Control work oil and gas deficit of the federal budget and oil and gas transfer. Non-oil and gas deficit The non-oil and gas deficit of the federal budget is
Introduction………………………………………………………………………………....2
main parameters federal budget………………………………….....3
The oil and gas deficit of the federal budget and the oil and gas transfer..…5
Accounting and reporting on operations with oil and gas revenues of the federal budget………………………………………………………………………………………..8
Formation of a reserve fund and a fund national welfare…..12
Conclusion…………………………………………………………………………….....21
List of used literature
Introduction.
The oil and gas sector will slow down economic growth in Russia in the near future. This opinion was expressed by the former Minister of Finance of the Russian Federation Alexei Kudrin at the Gaidar Forum. “In the coming years, oil and gas production will not grow at the same rate as the average growth rate of our economy, i.e. 4-5% per year, production will be significantly lower. Thus, oil and gas in the near future will be a brake on economic growth, that is, the share of this sector, its weight will affect the decline in the average level.”
At the same time, the share itself (of the oil and gas sector in the economy) will fall even regardless of our efforts, and if in the mid-2000s the share of the oil and gas sector was about 25%, before the crisis it was about 20%, now it is 17%, and in 2012 will be 12%.
At the same time, according to the head of the Ministry of Finance, the economic growth at the level of 4-5% per year is insufficient for Russia, since in this case the country will not be able to maintain its share in the global economy. “For us, being a growing country means ensuring economic growth above 4-5%,” he said, noting that economic growth below 5% does not allow talking about modernization.
Main parameters of the federal budget
Indicator |
|||||
Billion rub. |
|||||
Income, total |
8 305,4 |
11 211,3 |
11 779,9 |
12 705,9 |
14 091,8 |
Including: |
|||||
oil and gas |
3 830,7 |
5 579,3 |
5 574,9 |
5 645,8 |
6 127,2 |
non-oil and gas |
4 474,7 |
5 632,0 |
6 205,0 |
7 060,1 |
7 964,6 |
Expenses, total |
10 117,5 |
11 019,4 |
12 656,4 |
13 730,6 |
14 582,9 |
Including: |
|||||
280,3 |
266,6 |
388,4 |
482,3 |
579,2 |
|
Conditionally approved expenses |
- |
- |
- |
343,3 |
833,6 |
deficit |
-1 812,1 |
192,0 |
-876,6 |
-1 024,7 |
-491,1 |
% of GDP |
|||||
Income, total |
18,5 |
21,0 |
20,1 |
19,6 |
19,4 |
Including |
|||||
oil and gas |
8,5 |
10,5 |
9,5 |
8,7 |
8,4 |
non-oil and gas |
10,0 |
10,6 |
10,6 |
10,9 |
11,0 |
Expenses, total |
22,5 |
20,7 |
21,6 |
21,2 |
20,1 |
Including |
|||||
Servicing the public debt |
0,4 |
0,5 |
0,7 |
0,7 |
0,8 |
Conditionally approved expenses |
- |
- |
- |
0,5 |
1,1 |
deficit |
-4,0 |
0,4 |
-1,5 |
-1,6 |
-0,7 |
The main requirement for the budget policy is the guaranteed fulfillment of the undertaken expenditure commitments, the maintenance of a long-term balance of income and expenditure, the formation of budget expenditures based on the priorities and planned results of the state policy.
The main parameters of the federal budget for 2012 and for the planned period of 2013 and 2014 are formed on the basis of the socio-economic development forecast Russian Federation for 2012-2014 and are in line with the main provisions of the Budget Message, including the need for a consistent reduction in the size of the federal budget deficit.
In 2012-2014, federal budget revenues are expected to decrease from 21.0% of GDP in 2011 to 20.1% in 2012, with a further decline by 2014 to 19.4% of GDP. Such dynamics is due to a decrease in federal budget oil and gas revenues from 10.5% of GDP in 2011 to 8.4% of GDP in 2014, while non-oil and gas revenues increase by 0.4% of GDP compared to 2011 and in 2014 reach 11.0% of GDP.
The decrease in the projected receipt of oil and gas revenues as a percentage of GDP in 2012-2014 is due to lower growth rates of the price of Urals oil, the US dollar against the ruble, taxable hydrocarbon production and exports of oil and petroleum products compared to the growth rates GDP.
The increase in non-oil and gas revenues of the federal budget to GDP in 2012-2014 compared to 2011 is mainly due to the projected increase in revenues from value added tax and excises.
Oil and gas revenues of the federal budget
The oil and gas deficit of the federal budget and the oil and gas transfer
Article 96.7. of the Budget Code of the Russian Federation introduces the concept of the oil and gas deficit of the federal budget, which is the difference between the volume of federal budget revenues excluding oil and gas revenues of the federal budget and revenues from the management of funds Reserve Fund and the National Wealth Fund and the total volume of federal budget expenditures in the corresponding financial year.
In other words, the oil and gas deficit of the federal budget is the excess of federal budget expenditures over federal budget revenues that are not oil and gas revenues and revenues from the management of the Reserve Fund and the National Welfare Fund. Or more simply - the difference between revenues that do not depend on oil and gas, and expenses.
