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 represents
Introduction ……………………………………………………………………………… .... 2
Main settings federal budget………………………………….....3
Oil and gas deficit of the federal budget and oil and gas transfer .. ... 5
Accounting and reporting on operations with oil and gas revenues of the federal budget …………………………………………………………………………………… ..8
Formation of the reserve fund and fund national welfare…..12
Conclusion ………………………………………………………………………… ...... 21
List of used literature
Introduction.
The oil and gas sector will impede 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 pace as the average growth rate of our economy, ie 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 decrease 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 - 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 world 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.
Basic parameters of the federal budget
Index |
|||||
Bln. 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 |
% to 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 |
|||||
Public debt service |
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 budgetary policy is the guaranteed fulfillment of the assumed expenditure commitments, the maintenance of a long-term balance of income and expenditure, and the formation of budgetary expenditures, based on the priorities and planned results of state policy.
The main parameters of the federal budget for 2012 and for the planning period of 2013 and 2014 were formed on the basis of the forecast of socio-economic development Russian Federation for 2012-2014 and comply with the main provisions of the Budget Address, including the need to consistently reduce the size of the federal budget deficit.
In 2012-2014, federal budget revenues are expected to decrease from 21.0% to GDP in 2011 to 20.1% in 2012, with a further decrease by 2014 to 19.4% to GDP. This dynamics is due to a decrease in oil and gas revenues of the federal budget from 10.5% to GDP in 2011 to 8.4% to GDP in 2014, while non-oil and gas revenues increase compared to 2011 by 0.4% to GDP and in 2014 reach 11.0% of GDP.
The decrease in the projected oil and gas revenues as a percentage of GDP in 2012-2014 is due to lower growth rates of the price of Urals crude oil, the US dollar against the ruble, taxable volumes of hydrocarbon production and export of oil and oil products compared to the growth rates GDP.
The increase in non-oil and gas revenues of the federal budget to GDP in 2012-2014 relative to 2011 is mainly due to the projected increase in revenue from value added tax and excise taxes.
Oil and gas revenues of the federal budget
Oil and gas federal budget deficit and oil and gas transfer
Article 96.7. 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 managing funds Reserve fund and the National Wealth Fund and the total federal budget expenditures in the respective 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, which 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 was established that the federal budget deficit approved by the federal law on the federal budget for the next fiscal year and the planned 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 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 oil and gas production and export will be much lower than the GDP growth rate, 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 Ministry of Economic Development of Russia, this share is decreasing 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) continuation of the ruble exchange rate increase in the medium term (albeit at a slower pace than in previous years);
3) projected decline in oil prices from USD 61 in 2006 and USD 55 in 2007 to USD 50 in 2010.
As a result, the oil and gas revenues of the federal budget are significantly reduced. So, 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 decrease due to the listed factors (even if the relatively high oil prices remain - 40-50 USD in 2006 prices) to 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, under the current tax legislation, the expected federal budget revenues will fall from the current level by about 4.5 points of GDP by 2020, which will require a set of measures related to an increase in the tax burden, cuts in spending and a sharp increase in public debt.
The use of the concept of "oil and gas budget balance" will ensure a stable level of government spending, regardless of fluctuations in the external environment and maintain long-term macroeconomic stability.
The norm of clause 2 of 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 clause 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 amount, 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 clause 2 of Article 96.8 and the norm of clause 2 of Art. 96.8 of the Code come 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. this is the 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 oil and gas transfers (ie, funds from oil and gas revenues of the federal budget and the Reserve Fund) and sources of financing the federal budget deficit.
The size of the oil and gas transfer is established in the manner prescribed by Art. 96.8 of the Budget Code. Taking into account the norms 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 sources other than oil and gas transfers was planned at 0.5-0.8% of GDP).
Clause 1 of Article 96.8 of the Budget Code defines the concept of "oil and gas transfer": a part of the federal budget funds used to finance the oil and gas deficit of the federal budget at the expense of oil and gas revenues of the federal budget and the Reserve Fund. Moreover, the Reserve Fund in accordance with paragraph 1 of Art. 96.9 of the Code is used to make oil and gas transfers 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 oil and gas transfers refers to the main characteristics of the federal budget.
