, material, labor, financial reserves are sought for the growth of financial resources and the reduction of unproductive expenses.

Reserves - part of the financial resources, which is intended to finance the needs that arise unforeseen, and are aimed at both simple and expanded reproduction and consumption. Insurance reserves - a part of financial resources aimed at compensating for damages in insured events. Insurance financial reserves - financial reserves of insurance companies. These reserves are needed when current funds are not enough to pay.

Financial resources, their rational use in the reproductive activity of a society in transition to a market determine the material basis for the practical reform of the transition economy, successfully overcoming crisis failures, and increasing the level of social protection of the population, especially its low-income strata. In other words, among the most important factors of economic growth, purposeful and consistent reform of the national economy of sovereign Ukraine on a sound market basis, the role of the state's financial system can hardly be exaggerated, overestimated.

The formation of financial resources, their use is closely interconnected with the cost structure of the country's gross domestic product.

1.4 The state budget as the basis for the formation of the financial resources of the state

Financial relations that develop between the state and enterprises, organizations, institutions and the population are called budgetary. Budgetary relations are characterized by great diversity, since they mediate different directions of the distribution process (between sectors of the economy, spheres of public activity, sectors of the national economy, territories of the country) and cover all levels of management (federal, republican, local).

The totality of budgetary relations in the formation and use of the country's budgetary fund constitutes the concept of the state budget. In terms of economic essence, the state budget is monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income (partially national wealth) in connection with the formation and use of the budget fund intended to finance the national economy, social and cultural events, needs defense and public administration. Thanks to the budget, the state is able to concentrate financial resources on decisive areas of economic and social development.

The state budget has always been an important tool for influencing the development of the economy and the social sphere. In the transition to a market economy, the state budget cannot and must not lose its role; there will only be a change in the methods of budgetary influence on social production.

The functioning of the state budget occurs through special economic forms - revenues and expenditures, expressing the successive stages of the redistribution of the value of the social product, concentrated in the hands of the state. Budget revenues and expenditures are objectively determined categories, each of which has a specific social significance; revenues serve as the financial base for the activities of the state, expenses - to meet national needs.

Budget revenues express the economic relations that arise between the state and enterprises (associations), organizations and citizens in the process of forming the country's budget fund. The form of manifestation of these economic relations are various types of payments by enterprises, organizations and the population to the state budget, and their material and material embodiment is the funds mobilized to the budget fund.

The composition of budget revenues, forms of mobilization of funds to the budget depend on the system and methods of management, as well as on the economic tasks solved by society. In our country, where until recently the state acted as the owner of the predominant mass of means of production, budget revenues were based mainly on the cash savings of state enterprises, while taxes amounted to 8-10% of the budget. In a taxing state, 80% of budget revenues come from taxes.

In addition to taxes, the budget receives non-tax revenues. These include, on the one hand, income from the operation of state property, income from the operation of state property, and in the conditions of transition to the market - from its sale to legal entities and individuals, and on the other hand, proceeds from the sale of government bonds and other securities .

State budget expenditures are economic relations that arise in connection with the distribution of the state's fund of funds and its use for sectoral, targeted and territorial purposes. Two sides of a single distribution process find their expression in budget expenditures: the splitting of the budget fund into its component parts and the formation of earmarked funds from enterprises, organizations and institutions of material production and the non-productive sphere that receive appropriations.

To clarify the role and significance of diverse budget expenditures, they are usually classified according to certain criteria: by role in reproduction, public purpose, industries and activities, and intended purpose.

According to their role in social production, state budget expenditures are divided into two parts: one is associated with the development of material production, the improvement of its sectoral structure, the other is used to maintain and further develop the non-productive sphere. The economic grouping of budget expenditures according to their public purpose reflects the functions performed by the state - economic, social, defense, etc. In accordance with the public purpose, all budget expenditures can be divided into four groups: national economy, socio-cultural events, defense, management. The basis of the sectoral grouping of state budget expenditures is the generally accepted division of the economy into sectors and activities. Proceeding from it, expenditures in the production sphere are divided into sectors of the national economy: for the development of industry, agriculture, capital construction, transport, communications, trade, etc.; in non-production - by sectors and types of social activities: for public education, culture, health care, social security, public administration, etc. The state budget retains for the time being the intended purpose of allocated appropriations, reflecting specific types of costs financed by the state.

The imbalance of the domestic economy and the country's difficult financial situation have brought to the fore the dual task of reducing budget expenditures and at the same time increasing the efficiency of using budget funds.

2. FINANCIAL RESOURCES OF THE REGION

2.1 The composition of the financial resources of the constituent entity of the Russian Federation

The finances of the constituent entities of the Russian Federation are a set of monetary relations arising from the formation, distribution and use of regional funds of financial resources to solve the socio-economic problems of the constituent entities of the Russian Federation.