In paragraph 1 of Art. 92 of the Budget Code, it is established that the federal budget deficit, approved by the federal law on the federal budget for the next fiscal year and the planning period, cannot exceed the size of the oil and gas deficit of the federal budget.
As noted in the explanatory note to the indicators of the draft law on the federal budget for 2008-2010, an important factor that must be taken into account when assessing the principles budget policy in the long term, is the upcoming decline in budget revenues from the oil and gas sector as a result of the following trends:
1) in the next few decades, the physical volume of production and export of oil and gas will be much inferior to the growth rate of GDP, amounting to no more than 2% per year. This will lead to a reduction in the share of the oil and gas sector in GDP. According to the estimates of the Russian Ministry of Economic Development, this share is declining from 21% in 2006 to 14.9% in 2010. The downward trend in the oil and gas sector in GDP will continue in subsequent years;
2) continued appreciation of the ruble in the medium term (albeit at a slower pace than in previous years);
3) the projected decline in oil prices from $61 in 2006 and $55 in 2007 to $50 in 2010.
As a result, oil and gas revenues of the federal budget are significantly reduced. Thus, if in 2007 oil and gas budget revenues are estimated at 8.2% of GDP, then in 2010 they are reduced to 5.3% of GDP.
According to the long-term forecast, by 2025, federal budget revenues may be reduced due to the above factors (even if relatively high oil prices remain - $40–50 in 2006 prices) to a level of less than 4% of GDP. The shortfall in revenues will only marginally be offset by an increase in the oil and gas revenue base and a planned increase in tax collection. Thus, the expected revenues of the federal budget under the current tax legislation fall from the current level by about 4.5 points of GDP by 2020, which will require a set of measures related to increasing the tax burden, cutting spending and a sharp increase in public debt.
Using the concept of "oil and gas balance of the budget" will ensure a stable level of government spending regardless of fluctuations in the external environment and maintain long-term macroeconomic stability.
The norm of paragraph 2 of the article, according to which the oil and gas deficit of the federal budget cannot exceed 4.7% of GDP, is fixed taking into account the norm of paragraph 2 of Art. 96.8 of the Budget Code, according to which the amount of the oil and gas transfer for the corresponding financial year is approved in absolute terms, calculated as 3.7% of GDP, and the norms of paragraph 3 of Art. 94 of the Budget Code, according to which the total volume of sources of financing the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of GDP. Moreover, both the norm of paragraph 2 of Article 96.8, and the norm of paragraph 2 of Art. 96.8 of the Code shall enter into force only from January 1, 2011.
Taking into account the transitional provisions of Law No. 63-FZ of 2007, the oil and gas deficit of the federal budget should not exceed: 7.1% of GDP in 2008, 6.5% of GDP in 2009 and 5.5% of GDP in 2010. With this Law on the federal budget for 2008-2010. adopted on the basis of the planned oil and gas budget deficit of 6.6% of GDP in 2008, 5.9% of GDP in 2009 and 5.3% of GDP in 2010.
3. The sources of financing the oil and gas deficit of the federal budget in accordance with clause 3 of Article 96.8 are the oil and gas transfer (ie, oil and gas revenues of the federal budget and the funds of the Reserve Fund) and sources of financing the federal budget deficit.
The amount of the oil and gas transfer is established in the manner prescribed by Art. 96.8 of the Budget Code. Taking into account the norm of paragraph 3 of Art. 94 of the Code, the size of other sources of covering the oil and gas deficit of the federal budget cannot exceed 1% of GDP (when the Law on the Federal Budget for 2008-2010 was adopted, the size of other sources, other than the oil and gas transfer, was planned as 0.5-0.8% of GDP).
Clause 1 of Article 96.8 of the Budget Code defines the concept of "oil and gas transfer": part of the federal budget funds used to finance the federal budget's oil and gas deficit at the expense of federal budget oil and gas revenues and the Reserve Fund. Moreover, the Reserve Fund in accordance with paragraph 1 of Art. 96.9 of the Code is used for oil and gas transfer only in case of insufficient oil and gas revenues for these purposes. In accordance with paragraph 2 of Art. 199 of the Code, the volume of the oil and gas transfer is one of the main characteristics of the federal budget.
In accordance with paragraph 2 of Article 96.8, the amount of the oil and gas transfer for the corresponding financial year is subject to approval in absolute terms by the federal law on the federal budget for the next financial year and planning period.
At the same time, it was established that the absolute size of the oil and gas transfer for the financial year is calculated as 3.7% of GDP. In conjunction with this norm are the provisions of paragraph 2 of Art. 96.7 of the Code, according to which the oil and gas deficit of the federal budget cannot exceed 4.7% of GDP, and paragraph 3 of Art. 94 of the Code, according to which the total volume of sources of financing the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of the projected GDP.
The norms of paragraph 2 of Article 96.8 and paragraph 2 of Art. 96.7 of the Code shall enter into force only from January 1, 2011. Before this date, the volume of oil and gas transfer in accordance with the Law of 2007 N 63-FZ is approved by the federal law on the federal budget for the next financial year and planning period in an amount not exceeding:
in 2008 - 6.1% of the projected volume of GDP for 2008;
in 2009 - 5.5% of the projected volume of GDP for 2009;
in 2010 - 4.5% of the projected volume of GDP for 2010.