In accordance with clause 2 of Article 96.8, the amount of the oil and gas transfer for the corresponding financial year is subject to approval in absolute amount by the federal law on the federal budget for the next financial year and planning period.
At the same time, it was found that the absolute size of the value of the oil and gas transfer for the financial year is calculated as 3.7% of GDP. In conjunction with this rule 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 clause 3 of Art. 94 of the Code, according to which the total volume of funding sources for the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of the projected GDP.
The norms of clause 2 of Article 96.8 and clause 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 transfers in accordance with Law No. 63-FZ of 2007 is approved by the federal law on the federal budget for the next financial year and the planning period in an amount not exceeding:
in 2008 - 6.1% of the projected for 2008 GDP volume;
in 2009 - 5.5% of the projected volume of GDP for 2009;
in 2010 - 4.5% of the forecast for 2010 GDP.
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 amount of 3.7% of GDP allows, on the one hand, to maintain a sufficiently high and stable level of budget expenditures, even with low oil prices, and on the other hand, corresponds to the goal of creating the National Welfare Fund - ensures stability budgetary policy and allows you to maintain the Reserve Fund in the event of sharp price fluctuations, and in favorable scenarios - and accumulate funds in the National Welfare Fund. Taking this into account, it was proposed to consolidate the volume of oil and gas transfers in the amount of 3.7% of GDP for the long term, and in the "transition period" in 2008-2010. - with a decrease from 6.1% to 4.5% in proportion to the decrease in oil and gas revenues (see the 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 with an average level of oil prices.
For 2008 - 2010 the volume of 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 keeping records of oil and gas revenues from the federal budget, the Reserve Fund and the National Welfare Fund in separate accounts for accounting for federal budget funds opened for the Federal Treasury in the Bank of Russia. Separate accounting of oil and gas (raw materials) and oil and gas revenues of the federal budget is an integral part of the oil and gas balance methodology 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 balances of the federal budget at the beginning of the current financial year are used in the volume of oil and gas revenues in December of the reporting financial year (clause 4 of Article 94 of the Code, which determines the procedure for using the balances of funds, is also referred to this norm. federal budget at the beginning of the current financial year).
The 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, the funds in terms of this excess are subject to transfer to the National Welfare Fund. The balance of funds must be credited before February 1 of the current financial year.
In accordance with clause 3 of Article 96.12, 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, resources of the Reserve Fund and the National Wealth Fund are carried out by the Ministry of Finance of Russia. The procedure for making such calculations and transfers is established by the Government of the Russian Federation.
Accounting for operations with oil and gas revenues of the federal budget, funds of the Reserve Fund and funds of the National Welfare Fund, in accordance with paragraph 4 of the commented article, is carried out in the same procedure that is established for accounting for operations with federal budget funds.
For operations on the use of oil and gas revenues of the federal budget, as well as to reflect revenues from the management of the Reserve Fund and the National Welfare Fund, separate codes for the classification of budget revenues of the Russian Federation have been allocated. In addition, separate codes have been allocated for operations with funds from oil and gas revenues of the federal budget, funds from the Reserve Fund and the National Welfare Fund within the framework of the classification of sources of financing the budget deficits of the Russian Federation.
Clause 5 of Article 96.12 of the Budget Code establishes the procedure for reporting on operations with oil and gas revenues of the federal budget:
operations with oil and gas revenues of the federal budget, with the resources of the Reserve Fund and funds 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 quarterly and quarterly reports on the execution of the federal budget to the State Duma and the Federation Council. annual reports on the receipt and use of oil and gas revenues of the federal budget, the formation and use of funds from the Reserve Fund and the National Welfare Fund, as well as quarterly and annual reports on the management of these funds.
Clause 6 of Article 96.12 in the development of the stipulated in Art. 36 of the Code of the Principle of Transparency (Openness) imposes on the Ministry of Finance of Russia the obligation to publish monthly information:
on the receipt and use of oil and gas revenues of the federal budget in the reporting month;
on the amount of assets of the Reserve Fund and the National Wealth Fund at the beginning of the reporting month, crediting of funds to the said funds, their placement and use in the reporting month.