These relations are formed between the state authorities of the constituent entities of the Russian Federation and the population living in the territory of this constituent entity of the Russian Federation, as well as economic entities. The finances of the constituent entities of the Russian Federation include:

Funds of the budget of the subject of the Russian Federation;

Government securities owned by state authorities of a constituent entity of the Russian Federation;

Other funds owned by the subject of the Russian Federation.

In a broad sense, the finances of a constituent entity of the Russian Federation also include the consolidated budget of a constituent entity of the Russian Federation.

The structure of financial resources of the subject of the Russian Federation is presented on fig. 2.1.

Rice. 2.1. The composition of the financial resources of the subject of the Russian Federation

2.2. Sources of formation of financial resources of the region

The composition and amount of revenues received by the state budget of a constituent entity of the Russian Federation and the budgets of municipalities of a given constituent entity of the Russian Federation in the form of deductions from federal taxes and fees (transfers, earmarked revenues, subsidies, subventions, subsidies, etc.) are determined by an agreement between federal government bodies and state authorities of the constituent entity of the Russian Federation, unless they are directly established by federal law.

Regional budget revenues are generated from tax and non-tax types of income, as well as from gratuitous transfers.

The budgets of the constituent entities of the Federation are credited with income from regional taxes and fees, the list and rates of which are determined by federal tax legislation, and the proportions of their differentiation on an ongoing basis and distribution in the manner of budgetary regulation between the regional budget and local budgets are determined by the law on the budget of the constituent entity of the Federation for the next financial year and the Federal Law "On the financial foundations of local self-government in the Russian Federation".

The tax revenues of the budgets of the constituent entities of the Federation also include deductions from federal regulatory taxes and fees distributed to be credited to regional budgets according to the standards determined by the federal law on the federal budget for the next financial year, with the exception of income from federal taxes and fees transferred in the manner of budget regulation local budgets.

Non-tax revenues of the regional budget include:

Funds received from the sale of regional property;

Funds received in the form of rent or other payment for the temporary possession and use or temporary use of property owned by the region;

Funds received in the form of interest on balances of budgetary funds in accounts with credit institutions;

Funds received from the transfer of property that is in regional ownership, on bail, in trust management;

Payment for the use of budgetary funds provided to other budgets, foreign states or legal entities on a returnable and paid basis;

Income in the form of profit attributable to shares in the authorized capital of business partnerships and companies, or dividends on shares owned by the subjects of the Federation;

Part of the profit of regional unitary enterprises remaining after paying taxes and other obligatory payments;

Other income provided for by the legislation of the Russian Federation from the use of property in regional ownership;

Income from paid services provided by budgetary institutions under the jurisdiction of public authorities of the constituent entities of the Federation.

Free transfers from individuals and legal entities, international organizations and governments of foreign states can be credited to the income of regional budgets.

The budgets may also include gratuitous transfers for mutual settlements. Mutual settlements are understood as transactions for the transfer of funds between the budgets of different levels of the budget system of the Russian Federation, associated with changes in the tax and budget legislation of the Russian Federation, the transfer of powers to finance expenses or the transfer of income that occurred after the approval of the budget and was not taken into account by the budget law.

Other non-tax revenues go to the regional budgets in the manner and according to the standards established by federal laws and laws of the subjects of the Federation.

Financial assistance from the federal budget in the form of grants, subventions and subsidies or other irrevocable and gratuitous transfer of funds is subject to accounting in the revenues of the regional budget, which is the recipient of these funds. At the same time, such financial assistance is not the own income of the regional budget.

Own revenues of the budgets of the subjects of the Federation from regional taxes and fees, as well as from federal taxes and fees assigned to the subjects of the Federation, can be transferred to local budgets on an ongoing basis in whole or in part - in a percentage approved by the legislative bodies of the subjects of the Russian Federation for a period of at least three years . The term of the standards can be reduced only in the event of changes in federal tax legislation.

A separate part of the financial resources of the region are budgetary and extrabudgetary funds, which can be permanent or created for a certain period of time. The creation and organization of their activities is regulated by federal and regional legislation. In the subjects of the Federation, both general legislative acts and special laws on the creation of specific funds are adopted.

Budget funds are created as part of the regional budget as separate budgetary funds for:

Target financing of the most priority sectors of the regional economy;

Elimination of adverse consequences from the occurrence of emergency situations;

Socio-economic, environmental, scientific, technical and other programs and events significant for the region.

An off-budget fund is a separate part of the region's financial resources that is not part of the regional budget and has independent sources of formation and intended use.

In the regions are formed and operate:

Territorial divisions of federal off-budget funds;

Regional off-budget funds, the funds of which are regional property;

Extra-budgetary funds of municipalities.