IN explanatory note to the indicators of the draft law on the federal budget for 2008-2010. it was pointed out that the maximum annual transfer of 3.7% of GDP allows, on the one hand, to maintain a fairly high and stable level of budget expenditures, even at low oil prices, and on the other hand, corresponds to the goal of creating the National Wealth Fund - ensures stability budget policy and allows you to maintain the Reserve Fund in case of sharp price fluctuations, and in favorable scenarios - and accumulate funds in the National Welfare Fund. Taking this into account, it was proposed to fix the volume of oil and gas transfers in the amount of 3.7% of GDP in the long term, and in the "transitional period" in 2008-2010. - with a decrease from 6.1% to 4.5% in proportion to the decrease in oil and gas revenues (see commentary to Article 96.6 of the Code) by about a quarter (from 6.8 to 5.2% of GDP). At the same time, it was noted that maintaining a higher level of transfer (4.5% and 5% of GDP) in the long term leads to the fact that in the next ten years there will be a significant expenditure of previously accumulated funds, even at an average level of oil prices.
For 2008 - 2010 the volume of the oil and gas transfer was approved for 2008 in the amount of 2135.0 billion rubles, for 2009 and 2010. - 2103.6 billion rubles. and 2016.0 billion rubles. respectively.
Accounting and reporting on operations with oil and gas revenues of the federal budget
Clause 1 of Article 96.12 of the Budget Code prescribes that oil and gas revenues from the federal budget, the Reserve Fund and the National Wealth Fund be kept in separate accounts for federal budget funds opened by the Federal Treasury with the Bank of Russia. Separate accounting of oil and gas (raw) and oil and gas revenues of the federal budget is an integral part of the methodology "oil and gas balance" to be used in budget planning in accordance with the commented chapter.
In accordance with clause 2 of Article 96.12 of the Budget Code, the balance of federal budget funds at the beginning of the current financial year is used in the amount of oil and gas revenues in December of the reporting financial year (It is also referred to in clause 4 of Article 94 of the Code, which determines the procedure for using the balance of funds federal budget at the beginning of the current financial year).
Funds are to be credited to the Reserve Fund. If at the same time the accumulated amount of the Reserve Fund reaches its standard value, established in accordance with paragraph 2 of Art. 96.9 of the Code, then the funds in terms of this excess shall be credited to the National Wealth Fund. The balance of funds must be credited before February 1 of the current financial year.
In accordance with paragraph 3 of Article 96.12, the Ministry of Finance of Russia performs calculations and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, funds from the Reserve Fund and the National Wealth Fund. The procedure for such settlements and transfers shall be established by the Government of the Russian Federation.
Accounting for transactions with oil and gas revenues of the federal budget, funds of the Reserve Fund and funds of the National Wealth Fund in accordance with paragraph 4 of the commented article is carried out in the same manner that is established for accounting for transactions with federal budget funds.
For operations involving the use of oil and gas revenues of the federal budget, as well as for the reflection of revenues from the management of the Reserve Fund and the National Wealth Fund, separate codes for classifying budget revenues of the Russian Federation have been allocated. In addition, separate codes have been allocated for transactions with funds from oil and gas revenues of the federal budget, funds from the Reserve Fund and the National Wealth Fund as part of the classification of sources of financing budget deficits in the Russian Federation.
Clause 5 of Article 96.12 of the Budget Code establishes the procedure for reporting on transactions with oil and gas revenues of the federal budget:
transactions with oil and gas revenues of the federal budget, with the resources of the Reserve Fund and the resources of the National Welfare Fund are subject to reflection in the report on the execution of the federal budget;
The Government of the Russian Federation is obliged to draw up and submit as part of reporting on the execution of the federal budget to the State Duma and the Federation Council quarterly and annual reports on the receipt and use of oil and gas revenues of the federal budget, the formation and use of the resources of the Reserve Fund and the National Welfare Fund, as well as quarterly and annual reports on the management of the funds of these funds.
Paragraph 6 of Article 96.12 in the development of the enshrined in Art. 36 of the Code of the principle of transparency (openness) imposes on the Ministry of Finance of Russia the obligation to publish information on a monthly basis:
on the receipt and use of oil and gas revenues of the federal budget in the reporting month;
on the value of the assets of the Reserve Fund and the National Wealth Fund at the beginning of the reporting month, the transfer of funds to these funds, their placement and use in the reporting month.
Information message on the use of oil and gas revenues of the federal budget dated 02.11..2009.
In accordance with the Budget Code of the Russian Federation, in October 2009 the oil and gas revenues of the federal budget for September 2009 in the amount of 360.57 billion rubles were transferred to the federal budget account. In accordance with Decree of the Government of the Russian Federation of December 17, 2007 No. 892 "On settlements and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, the resources of the Reserve Fund and the National Wealth Fund?" these oil and gas revenues were used to ensure the oil and gas transfer in full. In October 2009, there was no use of the Reserve Fund to ensure oil and gas transfers and balance the federal budget.
As of November 1, 2009, the total amount of the Reserve Fund amounted to 2,242.09 billion rubles, which is equivalent to 77.18 billion US dollars. As of November 1, 2009, the balances on separate accounts for the accounting of the Reserve Fund amounted to:
· 32.89 billion US dollars;
· 23.07 billion euros;
· £5.15 billion.