Information message on the use of oil and gas revenues of the federal budget from 02.11..2009.
In accordance with the Budget Code of the Russian Federation, in October 2009, oil and gas revenues of the federal budget for September 2009 in the amount of 360.57 billion rubles were transferred to the account for accounting for the federal budget. In accordance with the Decree of the Government of the Russian Federation No. 892 dated December 17, 2007? On settlements and transfer of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, funds of the Reserve Fund and the National Welfare Fund? these oil and gas revenues were used to ensure the oil and gas transfer in full. In October 2009, the use of the Reserve Fund to ensure the oil and gas transfer and balance the federal budget was not carried out.
As of November 1, 2009, the total volume of the Reserve Fund amounted to 2,242.09 billion rubles, which is equivalent to 77.18 billion US dollars. The balances of funds on separate accounts for recording the resources of the Reserve Fund as of November 1, 2009 were:
· 32.89 billion US dollars;
· 23.07 billion euros;
· 5.15 billion pounds.
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 aggregate estimated income from the placement of the Reserve Fund, recalculated in US dollars, for the period from January 15, 2009 to October 31, 2009, amounted to US $ 1.57 billion, which is equivalent to RUB 45.54 billion. The estimated amounts of interest income from the placement of the fund's assets on separate accounts in foreign currency amounted to (in account currency and ruble equivalent): 0.29 billion US dollars (8.37 billion rubles); 0.70 billion euros (29.95 billion rubles); 0.15 billion pounds sterling (7.23 billion rubles). The exchange rate difference from the revaluation of balances on accounts for accounting for 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 of January 19, 2008 No. 18? On the procedure for managing the funds of the National Welfare Fund? from the account for recording funds of the National Wealth Fund for placement on deposits in
Vnesheconombank as of November 1, 2009 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 maturity of October 21, 2013 and an interest rate of 7% per annum;
· 10.00 billion rubles - for a deposit with a maturity of December 25, 2017 and an interest rate of 8.5% per annum.
In October 2009, the income from placing the fund's funds on deposits with Vnesheconombank in the amount of 4.64 billion rubles was credited to the account for recording the funds of the National Wealth Fund, and then converted into foreign currency. These conversion operations were carried out in accordance with the previously approved currency structure at the official rates of foreign currencies established by the Bank of Russia as of the date of their performance, and did not affect the situation on 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 recording the funds of the National Wealth Fund with the Bank of Russia:
· 32.43 billion US dollars;
· 23.15 billion euros;
· 4.19 billion pounds sterling;
2) on deposits with Vnesheconombank:
· 572.79 billion rubles.
The aggregate calculated income from the placement of the National Wealth 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. The calculated amounts of interest income from the placement of the fund's assets in separate accounts in foreign currency were (in the account currency and ruble equivalent): 0.26 billion US dollars (7.47 billion rubles); 0.48 billion euros (20.72 billion rubles); £ 0.10 billion (RUB 4.68 billion). The exchange rate difference from the revaluation of balances on accounts for recording 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 aggregate volume of the Reserve Fund and the National Wealth Fund, as well as the estimated amounts of income from the placement of funds, were calculated at the official foreign exchange rates established by the Bank of Russia as of the date preceding the reporting date, and cross rates calculated on the basis of these rates.
Formation of the reserve fund and the national welfare fund
Reserve fund
The reserve fund is part of the federal budget. The fund is designed to ensure that the state fulfills its expenditure 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, reducing inflationary pressures and reducing the dependence of the national economy on fluctuations in receipts from the export of non-renewable natural resources.
The Reserve Fund has actually replaced the Stabilization Fund of the Russian Federation. Unlike the Stabilization Fund of the Russian Federation, in addition to the federal budget revenues from oil production and export, the sources of the formation of the Reserve Fund are also federal budget revenues from gas production and export.
Starting from 2008, oil and gas revenues are accounted for separately from other federal budget revenues. Oil and gas revenues of the federal budget are formed by:
- 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 for natural gas;
- export customs duties on goods produced from oil.