2.3. The role of financial resources in the socio-economic development of the territory.

The Constitution of the Russian Federation provides for the following conditions for the exercise of powers by local bodies of local self-government:

A clear delineation of competence between levels of public authority, empowering local governments with rights in the field of local finance;

Independent formation, approval and execution of local budgets, establishment of local taxes and other contributions;

Completion of the formation of the financial and economic base of local self-government within the framework of the taxation system and budgetary reforms;

Improving the system of budgetary and tax regulation, primarily through:

Redistribution of funds allocated from the federal budget for the consolidated budgets of the constituent entities of the Russian Federation, ensuring the financial independence of municipalities to solve problems within their competence;

Development of principles of interaction between state authorities and local authorities, including interaction in the exercise of certain state powers transferred to local authorities;

Establishment of minimum state social standards as the basis for settlements in the implementation of interbudgetary relations;

Active formation of municipal property as an important component of the financial and economic base of local self-government;

Development of the real estate market;

Implementation of an investment policy that ensures the attraction of income from the population and is oriented towards the participation of representatives of small and medium-sized businesses.

The mechanism for solving the above problems should be the establishment of such budgetary and tax regulation, which ensures the formation of minimum local budgets and creates conditions for optimizing the tax base of municipalities.

When mentioning the main financial and budgetary problems of local self-government, indicated in the "Guidelines for Public Policy ...", it is important to note that such problems have existed for many years. Despite some changes in the practice of adopting federal laws, the budgets of municipalities are still unbalanced and poor. Meanwhile, in all countries with local self-government, local self-government bodies play a decisive role in achieving social consensus, economic well-being and stable development, not only within their territory, but also in the country as a whole. For this purpose, local authorities must have the necessary financial resources.

3. FINANCIAL RESOURCES OF ENTERPRISES

3.1 Financial resources of enterprises, features of their formation

The concept of financial resources in domestic practice was introduced for the first time when drawing up the first five-year plan of the country, which included a balance of financial resources. However, when this term is widely used in theory and practice, its interpretation is very different. Meanwhile, an unambiguous and reasonable interpretation of the essence of this category is important for its full understanding and practical implementation of financial work in an enterprise, firm.

So, we distinguish between concepts related to the functioning of finance and financial resources of enterprises. Money- this is a type of universal commodity used as a universal equivalent, by which the value of other goods is commensurate. Cash- the totality of the enterprise's funds, represented by cash (cash or non-cash) turnover. Cash turnover can be represented by the cash desk of the enterprise, and non-cash form - bank accounts, payment orders, letters of credit, etc. Thus, money is a form of expression of value. In the case of financial relationships, the value to be distributed. Cash funds(cash funds) - a separate part of the enterprise's funds, which has a narrow purpose (depreciation fund, repair fund, consumption fund, etc.). The stock form of formation and use of funds, as a rule, is regulated by the enterprise, is relatively stable, and is easier to control. Non-fund form of funds - funds in settlements, for payments to the budgetary and credit system.

Financial resources means are called that can be used by the enterprise immediately as signs of value that characterize its movement. It is advisable to use the concept of means when characterizing current activities. For example, an enterprise may have financial resources represented by money (on hand and in accounts) and government securities.

Financial resources - a more capacious concept, including, along with financial resources (to ensure current activities) and potentially possible, which can be obtained if necessary (either in the future or with some discount from the sale of the company's assets). This provision proceeds from the fact that the activity of the enterprise is not limited to the current moment and can be predicted for the future. By the way, the concept of “resource” already has a certain purpose. In this case, the resource for ensuring production activities, and since we are talking about repetitive production cycles, then it is a source of financing for the reproductive activities of an enterprise (here we also mean the promising activities of a business entity), which involves taking into account all kinds of resources. Thus, in the concept financial resources includes current and potential funds, which, if necessary, can be used as signs of the distributed value. Capital is part of the financial resources that generate income.

The most complete financial resources can be studied from the standpoint of a systematic approach. The system of financial resources of the enterprise we will consider the totality of the assets of the enterprise that can be used by it as signs of distributed value in the course of its activities and for further development and operation.

The system of financial resources of an enterprise can be characterized as economic (since it obeys economic laws), operating in the field of financial and credit relations, dynamic (i.e. changes over time), open (i.e. interconnected with the environment ) controlled.

Turning to the consideration of the elements of the resource system, we note that, in our opinion, there are several classifications of elements identified according to various criteria criteria.

When selecting elements, we will proceed from the previously given definition of financial resources, based on the essence of finance. In this case, it is quite logical to single out elements according to the degree of absolute resource content. That is how they are represented in the asset of the enterprise.

A 1 (cash and short-term financial investments) - assets with almost absolute resource capacity. Can be immediately used as signs of value.

A 2 - (accounts receivable with a maturity of up to 12 months and other current assets) - assets that have some limitation when used as signs of value. The development of market institutions (for example, factoring companies) and relationships expands the possibilities for using these assets as resources.