As of November 1, 2009, the reserve position of the Russian Federation in the IMF, formed at the expense of the Reserve Fund, amounted to 991.94 million SDRs.
The total estimated income from placement of funds of the Reserve Fund, recalculated in US dollars, for the period from January 15, 2009 to October 31, 2009 amounted to 1.57 billion US dollars, which is equivalent to 45.54 billion rubles. Estimated amounts of interest income from the placement of the fund's resources on separate accounts in foreign currency amounted to (in the currency of the account and the ruble equivalent): 0.29 billion US dollars (8.37 billion rubles); 0.70 billion euros (29.95 billion rubles); 0.15 billion pounds (7.23 billion rubles). The exchange rate difference from the revaluation of the balances on the accounts for the accounting of the Reserve Fund in foreign currency for the period from January 15, 2009 to October 31, 2009 amounted to a positive value - 23.94 billion rubles.
In accordance with the Decree of the Government of the Russian Federation dated January 19, 2008 No. 18 "On the procedure for managing the funds of the National Wealth Fund?" from the account for the National Wealth Fund for placement on deposits during
As of November 1, 2009, Vnesheconombank transferred 572.79 billion rubles, of which:
284.34 billion rubles - for deposits with a maturity date no later than December 31, 2019 and interest rate 7% per annum (in October 2009 - 16.99 billion rubles);
· 103.44 billion rubles - in October 2009 for deposits with a maturity date no later than December 25, 2020 and an interest rate of 8.5% per annum;
· 175.00 billion rubles - for a deposit with a term of up to October 21, 2013 and an interest rate of 7% per annum;
· 10.00 billion rubles - for a deposit with a term of up to December 25, 2017 and an interest rate of 8.5% per annum.
In October 2009, 4.64 billion rubles were credited to the National Wealth Fund's account and then converted into foreign currency from the placement of the Fund's funds on deposits with Vnesheconombank. These conversion operations were carried out in accordance with the previously approved currency structure at the official foreign exchange rates set by the Bank of Russia on the date of their execution and did not affect the foreign exchange market.
As of November 1, 2009, the total volume of the National Wealth Fund amounted to 2,712.56 billion rubles, which is equivalent to 93.38 billion US dollars. As of November 1, 2009, the fund balances were:
1) on separate accounts for the accounting of funds of the National Welfare Fund with the Bank of Russia:
· 32.43 billion US dollars;
· 23.15 billion euros;
· £4.19 billion;
2) on deposits with Vnesheconombank:
· 572.79 billion rubles.
The total estimated income from placement of funds of the National Welfare Fund, recalculated in US dollars, for the period from January 15, 2009 to October 31, 2009 amounted to 1.13 billion US dollars, which is equivalent to 32.87 billion rubles. Estimated amounts of interest income from the placement of the fund's funds on separate accounts in foreign currency amounted to (in the currency of the account and the ruble equivalent): 0.26 billion US dollars (7.47 billion rubles); 0.48 billion euros (20.72 billion rubles); 0.10 billion pounds (4.68 billion rubles). The exchange rate difference from the revaluation of the balances on the accounts for the accounting of funds of the National Wealth Fund in foreign currency for the period from January 15, 2009 to October 31, 2009 amounted to a negative value - (-) 54.44 billion rubles.
The indicators of the total volume of the Reserve Fund and the National Welfare Fund, as well as the estimated income from the placement of funds, are calculated at the official foreign exchange rates set by the Bank of Russia on the date preceding the reporting date, and cross rates calculated on the basis of these rates.
Formation of a reserve fund and a national wealth fund
reserve fund
The reserve fund is part of the federal budget. The fund is designed to ensure that the state fulfills its spending obligations in the event of a decrease in oil and gas revenues to the federal budget. The Reserve Fund contributes to the stability of the country's economic development by reducing inflationary pressures and reducing the dependence of the national economy on fluctuations in revenues from the export of non-renewable natural resources.
The Reserve Fund actually replaced the Stabilization Fund of the Russian Federation. In contrast to the Stabilization Fund of the Russian Federation, in addition to federal budget revenues from oil production and exports, the sources for the formation of the Reserve Fund are also federal budget revenues from gas production and exports.
Since 2008, oil and gas revenues have been accounted for separately from other federal budget revenues. Oil and gas revenues of the federal budget are formed from:
- tax on the extraction of minerals in the form of hydrocarbon raw materials (oil, combustible natural gas from all types of hydrocarbon deposits, gas condensate from all types of hydrocarbon deposits);
- export customs duties on crude oil;
- export customs duties on natural gas;
- export customs duties on goods produced from oil.
A certain part of these oil and gas revenues in the form of an oil and gas transfer is annually directed to finance federal budget expenditures. The amount of the oil and gas transfer is approved by the federal law on the federal budget for the next financial year and planning period. After the formation of the oil and gas transfer in full, oil and gas revenues go to the Reserve Fund.
The normative value of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and the planning period in the absolute amount, determined on the basis of 10% of the volume of the gross domestic product. After filling the Reserve Fund to the specified amount, oil and gas revenues are sent to the National Welfare Fund.
Another source of formation of the Reserve Fund is income from the management of its funds. From January 1, 2010 to February 1, 2012, income from the management of the Reserve Fund is not credited to the Fund, but is directed to financial security federal budget spending.