A certain part of the said oil and gas revenues in the form of oil and gas transfers is annually allocated 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 amount of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and the planning period in absolute amount, determined based on 10% of the gross volume predicted for the corresponding year. 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 the 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 used to finance the federal budget expenditures.
The resources of the Reserve Fund are managed 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.
The resources of the Reserve Fund can be managed in the following ways (both individually and simultaneously):
1) by acquiring foreign currency at the expense of the Fund and placing it on accounts for recording the resources of the Reserve Fund in foreign currency (US dollars, euros, pounds sterling) in The central bank Russian Federation. For the use of funds on these accounts, the Central Bank of the Russian Federation shall pay the interest established by the bank account agreement;
2) by placing the Fund's assets in foreign currency and financial assets nominated 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 shares of permitted financial assets in the total amount of allocated funds of the Reserve Fund. In order to improve the efficiency of management of the Reserve Fund's resources, the Ministry of Finance of the Russian Federation is authorized to approve the normative shares of permitted financial assets in the total volume of allocated resources of the Reserve Fund within the limits of the respective shares established by the Government of the Russian Federation.
Permitted: financial assets determined by the Budget Code of the Russian Federation, maximum shares established by the Government of the Russian Federation, regulatory shares approved by the Ministry of Finance of Russia, debentures foreign states, debt obligations of foreign government agencies and central banks
debt obligations of international financial institutions, including those formalized with 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. the normative currency structure of the Reserve Fund in the following composition: US dollar - 45%; euro - 45%; pound sterling - 10%.
2.Current maturity dates for debt issues of foreign states, debt obligations allowed for the 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 obligations denominated in pounds sterling: the minimum term to maturity is 3 months, the maximum term to maturity is 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 the formation of indices from debt obligations used to calculate the amounts of interest accrued on balances money on accounts for recording the resources 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 planning period in the event that the oil and gas revenues of the federal budget received for the corresponding financial year are insufficient for these purposes.
The maximum amount of use of the resources of the Reserve Fund for the financial provision of oil and gas transfers is approved by the federal law on the federal budget for the next financial year and planning period. Using the resources of the Reserve Fund to finance oil and gas transfers during periods of unfavorable conditions in world prices for energy resources allows for a balanced budgetary policy, ensuring stable socio-economic development of the country, reducing its dependence on fluctuations in world commodity markets.
The use of the resources of the Reserve Fund for early repayment of the state external debt of the Russian Federation is aimed at reducing the debt burden of the federal budget at the expense of 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, there is a special procedure for using the resources of the Reserve Fund, in accordance with which the Government of the Russian Federation has the right, without amending the federal law on the federal budget, to direct the fund's funds to make payments that reduce debt obligations, reduce borrowing and ensure the balance of the federal budget. budget (including financial support for oil and gas transfers), 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 ensure the balance of 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 carries out control measures in order 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 on the formation, use and management of the Reserve Fund.
National Wealth Fund
The National Welfare Fund is part of the federal budget. The fund is intended to become a part of a sustainable mechanism for providing long-term pensions to citizens of the Russian Federation. The objectives of the National Wealth Fund are to ensure co-financing of voluntary pension savings citizens of the Russian Federation and ensuring a 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 size of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and the planning period in absolute size, determined based on 10% of the gross domestic product forecast for the corresponding year. After filling the Reserve Fund to the specified size, oil and gas revenues are sent to the National Welfare Fund.
Another source of formation of the National Welfare Fund is income from the management of its funds.
From January 1, 2010 to February 1, 2012, revenues from the management of the National Wealth Fund are not credited to the Fund, but are directed to financial support of federal budget expenditures.
Funds from the oil and gas revenues of the federal budget, the Reserve Fund and the National Wealth Fund are accounted for in separate accounts for recording federal budget funds opened by the Federal Treasury in 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, 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 funds of the National Wealth Fund are managed by the Ministry of Finance of the Russian Federation in accordance with the procedure established by the Government of the Russian Federation. Separate powers to manage the assets 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 non-oil and gas deficit of the federal budget may not exceed 4.7 percent of the gross domestic product projected in 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 from the oil and gas transfer and sources of financing the federal budget deficit ... "
Source:
"Budget Code of the Russian Federation" dated July 31, 1998 N 145-FZ (as amended on December 03, 2012)
- - excess of budget expenditures over its revenues ...