A 3 - (raw materials, materials, work in progress, finished products, long-term financial investments, etc.). They can be accepted as signs of value in isolated cases, or with a sufficiently high degree of their liquidity and market demand. Their implementation and transformation into a monetary form is long in time and is often accompanied by a significant discount.

A 4 - (fixed assets, intangible assets, construction in progress) - are used in exceptional cases (as a rule, in the event of the insolvency of the payer), or when creating and establishing a new enterprise. When converted into cash, they are considered difficult to sell. This does not apply to unique equipment, well-known trademarks, promising know-how. On fig. 2.1 shows the action and perception of the selected elements

P 1

P 2

P 3

P 4

where A 1, A 2, A 3, A 4 - the corresponding groups of assets of the enterprise;

P 1, P 2, P 3, P 4 - the corresponding groups of liabilities;

Element Perception

element action.

The ratio of the corresponding groups of assets and liabilities of the enterprise characterizes its liquidity. It should be noted that practically only the resources of group A 1 can be transformed in the shortest possible time and without loss into any other necessary form. The special role of this group is also explained by the fact that money, having (as a rule) absolute liquidity, shows the potential for resource maneuvering when making profitable management decisions. In this case, the external requirements of the market for instant payment with a universal equivalent (money) are confirmed by the corresponding structure of the financial resources of the enterprise and its capabilities. Various options for the formation of resources and the possibility of their use predetermine the liquidity and financial stability of a business entity.

Another criterion for the allocation of elements of financial resources is the right of ownership. In this case, the elements are: own resources, borrowed resources, temporarily attracted (used) resources.

Own financial resources belong to the enterprise itself and their use does not entail the possibility of losing control over the activities of the enterprise.

Borrowed resources are not the property of this enterprise and their use is fraught with loss of independence for it. Borrowed funds are provided on the terms of urgency, payment, repayment, which ultimately leads to their faster turnover compared to their own resources. Borrowed funds include various types of loans attracted from other parts of the credit system (banks, investment institutions, the state, enterprises, households).

Attracted resources - funds that do not belong to the enterprise, but are temporarily in its circulation. These funds before the emergence of sanctions (fines or other obligations to the owners) can be used at the discretion of the business entity. These are, first of all, stable liabilities - wage arrears to employees, debts to the budget and extra-budgetary funds, creditors' funds received in the form of prepayments, etc.

The next sign of the allocation of elements of financial resources is the urgency of use. As a rule, resources are classified into short-term, medium-term, long-term. The time horizon of each group can be set individually.

Short-term resources - their validity period is up to a year. Designed to finance the current activities of the enterprise: the formation of working capital, short-term financial investments, settlements with debtors.

Medium-term resources - from a year to 3 years - are used to replace individual elements of fixed assets, their reconstruction and re-equipment. In this case, as a rule, the goal is not to change technology or completely replace equipment.

Long-term resources are attracted, as a rule, for a period of 3 to 5 years and are used to finance fixed assets, long-term financial investments, venture (risk) financing.

So, these are the main approaches to the elemental decomposition of the system of financial resources. It is quite obvious that inter-element connections, the ratio of the types of financial resources used, determining the structure of the system, determine its stability. It is in comparison with the generally accepted criteria and financial indicators presented by the external environment that the type of financial stability, the liquidity of the enterprise and other characteristics that reflect the effectiveness of integration with other systems of financial resources are determined. The elemental distribution of resources is reflected in the balance sheet of the enterprise: in the asset - the action of resources, in the liability - perception.

The formation of enterprise funds begins from the moment of organization of an economic entity. The enterprise, in accordance with the law, forms statutory capital - the main initial source of the company's own funds, which in the form of fixed and working capital is directed to the acquisition of the company's funds. The funds include additional capital - is created at the expense of: an increase in the value of property as a result of the revaluation of fixed assets, share premium (due to the excess of the sale price of shares over the nominal value), donated values for production purposes. It can be used to pay off the depreciation of property revealed as a result of its revaluation, to pay off losses resulting from the gratuitous transfer of property to other enterprises and persons, to increase the authorized capital, to pay off losses based on the results of the enterprise's work for the reporting year.

In the course of production activities, income from the sale of manufactured products in the form of sales proceeds is transferred to a settlement or currency (if the enterprise exports products) account. Revenue is a source of reimbursement of costs for production, promotion of products on the market, for the sale of goods (works, services). Depreciation is thus included as part of the sales proceeds in a Mortization fund designed to ensure the reproduction of fixed assets.

3.2 Use of financial resources by enterprises in market conditions

The result of the enterprise is profit. After tax payments, net profit is formed, which is spent in accordance with the statutory documents and at the discretion of the business entity. From it are formed: reserve capital and other similar reserves, accumulation fund, consumption fund.