Management of the Reserve Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the Reserve Fund may be exercised by the Central Bank of the Russian Federation.
Management of the Reserve Fund can be carried out in the following ways (both individually and simultaneously):
1) by acquiring foreign currency at the expense of the Fund and placing it on the accounts of the Reserve Fund in foreign currency (US dollars, euros, pounds sterling) in central bank Russian Federation. For the use of funds on these accounts, the Central Bank of the Russian Federation pays the interest established by the bank account agreement;
2) by placing the Fund's funds in foreign currency and financial assets denominated in foreign currency, the list of which is determined by the legislation of the Russian Federation.
The Government of the Russian Federation establishes the maximum share of permitted financial assets in the total amount of placed funds of the Reserve Fund. In order to improve the efficiency of management of the Reserve Fund, the Ministry of Finance of the Russian Federation is authorized to approve the regulatory shares of permitted financial assets in the total volume of placed funds of the Reserve Fund within the appropriate shares established by the Government of the Russian Federation.
Allowed: financial assets defined by the Budget Code of the Russian Federation, limit shares established by the Government of the Russian Federation, regulatory shares approved by the Ministry of Finance of Russia, debentures foreign governments, debt obligations of foreign government agencies and central banks
debt obligations of international financial institutions, including securities, deposits in foreign banks and credit institutions.
In accordance with the powers granted by the Government of the Russian Federation, the Ministry of Finance of the Russian Federation approved:
1. normative currency structure of the Reserve Fund in the following composition: US dollar - 45%; euro - 45%; pound sterling - 10%.
2. current maturities to maturity of issues of debt obligations of foreign countries, debt obligations permitted for placement of the Reserve Fund: a) for debt obligations denominated in US dollars and euros: minimum maturity - 3 months, maximum maturity - 3 years ; b) for debt instruments denominated in pounds sterling: minimum maturity - 3 months, maximum maturity - 5 years.
The terms specified above are valid at the time of acquisition at the expense of the Reserve Fund of debt obligations or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on balances Money on accounts for recording the funds of the Reserve Fund in permitted foreign currencies opened by the Federal Treasury in the Central Bank of the Russian Federation.
The resources of the Reserve Fund can be used to finance the oil and gas transfer and early repayment state external debt.
The use of the resources of the Reserve Fund for the formation of the oil and gas transfer is carried out without amending the federal law on the federal budget for the next financial year and the planned period in case of insufficient oil and gas revenues of the federal budget received for the corresponding financial year for these purposes.
The maximum amount of use of the Reserve Fund for financial support of the oil and gas transfer is approved by the federal law on the federal budget for the next financial year and planning period. The use of the Reserve Fund to finance oil and gas transfers during periods of unfavorable global energy prices allows for a balanced budget policy, ensuring stable socio-economic development of the country, reducing its dependence on fluctuations in world commodity markets.
The use of the Reserve Fund for the early repayment of the state external debt of the Russian Federation is focused on reducing the debt burden of the federal budget due to unplanned federal budget revenues and saving federal budget funds by reducing the cost of servicing the debt obligations of the Russian Federation.
From 2009 to 2012, a special procedure for using the resources of the Reserve Fund is in force, according to which the Government of the Russian Federation has the right, without amending the federal law on the federal budget, to use the funds of the fund to make payments that reduce debt obligations, reduce borrowing and ensure the balance of the federal budget (including financial support for the oil and gas transfer), including in excess of the total volume of federal budget expenditures in the event and within the limits of an increase in federal budget allocations for the provision of interbudgetary transfers in order to balance the budgets of state extra-budgetary funds of the Russian Federation.
In the process of executing the federal budget, the Accounts Chamber of the Russian Federation takes control measures to verify the formation, use and management of the Reserve Fund. The Accounts Chamber of the Russian Federation quarterly submits to the Federal Assembly of the Russian Federation an operational report on the implementation of the federal budget, which provides actual data on the formation of income and expenses incurred, including the formation, use and management of the Reserve Fund.
national wealth fund
The National Wealth Fund is part of the federal budget. The Fund is intended to become part of a sustainable mechanism for providing pensions to citizens of the Russian Federation for the long term. The objectives of the National Welfare Fund are to provide co-financing for voluntary pension savings citizens of the Russian Federation and ensuring balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation.
After the formation of the oil and gas transfer in full, oil and gas revenues go to the Reserve Fund. The normative value of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and planning period in an absolute amount, determined on the basis of 10% of the volume of gross domestic product forecast for the corresponding year. After filling the Reserve Fund to the specified amount, oil and gas revenues are sent to the National Welfare Fund.
Another source of formation of the National Welfare Fund is the income from the management of its funds.
From January 1, 2010 to February 1, 2012, income from the management of the funds of the National Welfare Fund is not credited to the Fund, but is directed to financial support for federal budget expenditures.
Oil and gas revenues from the federal budget, the Reserve Fund and the National Welfare Fund are accounted for in separate accounts for the federal budget funds opened by the Federal Treasury with the Central Bank of the Russian Federation.
Calculations and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, the resources of the Reserve Fund and the National Welfare Fund are carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.