Frontier Dictionary
- - sequentially performed actions and includes: permission for payment; making a payment. F.r.f.b. carried out by the Federal Treasury ...
Frontier Dictionary
- - attraction by the government borrowed money as sources to cover the deficit ...
Big Dictionary of Economics
- - "... the budget deficit is the excess of budget expenditures over its revenues; ..." Source: "Budget Code of the Russian Federation" of 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 Welfare Fund. 2 ...
Official terminology
- - The amount by which government spending exceeds revenues ...
Financial vocabulary
- - in RF - 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 budget ...
Financial vocabulary
- - in the Russian Federation - a consolidated budget list drawn up by the Ministry of Finance of the Russian Federation and approved by the Minister of Finance of the Russian Federation. submitted for execution to the Federal Treasury. also: & nbsp ...
Financial vocabulary
- - "... Cash flow is an operation to write off funds from the account of the federal treasury body in payment of the received in accordance with the established procedure monetary obligations recipient of federal budget funds ... "Source: & lt ...
Official terminology
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Official terminology
- - "...1...
Official terminology
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Official terminology
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Official terminology
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Official terminology
- - "...2.1...
Official terminology
- - 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
Federal budget expenditures
From the book The budgetary system of Russia. Crib author Alekseev Viktor SergeevichThe concept and role of the budget Under the budget is understood the formation and spending of state funds. Funds state budget can be spent on various needs of the state and local government... For example, these funds support the army,
11. Budget deficit and surplus
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6. Expenditures financed from the federal budget
author Burkhanova Natalia6. Expenditures financed from the federal budget In accordance with the legislation of the Russian Federation, the following expenses are financed from the federal budget: 1) ensuring the activities of the President of the Russian Federation, the Central Election Commission of the Russian Federation, the Federal Assembly of the Russian Federation, the Accounts Chamber
28. Federal budget revenues
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From the book The Budget Code of the Russian Federation. Text with changes and additions for 2009 author The team of authorsArticle 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 income from funds management
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And his income (excluding oil and gas).
BC Chapter 13.2 Article 96.7. Non-oil and gas federal budget deficit:
- The non-oil and gas federal budget deficit 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 non-oil and gas deficit of the federal budget cannot exceed 4.7 percent of the gross domestic product projected in 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 federal budget deficit is financed from 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 federal budget deficit - 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 resources 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 of 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, which 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 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 that must be taken into account when assessing the principles of budgetary policy for the long term is the forthcoming decrease 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 oil and gas production and export will be much lower than the GDP growth rate, 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 Ministry of Economic Development of Russia, this share is decreasing 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) continuation of the ruble exchange rate increase in the medium term (albeit at a slower pace than in previous years);
3) projected decline in oil prices from $ 61 in 2006 and $ 55 in 2007 to $ 50 in 2010.
As a result, the oil and gas revenues of the federal budget are significantly reduced. So, 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 The Budget Code Russian Federation (itemized) / Ed. A.N. Borisov. M., 2008.S. 201.
According to the long-term forecast, by 2025 federal budget revenues may decrease due to the listed factors (even if the relatively high oil prices remain - $ 40-50 in 2006 prices) to 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 federal budget revenues 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 an increase in the tax burden, cuts in 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 (2009.11 Nov.).
The use of the concept of "oil and gas budget balance" will ensure a stable level of government spending regardless of fluctuations in the external environment and maintain long-term macroeconomic stability.
The norm of clause 2 of 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 clause 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 amount, 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 clause 2 of Article 96.8 and the norm of clause 2 of Art. 96.8 of the Code enter into force only from January 1, 2011.
Taking into account the transitional provisions of Law No. 63-FZ of 2007, the Federal Law of 26.04.2007 "On Amendments to the Budget Code of the Russian Federation in terms 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 22.09.2009) // SZ RF. 30.04.2007. No. 18. Art. 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 Law on the Federal Budget for 2008-2010 was adopted on the basis of 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 oil and gas transfers (ie, funds from oil and gas revenues of the federal budget and the Reserve Fund) and sources of financing the federal budget deficit.