Reserve capital- a fund that is formed in accordance with the legislation of the Russian Federation and constituent documents. It is intended to cover losses of the reporting period, payment of dividends in case of insufficiency or absence of profit. The presence of the fund is the most important condition for ensuring the sustainable financial condition of the enterprise. Among the reserve funds also include reserves for the depreciation of investments in securities, redemption fund, deferred fund, etc., created in JSCs, respectively, for the redemption of bonds and the redemption of shares.

accumulation fund- Funds intended for the development of production. Their use is associated with an increase in the property of the enterprise and financial investments for profit.

consumption fund- funds allocated for social needs, financing of non-production facilities, one-time incentives for employees, compensation payments, etc.

Remaining profit - retained earnings also characterizes financial stability and can be used for the subsequent development of the enterprise.

Targeted funding and income- funds intended for the construction and maintenance of social facilities, as well as receipts for these purposes from legal entities and individuals. Funds for enterprises can also be allocated from the budget, sectoral and intersectoral funds.

If an enterprise is engaged in foreign economic activity, it forms monetary fund at the expense of incoming foreign exchange earnings, part of which it is obliged to sell to the state.

For the operational management of financial resources, other operating funds: for payment of wages, for payments to the budget, etc.

Having considered the basic concepts and classifications of financial resources, their funds, it is quite logical to proceed to the consideration of their functions. I would like to note that it is not necessary to identify the functions of finance, as a value category of distribution relations, and the functions of the financial resources of an enterprise - the material carriers of these relations and the source of activity and development of the enterprise.

So, what is the purpose of financial resources in the enterprise?

First of all, financial resources act as a means of ensuring the production activity of an enterprise, a factor in its production or a source of the reproduction process. This provision is based on the fact that the main goal of the enterprise is the production of material goods to satisfy social details. Therefore, the main function of financial resources that implements their purpose in the enterprise is production. It is expedient to optimally provide financial resources for all stages of the reproduction process, and here we are talking about all kinds of financial resources. It is at the expense of financial resources at the enterprise that property is formed, fixed assets are updated, working capital is replenished. The priority of this function is due to the fact that the flow of its own financial resources, which are the basis of its activities, and, therefore, the pace of economic development of an economic entity and the social well-being of employees largely depend on the efficiency and continuity of the production activities of an enterprise.

At the same time, it is quite obvious that not all financial resources serve the production sphere of the enterprise. And this is quite obvious, because if we are talking about a reproduction process (lasting in time), then the enterprise has certain obligations to the financial and credit system, employees. Therefore, part of the resources is diverted to the non-productive sphere of the enterprise and performs non-production function: reserve capital, fund of accumulation, consumption, etc. The emergence of this function is due to the obligations of the enterprise, the need to expand its activities. The role of this function is no less important, since its production activities depend on how timely and in full the obligations of the enterprise will be fulfilled.

The development of market relations has led to the fact that today any economic entity is interested in the profitable use of available resources. Therefore, part of the financial resources serving the non-productive sphere of the enterprise is directed to expanded reproduction, i.e. perform an investment function, which is realized through profitable short-term and long-term financial investments. The desire of business entities to implement this function emphasizes the previously justified capitalist nature of financial resources. This function is not necessarily associated with the creation of new value, but may well be implemented in financial markets through speculative transactions.

Naturally, to ensure liquidity, an enterprise must keep part of the financial resources in cash or in funds and reserves that do not generate income. This part of the resources performs consumer function. This function, unlike investment, does not create surplus value.

It is necessary to emphasize the importance of the optimal ratio of resources located in the production and non-production spheres, generating income or consumed. This will allow, on the one hand, to ensure the continuity of the production process and the implementation of the production program, and on the other hand, to fully fulfill external and internal obligations, not forgetting about liquidity and profitable use of available resources. It should be noted that the more resources are involved in a profitable turnover, the more efficient the entire production and economic activity of the enterprise, and, consequently, the mechanism of reproduction of economic growth is implemented.

CONCLUSION

Being material carriers of financial relations, financial resources have a significant impact on all stages of the reproduction process, thereby adapting the proportions of production to social needs. The significance of financial resources is also due to the fact that their predominant part is created by enterprises in the sphere of material production, and then redistributed to other parts of the national economy. In this regard, the role of the state becomes obvious, which in modern economic conditions, in addition to the well-known, classical functions (defense, management, etc.), must also provide the conditions for the most efficient use of the resources of enterprises at its disposal in order to stimulate economic growth, which is a necessary condition for a stable, independent and economically prosperous society. That is why this paper contains an attempt to consider the category of "financial resources" along the entire vertical of its manifestation, starting with the category "public financial resources" and ending with "financial resources of the enterprise", because it is at the level of enterprises that national income is created, which is subsequently redistributed to other parts of the economy. This approach allows us to comprehensively and fully consider and link the conceptual provisions of the theory of financial resources.