The management of the funds of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Separate powers to manage the resources of the National Wealth Fund may be exercised by the Central Bank of the Russian Federation. In the case of attracting specialized financial organizations to exercise certain powers to manage the funds of the National Wealth Fund, the procedure for attracting these organizations
etc.................
"...1. The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Welfare Fund, and the total volume of federal budget expenditures in the corresponding financial year.
2. The federal budget's non-oil and gas deficit may not exceed 4.7 percent of the gross domestic product projected for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period.
3. The non-oil and gas deficit of the federal budget is financed by the oil and gas transfer and sources of financing the federal budget deficit ... "
A source:
"Budget Code of the Russian Federation" dated July 31, 1998 N 145-FZ (as amended on December 3, 2012)
- - the excess of budget expenditures over its revenues ...
Border Dictionary
- - sequentially performed actions and includes: permission to make a payment; making a payment. F.r.f.b. carried out by the Federal Treasury ...
Border Dictionary
- - attraction by the government borrowed money as sources to cover the deficit ...
- - "... budget deficit - the excess of budget expenditures over its revenues;..." Source: "Budget Code of the Russian Federation" dated July 31 ...
Official terminology
- - "...1. are used for financial support of the oil and gas transfer, as well as for the formation of the Reserve Fund and the National Wealth Fund. 2...
Official terminology
- - The amount by which government spending exceeds revenue...
Financial vocabulary
- - in the Russian Federation - federal taxes and fees, the list and rates of which are determined by the tax legislation of the Russian Federation, and the proportions of their distribution in the order of budgetary regulation between the budgets of different levels of the budgetary ...
Financial vocabulary
- - in the Russian Federation - a consolidated budget list compiled by the Ministry of Finance of the Russian Federation and approved by the Minister of Finance of the Russian Federation. transferred for execution to the Federal Treasury. See also: ...
Financial vocabulary
- - "... Cash expense - an operation to write off funds from the account of a federal treasury body in payment for duly accepted monetary obligations recipient of federal budget funds..." Source: <...
Official terminology
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Official terminology
- - "...1...
Official terminology
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Official terminology
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Official terminology
- - "...2.1...
Official terminology
- - the excess of budget expenditures over its revenues. * * * - in the budgetary legislation of the Russian Federation, the excess of budget expenditures over its revenues ...
Big Law Dictionary
"Non-oil and gas federal budget deficit" in books
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11. Budget deficit and surplus
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28. Federal budget revenues
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44. State borrowings of the Russian Federation. Budget deficit
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From the book Budget System of the Russian Federation: lecture notes author Burkhanova NataliaLECTURE No. 13. Budget deficit and sources of its coverage 1. State borrowings of the Russian Federation
15. Budget deficit and surplus
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From the book Budget Code of the Russian Federation. Text with amendments and additions for 2009 author Team of authorsArticle 92.1. Budget deficit of a constituent entity of the Russian Federation, deficit local budget 1. The budget deficit of a constituent entity of the Russian Federation, the local budget deficit for the next financial year (the next financial year and each year of the planning period) is established by law
From the book Budget Code of the Russian Federation. Text with amendments and additions for 2009 author Team of authorsArticle 96.7. Federal budget non-oil and gas deficit 1. The federal budget non-oil and gas deficit is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from fund management
From the book Budget Code of the Russian Federation. Text with amendments and additions for 2009 author author unknownChapter 13. BUDGET DEFICIENCY AND SOURCES OF ITS FINANCING - Federal Law No. 63-FZ dated April 26, 2007. Article 90. Government borrowings
And his income (with the exception of oil and gas).
BC Chapter 13.2 Article 96.7. Non-oil and gas deficit of the federal budget:
- The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Welfare Fund, and the total volume of federal budget expenditures in the corresponding financial year.
- The federal budget's non-oil and gas deficit may not exceed 4.7 percent of the gross domestic product projected for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period.
- The non-oil and gas deficit of the federal budget is financed by the oil and gas transfer and sources of financing the federal budget deficit.
Sources
- non-oil and gas deficit is the difference between budget expenditures and its revenues (excluding oil and gas)
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Non-oil and gas deficit of the federal budget- 1. The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Fund ... ... Official terminology
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Article 96.7. Budget Code of the Russian Federation Budget Code of the Russian Federation dated July 31, 1998 N 145-FZ (as amended on July 19, 2009) // SZ RF. 08/03/1998. No. 31. Art. 3823. introduces the concept of the oil and gas deficit of the federal budget, which is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Welfare Fund, and the total volume of federal budget expenditures in the corresponding financial year.
In other words, the oil and gas deficit of the federal budget is the excess of federal budget expenditures over federal budget revenues that are not oil and gas revenues and revenues from the management of the Reserve Fund and the National Welfare Fund. Or more simply - the difference between revenues that do not depend on oil and gas, and expenses.
In paragraph 1 of Art. 92 of the Budget Code establishes that the federal budget deficit, approved by the federal law on the federal budget for the next financial year and planning period, cannot exceed the size of the oil and gas deficit of the federal budget.