The size of the oil and gas transfer is established in the manner prescribed by Art. 96.8 of the Budget Code. Taking into account the norms 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 sources other than oil and gas transfers 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 oil and gas deficit of the federal budget from oil and gas revenues of the federal budget and the Reserve Fund. Moreover, the Reserve Fund in accordance with paragraph 1 of Art. 96.9 of the Code is used to make oil and gas transfers 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 oil and gas transfers refers to the main characteristics of the federal budget.
In accordance with clause 2 of Article 96.8, the amount of the oil and gas transfer for the corresponding financial year is subject to approval in absolute amount by the federal law on the federal budget for the next financial year and planning period.
At the same time, it was found that the absolute size of the value of the oil and gas transfer for the financial year is calculated as 3.7% of GDP. In conjunction with this rule 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 clause 3 of Art. 94 of the Code, according to which the total volume of funding sources for the federal budget deficit, not related to the use of the Reserve Fund, cannot exceed 1% of the projected GDP.
The norms of clause 2 of Article 96.8 and clause 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 transfers in accordance with Law No. 63-FZ of 2007 Federal Law of April 26, 2007 "On Amendments to the Budget Code of the Russian Federation in Regarding the Regulation of the 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 22.09.2009) // 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 for 2008 GDP volume;
in 2009 - 5.5% of the projected volume of GDP for 2009;
in 2010 - 4.5% of the forecast for 2010 GDP.
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 amount of 3.7% of GDP allows, on the one hand, to maintain a sufficiently high and stable level of budget expenditures, even with low oil prices, and on the other hand, corresponds to the goal of creating a National Welfare Fund - ensures stability budgetary policy and allows you to maintain the Reserve Fund in the event of sharp price fluctuations, and in favorable scenarios - and accumulate funds in the National Welfare Fund. Taking this into account, it was proposed to consolidate the volume of oil and gas transfers in the amount of 3.7% of GDP for 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 the 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 with 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 (itemized) / Ed. A.N. Borisov. M., 2008.S. 203.
(Budget Code of the Russian Federation of July 31, 1998 N 145-FZ)
Export customs duties for natural gas;
- export customs duties on goods produced from oil.
Article 96.7. Non-oil and gas federal budget deficit
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 resources of the Reserve Fund and the National Welfare Fund and the total volume of federal budget expenditures in the corresponding financial year.
2. The non-oil and gas deficit of the federal budget may not exceed 4.7 percent of the gross domestic product projected in 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 federal budget deficit is financed from the oil and gas transfer and sources of financing the federal budget deficit.
Article 96.8. Oil and gas transfer
1. Oil and gas transfer is a part of the federal budget funds used to finance the non-oil and gas deficit of the federal budget at the expense of oil and gas revenues of the federal budget 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 the planning period in absolute amount, calculated as 3.7 percent of the gross domestic product projected 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 for the purpose of making an oil and gas transfer in case of insufficient oil and gas revenues to financially support the transfer.
2. Federal law on the federal budget for the next financial year and the planning period is established standard value The reserve fund in absolute size, determined on the basis of 10 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 reserve fund is formed by:
- oil and gas revenues of the federal budget in excess of the amount of 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 the event of insufficient oil and gas revenues for the formation of 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 specified transfer.
5. The federal law on the federal budget for the next financial year and planning period may provide for the use 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, in the course of executing the federal budget, has the right, in the manner established by the Government of the Russian Federation, to use, without amending the federal law on the federal budget for the next financial year and the planned period, the resources of the Reserve Fund to finance the oil and gas transfer in the event that it is actually insufficient for its implementation. enrolled in reporting period the current fiscal 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 balance (covering the deficit) of the budget The 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 volume of oil and gas transfers 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 National Welfare Fund.
Article 96.11. Management of the Reserve Fund and the National Wealth Fund
1. The resources of the Reserve Fund and the National Welfare Fund are managed by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation
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