Due to the special significance and relevance of the problem under consideration, such a specific branch of the study of finance as the management of financial resources has recently been singled out as a separate branch. This is a section of financial management that studies the methods of rational, from the point of view of the efficiency of the production and economic activities of an enterprise, the management of financial resources.

The need to single out such a direction of study is due to the fact that financial resources, as material carriers of financial relations, mediate almost the entire production and economic activity of an enterprise, and their use is based on knowledge of their economic nature and laws of functioning. Thus, knowledge of economic laws allows the manager to most effectively achieve the goals and implement the functional purpose of the financial resources of the economic entity.

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Finance appeared in the conditions of commodity-money relations.

Finance - these are economic relations carried out mainly in monetary form between the main economic entities - enterprises, households and the state.

Finance - this is a set of monetary relations regarding the distribution of the value of the gross domestic product, income from foreign economic activity and part of the national wealth, as a result of which monetary incomes, receipts and savings from individual business entities, the state, are used in the future to solve economic and social problems.

These economic relations are carried out:

· regarding the redistribution of the society's income in favor of one of them;

To ensure that the state performs adequately the functions that society needs;

· in the process of non-equivalent exchange based on debt obligations under conditions of uncertainty and risks.

The salient features of finance are:

1. The distributive nature of relations, which is based on legal norms or business ethics, is associated with the movement of real money, regardless of the movement of value in a commodity form;

2. Unilateral nature of the cash flow creation of centralized and decentralized cash funds;

3. Finances are monetary in nature.

Finance differs from money both in content and in the functions performed. Money is the universal equivalent by which, first of all, the labor costs of associated producers are measured, and finance is an economic instrument for the distribution and redistribution of gross domestic product (GDP) and national income, an instrument for controlling the formation and use of funds of funds.

Their main purpose is in order to ensure not only the needs of the state and enterprises in cash, but also control over the expenditure of financial resources through the formation of cash income and funds.

Financial resources, their types, sources, growth factors

Financial resources- these are cash incomes, savings and receipts that are owned or disposed of by business entities, state authorities, local governments and are used to achieve the goals of their economic activities.

The financial resources of the state are formed mainly through the collection of taxes and fees. Proceeds from the use or sale of state property, funds from the sale of the country's gold reserves, the issuance and sale of government bonds and other securities, profits from state entrepreneurial activities, receipt of funds through external and internal borrowing, use of reserve or insurance funds, voluntary contributions to legal entities. and individuals; savings of the population in the form of an increase in deposits in commercial banks.

The financial resources of state authorities and local self-government are budget revenues, which include:

Types of FR - these are those specific forms of income, income and savings that are formed by business entities and government entities as a result of financial distribution. They are: depreciation, profit of the organization, tax revenues, insurance payments, funds directed to charity, funds sent to banks as deposits, Investments, Income from foreign trade, etc.

The economy can develop efficiently and sustainably only in accordance with the main macroeconomic proportion (between consumption and accumulation) to the natural level, determined by the socio-economic conditions of social production (the development of productive forces, the specific needs of society, etc.). In this case, the proportions of the redistribution of the gross domestic product are consistent with the proportions of its primary distribution and lead to the formation of final incomes that correspond to the structure of its use, i.e. provide a balance between the material and financial and cost aspects of the national production process.

The macroeconomic category "financial resources" makes sense when society moves to the regulation of economic development and there is a need to ensure a balance of material and financial flows.

Directions for the use of financial resources by business entities, public authorities and local governments. Ways to improve the efficiency of the use of financial resources.

The most important directions of spending the financial resources of the state:

public investment,

Payment of state reserves,

Financing of budgetary organizations,

Expenses for social needs, for servicing internal and external debt, state subsidies, subsidies, subventions,

Contributions to world organizations,

Assistance to foreign countries

Costs for the acquisition, redemption of property, etc.

State financial resources are divided into the resources of the federation and the resources of the subjects of the federation, while the sources of income and channels for spending each of these types of resources are distinguished in absolute terms or in shares of funds.

Local resources form a relatively independent part of the financial resources.

Ways to increase financial resources:

1. External loans - attraction of financial resources of other states.

2. A peculiar source of financial resources - money issue. (Issue is such a release of money into circulation, which leads to a general increase monetary masses)

Reserves for increasing financial resources: an increase in their real volume and their rational use. In addition to the flight of a large part of the capital abroad, Russia provides very solid assistance to other countries. Which indicates an irrational distribution of RF.

One of the specific features of finance is that financial relations are always associated with the formation of cash income and savings, which always acquire a specific form of financial resources. in Financial resources- these are cash funds formed by the state, business entities and the population and are at their disposal. Financial resources characterize the financial condition of the economy and at the same time are a source of its development, are formed at the expense of various types of cash income, receipts and deductions, and are used for expanded reproduction, material incentives, satisfaction of social and other needs of society.