As noted in the explanatory note to the indicators of the draft Law on the federal budget for 2008-2010, an important factor to be taken into account when assessing the principles of budgetary policy in the long term is the upcoming decline in budget revenues from the oil and gas sector as a result of the following trends:
1) in the next few decades, the physical volume of production and export of oil and gas will be much inferior to the growth rate of GDP, amounting to no more than 2% per year. This will lead to a reduction in the share of the oil and gas sector in GDP. According to the estimates of the Russian Ministry of Economic Development, this share is declining from 21% in 2006 to 14.9% in 2010. The downward trend in the oil and gas sector in GDP will continue in subsequent years;
2) continued appreciation of the ruble in the medium term (albeit at a slower pace than in previous years);
3) the projected decline in oil prices from $61 in 2006 and $55 in 2007 to $50 in 2010.
As a result, oil and gas revenues of the federal budget are significantly reduced. Thus, if in 2007 oil and gas budget revenues are estimated at 8.2% of GDP, then in 2010 they are reduced to 5.3% of GDP See: Commentary on Budget Code Russian Federation (item-by-article) / Ed. A.N. Borisov. M., 2008. S.201.
According to the long-term forecast, by 2025, federal budget revenues may be reduced due to the above factors (even if relatively high oil prices remain - $40–50 in 2006 prices) to a level of less than 4% of GDP. The shortfall in revenues will only marginally be offset by an increase in the oil and gas revenue base and a planned increase in tax collection. Thus, the expected revenues of the federal budget under the current tax legislation will fall from the current level by about 4.5 points of GDP by 2020, which will require a set of measures related to increasing the tax burden, reducing spending and a sharp increase in public debt See: Methodology for the formation of the non-oil and gas balance of the budget of Russia // URL http: // minfin.ru/ru/legislation/. html (November 11, 2009).
Using the concept of "oil and gas balance of the budget" will ensure a stable level of government spending regardless of fluctuations in the external environment and maintain long-term macroeconomic stability.
The norm of paragraph 2 of the article, according to which the oil and gas deficit of the federal budget cannot exceed 4.7% of GDP, is fixed taking into account the norm of paragraph 2 of Art. 96.8 of the Budget Code, according to which the amount of the oil and gas transfer for the corresponding financial year is approved in absolute terms, calculated as 3.7% of GDP, and the norms of paragraph 3 of Art. 94 of the Budget Code, according to which the total volume of sources of financing the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of GDP. Moreover, both the norm of paragraph 2 of Article 96.8, and the norm of paragraph 2 of Art. 96.8 of the Code shall enter into force only from January 1, 2011.
Taking into account the transitional provisions of the Law of 2007 N 63-FZ Federal Law of April 26, 2007 "On Amendments to the Budget Code of the Russian Federation in Part of Regulation budget process and bringing certain legislative acts of the Russian Federation into line with the budgetary legislation of the Russian Federation" No. 63-FZ (as amended on September 22, 2009) // SZ RF. April 30, 2007. No. 18. Article 2117. The oil and gas deficit of the federal budget should not exceed : 7.1% of GDP in 2008, 6.5% of GDP in 2009 and 5.5% of GDP in 2010. At the same time, the Federal Budget Law for 2008-2010 was adopted based on the planned oil and gas budget deficit in 6.6% of GDP in 2008, 5.9% of GDP in 2009 and 5.3% of GDP in 2010.
3. The sources of financing the oil and gas deficit of the federal budget in accordance with clause 3 of Article 96.8 are the oil and gas transfer (ie, oil and gas revenues of the federal budget and the funds of the Reserve Fund) and sources of financing the federal budget deficit.
The amount of the oil and gas transfer is established in the manner prescribed by Art. 96.8 of the Budget Code. Taking into account the norm of paragraph 3 of Art. 94 of the Code, the size of other sources of covering the oil and gas deficit of the federal budget cannot exceed 1% of GDP (when the Law on the Federal Budget for 2008-2010 was adopted, the size of other sources, other than the oil and gas transfer, was planned as 0.5-0.8% of GDP).
Clause 1 of Article 96.8 of the Budget Code defines the concept of "oil and gas transfer": part of the federal budget funds used to finance the federal budget's oil and gas deficit at the expense of federal budget oil and gas revenues and the Reserve Fund. Moreover, the Reserve Fund in accordance with paragraph 1 of Art. 96.9 of the Code is used for oil and gas transfer only in case of insufficient oil and gas revenues for these purposes. In accordance with paragraph 2 of Art. 199 of the Code, the volume of the oil and gas transfer is one of the main characteristics of the federal budget.
In accordance with paragraph 2 of Article 96.8, the amount of the oil and gas transfer for the corresponding financial year is subject to approval in absolute terms by the federal law on the federal budget for the next financial year and planning period.
At the same time, it was established that the absolute size of the oil and gas transfer for the financial year is calculated as 3.7% of GDP. In conjunction with this norm are the provisions of paragraph 2 of Art. 96.7 of the Code, according to which the oil and gas deficit of the federal budget cannot exceed 4.7% of GDP, and paragraph 3 of Art. 94 of the Code, according to which the total volume of sources of financing the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of the projected GDP.