The financial resources of the state is an integral system of social relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to fulfill the tasks and functions of the state.

They come in two forms:

- centralized financial resources, which are formed at the state level in the course of its financial activities;

- decentralized financial resources, which are formed at the level of economic entities to ensure their economic activities and at the level of households to ensure proper living conditions for household members and their reproduction.

Consequently, the financial resources that exist in the state are accumulated at three levels of the economic system. Funds of financial resources are accumulated primarily on microlevel, that is, within households. In this case, the source of their formation can be both the financial resources of the sphere of public finance and the financial resources of entrepreneurship. That is, financial resources at the micro level are accumulated as a result of the creation of GDP, and as a result of their redistribution. At this level, financial resources take the form of savings and deposits in the banking system.

On the mesolevel financial resources are accumulated by business entities and is a direct consequence of the new distribution of the created GDP. The financial resources of business entities are in the form of funds and capital of business entities.

On the macro level the financial resources of the state are the result of the distribution, redistribution and centralization of GDP and are in the form of budgetary and extrabudgetary funds of financial resources. Public finances consist, firstly, of the actual public finances, secondly, of regional finances, and thirdly, of local finances. The basis of these types of public finances are the relevant budgets - federal, regional, local, which are monetary funds for the formation and use of financial resources of certain levels of government structures.

The main sources of formation of the state's cash income are: taxes (on income, goods and services, capital, land, property or other types of real estate); various fees (fees for visas, fees for various permits and signatures, license fees, etc.); so-called non-tax sources (subsidies, loans through the issuance and placement of bonds, income from the lottery, income from state entrepreneurial activities, etc.).

According to the forms of origin, state financial resources are divided into accumulation resources (profit, social contributions, depreciation) and secondary distribution and redistribution resources (direct and indirect taxes, income from foreign economic activity, increase in long-term deposits, etc.). There is an inverse relationship between the distribution of the financial resources of the state and the sources of formation: the greater part of the resources in the state is formed as accumulation resources, the smaller part of them is formed as a result of distribution and redistribution. However, this dependence is not direct: for example, when depreciation charges only reflect the simple reproduction of the value of fixed assets, then the amount of accumulation resources in the state as a whole will be insignificant.

The main sources of distribution resources are taxes and profits. Profit directly depends on the amount of depreciation: the smaller the amount of depreciation, the greater the amount of profit and income tax.

The financial activity of any state is aimed at solving two main tasks: first, to collect the funds provided for by the state budget and distribute them according to public needs; secondly, to control the legality of the collection, distribution and use of public funds. The state carries out its financial activities with the help of appropriate methods, which are a set of techniques and methods by which the authorized bodies of the state form, manage and use funds of funds on their own behalf.

Methods of financial activity are divided into three groups:

1) methods of formation of financial resources;

2) methods of distribution of financial resources;

3) methods of using financial resources. Methods for the formation of financial resources are:

- a mandatory method of mobilizing financial resources, is the leading method and consists in the forced and gratuitous withdrawal of part of the funds from their owners in favor of the state. The most common types of mandatory payments are taxes, as well as various government fees;

- voluntary method of mobilizing financial resources, which consists mainly in dispositive ways to ensure financial receipts and lending mechanisms. This method assumes the absence of an imperative (command) from the state during the implementation of payments and is implemented through state lotteries, issuance of government bonds, other securities, voluntary donations of individuals and legal entities, and the like.

Methods of distribution of financial resources:

- financing method, which means irrevocable, gratuitous, targeted, planned release of funds from the centralized fund, carried out on the basis of approved financial plans;

- method of lending, which consists in the allocation of funds on the basis of the intended purpose, payment, repayment and urgency.

Financing methods are divided into subspecies depending on certain characteristics, for example, on the purpose of using funds, sources of their formation, organizational and legal regimes, object, subjects, and the like.

So, if financial resources are allocated from the state budget, then this budget financing; when allocating funds from departmental funds, for example, funds of ministries) financing becomes departmental; allocation of funds from trust funds is funding from trust funds.