The norms of paragraph 2 of Article 96.8 and paragraph 2 of Art. 96.7 of the Code shall enter into force only from January 1, 2011. Until this date, the volume of oil and gas transfer in accordance with the Law of 2007 N 63-FZ Federal Law of April 26, 2007 "On Amendments to the Budget Code of the Russian Federation in Part of the Regulation of the Budget Process and Bringing Certain Legislative Acts of the Russian Federation in Line with the Budget Legislation of the Russian Federation" No. 63-FZ (as amended on September 22, 2009) // SZ RF. 04/30/2007. No. 18. Art. 2117. Approved by the federal law on the federal budget for the next financial year and planning period in an amount not exceeding:
in 2008 - 6.1% of the projected volume of GDP for 2008;
in 2009 - 5.5% of the projected volume of GDP for 2009;
in 2010 - 4.5% of the projected volume of GDP for 2010.
In the explanatory note to the indicators of the draft law on the federal budget for 2008-2010. it was pointed out that the maximum annual transfer of 3.7% of GDP allows, on the one hand, to maintain a fairly high and stable level of budget expenditures, even at low oil prices, and on the other hand, corresponds to the goal of creating the National Wealth Fund - ensures stability budget policy and allows you to maintain the Reserve Fund in case of sharp price fluctuations, and in favorable scenarios - and accumulate funds in the National Welfare Fund. Taking this into account, it was proposed to fix the volume of oil and gas transfers in the amount of 3.7% of GDP in the long term, and in the "transitional period" in 2008-2010. - with a decrease from 6.1% to 4.5% in proportion to the decrease in oil and gas revenues (see commentary to Article 96.6 of the Code) by about a quarter (from 6.8 to 5.2% of GDP). At the same time, it was noted that maintaining a higher level of transfer (4.5% and 5% of GDP) in the long term leads to the fact that in the next ten years there will be a significant expenditure of previously accumulated funds, even at an average level of oil prices.
For 2008 - 2010 the volume of the oil and gas transfer was approved for 2008 in the amount of 2135.0 billion rubles, for 2009 and 2010. - 2103.6 billion rubles. and 2016.0 billion rubles. respectively See: Commentary on the Budget Code of the Russian Federation (item-by-article) / Ed. A.N. Borisov. M., 2008. S. 203.
(Budget Code of the Russian Federation of July 31, 1998 N 145-FZ)
Export customs duties on natural gas;
- export customs duties on goods produced from oil.
Article 96.7. Non-oil and gas deficit of the federal budget
1. The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget and revenues from the management of the Reserve Fund and the National Wealth Fund, and the total volume of federal budget expenditures in the corresponding financial year.
2. The federal budget's non-oil and gas deficit may not exceed 4.7 percent of the gross domestic product projected for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period.
3. The non-oil and gas deficit of the federal budget is financed by the oil and gas transfer and sources of financing the federal budget deficit.
Article 96.8. Oil and gas transfer
1. An oil and gas transfer is a part of the federal budget funds used to finance the federal budget's non-oil and gas deficit at the expense of federal budget oil and gas revenues and the Reserve Fund.
2. The amount of the oil and gas transfer for the corresponding financial year is approved by the federal law on the federal budget for the next financial year and planning period in the absolute amount calculated as 3.7 percent of the volume of gross domestic product forecast for the corresponding year, specified in the federal law on the federal budget for the next fiscal year and planning period.
Article 96.9. reserve fund
1. The reserve fund is a part of the federal budget funds subject to separate accounting and management in order to carry out an oil and gas transfer in case of insufficient oil and gas revenues to financially support the said transfer.
2. federal law on the federal budget for the next financial year and planning period is established standard value Reserve Fund in the absolute amount, determined on the basis of 10 percent of the volume of gross domestic product forecast for the corresponding financial year, specified in the federal law on the federal budget for the next financial year and planning period.
3. The reserve fund is formed at the expense of:
- oil and gas revenues of the federal budget in excess of the oil and gas transfer approved for the corresponding financial year, provided that the accumulated volume of the Reserve Fund does not exceed its standard value;
- income from the management of the Reserve Fund.
4. In case of insufficient oil and gas revenues to form an oil and gas transfer in the amount specified in paragraph 2 of Article 96.8 of this Code, the federal law on the federal budget for the next financial year and planning period approves the maximum amount of use of the Reserve Fund for financial support of the said transfer.
5. The federal law on the federal budget for the next financial year and planning period may provide for the use of the resources of the Reserve Fund for the early repayment of the state external debt of the Russian Federation.
6. The Ministry of Finance of the Russian Federation, during the execution of the federal budget, shall have the right, in accordance with the procedure established by the Government of the Russian Federation, to use, without amendments to the federal law on the federal budget for the next financial year and the planned period, the funds of the Reserve Fund for the financial support of the oil and gas transfer in case of insufficiency for its actual implementation. admitted to reporting period current financial year of oil and gas revenues of the federal budget.
Article 96.10. national wealth fund
1. The National Welfare Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure a balance (deficit coverage) of the budget pension fund Russian Federation.
2. The federal law on the federal budget for the next financial year and planning period establishes the amount of federal budget funds allocated for the purposes specified in paragraph 1 of this article.
3. The National Welfare Fund is formed by:
- oil and gas revenues of the federal budget in an amount exceeding the amount of the oil and gas transfer approved for the corresponding financial year, if the accumulated amount of the Reserve Fund reaches (exceeds) its standard value;
- income from the management of the funds of the National Welfare Fund.
Article 96.11. Management of the resources of the Reserve Fund and the National Welfare Fund
1. The management of the resources of the Reserve Fund and the National Welfare Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation
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