Depending on the entity that receives monetary resources, and the conditions for their receipt, allocate:

- grant - assistance provided to enterprises, institutions and organizations to cover losses caused by reasons beyond their control. Various types of subsidies are used in the financial activities of the state. Budget subsidy - this is gratuitous, non-refundable assistance from the budget of a higher level to the budget of a lower one, which is not of a targeted nature and is provided in case of excess of expenses over income. Also used in budgeting equalization grant^ that is, an interbudgetary transfer to equalize the revenue capacity of the budget that receives it;

- subvention - an inter-budgetary transfer for use with a specific purpose in the manner determined by the body that made the decision to provide a subvention. From a legal point of view, a subvention is a budget subsidy that is targeted. The subvention is used as a method of budgetary regulation in order to balance the budgets of the lower level and is provided with a clearly defined purpose as partial state financial assistance for programs and activities aimed at supporting the legally guaranteed minimum social security for the population of regions where such a minimum is not provided by their own budget revenues for independent them the reasons for economic development;

- subsidy - targeted financial assistance provided by the state at the expense of the budget, as well as special funds to legal entities and individuals, local government bodies, and other states. In budgetary activities, the subsidy is used to balance regional and local budgets, strengthen their revenue base and is always transferred irrevocably and free of charge from higher levels of the budget system to lower levels to finance specific activities and institutions, that is, it has a target character.

Methods of using financial resources:

- the method of establishing the intended purpose of state funds of funds, which lies in the fact that the state, when forming the financial system, simultaneously determines the monetary funds and the directions of their use. Thus, having created the Pension Fund of Ukraine, the state determined its purpose, fixing in the normative acts the tasks and functions of this fund;

- a method for determining the procedure for the use of funds received from the relevant fund, is that the funds received from the state fund always have their purpose and can be spent only for the purposes for which they are allocated;

- a method for establishing the procedure for distributing the profits of state economic entities, with the help of which the state determines the nature of the use of these revenues and, accordingly, provides public funds for the intended purpose;

- the method of setting financial standards and limits for the use of funds by the competent authorities, thanks to which the state establishes minimum and maximum limits, as well as the amount of allocation and expenditure of funds in a certain direction.

The use of methods for the formation, distribution and use of financial resources is determined by the content and nature of social relations that are regulated by the state.

Consider the formation of financial resources in the economic entities of the state.

Financial resources are the totality of all funds and receipts at the disposal of an economic entity.

At the enterprise level, financial resources are used to form special-purpose funds (wage fund, production development fund, material incentive fund, etc.), fulfill obligations to the state budget, banks, suppliers, insurance authorities and other enterprises. Financial resources are also used to finance the costs of purchasing raw materials, materials, wages, etc.

Financial resources of enterprises are formed at the expense of own funds of enterprises and borrowed funds. The main source of formation of financial resources in the enterprise is profit.

Profit is the monetary expression of savings created by enterprises of any form of ownership. How eco- 64

Profit has two functions:

the main source of financial resources for expanded reproduction;
source of state budget revenues.

The economic interests of the state, business entities and each employee are concentrated in profit. Profit characterizes all aspects of the financial and economic activities of enterprises, so the growth of profits of economic entities indicates an increase in financial reserves and strengthening the financial system of the state.

The end result of the production and financial and economic activities of economic organizations is the receipt of balance sheet profit, which includes profit from the production and sale of the main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-operating operations (fines, penalties, penalties and etc.).

Along with profit, enterprises have other sources of financial resources formation.

The structure and sources of financial resources of the enterprise are shown in fig. 3.1.

As the economy transitions to market relations, the point of view on the formation of financial relations is gradually changing. However, the principles of organizing the finances of enterprises have a certain stability.

The general principles for organizing financial resources are as follows:

Principle 1. Financial resources at enterprises are formed from their own and borrowed funds.

The initial creation of own financial resources occurs at the time of the establishment of an enterprise (organization), when an authorized fund (authorized capital) is formed.

The sources of formation of the statutory fund, depending on the organizational and legal forms of enterprises, can be:

Rice. 3.1.

share capital (in joint-stock companies);
share contributions of members (in consumer societies, production cooperatives);
sectoral financial resources (in enterprises and unions);
long-term credit (in organizations of any form of ownership);
budget funds (at state and municipal enterprises).

The main sources of financial resources at operating enterprises are the proceeds from sold products (works, services), which generate gross income and profit, as well as depreciation charges. Partially they are formed at the expense of receipts in the order of redistribution of funds (insurance compensation, dividends, budgetary funds).

principle 2. The financial activities of enterprises are planned for the coming financial year, taking into account the indicators and results of activities for the past period and forecasts for the coming period. Some economists believe that the preparation of financial plans in market conditions is not necessary. However, it can be argued that in the current conditions of transition to a market economy, financial plans are needed primarily for the enterprises themselves.

The purpose of drawing up financial plans is to determine possible financial resources, capital and reserves based on forecasting the volume of economic activity, income and expenses. The plans include the creation of financial reserves and deductions to centralized funds. The plans reflect the direction of financial resources to finance working capital in the core business and to finance investment activities (formation of a capital investment fund).

Principle 3. Ensuring the safety of own working capital. It is assumed that working capital should be kept in full. If the amount of working capital decreases, the company may lose financial stability and eventually become bankrupt.

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Most of the state's financial resources are accumulated in Topic: Financial resources of the state

Financial resources, their types, sources, growth factors

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