scholarly journals PUBLIC FINANCE MANAGEMENT IN UKRAINE: PROBLEMS AND SOLUTIONS

2017 ◽  
pp. 21-28
Author(s):  
Yuliia PETLENKO ◽  
Tymur KOTOVSKYI
Keyword(s):  
Public Finance ◽  
Public Administration ◽  
Financial Management ◽  
Social Protection ◽  
Financial Resources ◽  
Business Practices ◽  
New Model ◽  
Finance Management ◽  
Problems And Solutions ◽  
Investment Growth

Introduction. Building an effective and fair system of public finance is an important stimulus for the dynamic development of economy of Ukraine. In this case, balance and rationality of financial resources of Ukraine will contribute to creating an enabling macroeconomic environment for business and investment growth and provide guaranteed stability in the system of social protection. However, imbalances and problems in public finances are able to form a threat to national economic development. According to this the article is devoted to coverage of topical issues of public financial management in Ukraine and defining their solutions via the implementation of a new model of government – the transfer of key business practices in public administration. Results. Main solution for issues in a public finance management should be the implementation of the new government model which is based on using main principles of corporate finance management in public area. New government model includes elastic system of compensation to public officers which is based on KPIs, decentralization of budget system and controlling by independent auditor. Conclusion. The implementation of a new model of public administration requires systematic and deep reforms, which required considerable significant time and financial resources.

scholarly journals Classification of Professional Software for the Public Finance Management

2019 ◽  
Vol 17 (4) ◽  
pp. 57-65
Author(s):  
R. V. Erzhenin
Keyword(s):  
Public Finance ◽  
Public Administration ◽  
Financial Management ◽  
Educational Institutions ◽  
Digital Platforms ◽  
The Public ◽  
Finance Management ◽  
Software Products ◽  
The Cost

In the context of the development of new digital public administration and the transition from workstations to digital platforms, the task of systematizing knowledge about professional software (ProSW) used in state and municipal institutions is becoming urgent. One of the approaches to the systematization of information about software is its typification and classification. To solve this problem, the author chose from open Internet sources and analyzed the main characteristics of leading Russian vendors that supply their software products for public finance management, including such well-known brands as Firma 1C, Parus Corporation, NPO Krista and a number of others. Based on the analysis of the data submitted by the vendors of the descriptions of their ProSW, the article first proposed its typification and various classification, including with respect to the ownership of ProSW. The proposed structuring of information on the software for financial management can be used for registering software in the Unified Register of Russian Programs and in standardized lists of goods, works and services that are purchased by customers in order to meet state and municipal needs, including the comparative assessment of the cost of the same type of software. The author concludes that the architecture of the universally used ProSW is not sufficiently effective due to the use of outdated approaches to system design. The results of the study can be used to expand the knowledge of students in higher educational institutions in areas related to public administration, IT management and software development.

scholarly journals Modern financial control of operations at the enterprise: its essence and features

2020 ◽  
pp. 10-14
Author(s):  
Kseniia KOVTUNENKO ◽  
Kateryna BONDARENKO
Keyword(s):  
Public Finance ◽  
Financial Management ◽  
Internal Audit ◽  
The State ◽  
External Control ◽  
Financial Control ◽  
Finance Management ◽  
Current State ◽  
Role Of The State ◽  
Local Resource Management

The purpose of the paper is to improve institutions and legislation on public finance management in Ukraine, to define the concept of "financial control", to consider the process of development and formation of financial control, to highlight the financial control`s features, to justify the need for long-term financial control. Financial control and financial management in the enterprise are very important for every state. The current state of economic improvement in Ukraine should increase the role of the state in regulating the economy in order to identify differences between the law, recognizing the standards and functioning of financial control. At the present stage in Ukraine, the issue of establishing unification of public finance management remains unresolved: there is a discrepancy in state legislation. The Ukrainian economy`s growth leads to an additional need for financial control in a moment. Thus, its role and importance in securing the assets of different types of members’ organizations, the equipment`s efficiency, labour and finance. The paper is devoted to the key issues of finding ways to ensure financial control in the organization and the regulatory framework in this area. The paper presents an overview of financial control by state (local) resource management and their use, as well as financial control of public administration by the state external financial regulator (audit), the Ministry of Finance on behalf of the Verkhovna Rada of Ukraine, and public finance management, including internal management and internal audit, which are provided by current legislation. In the paper was presented a study of the financial control`s concept. The main types of financial control, its goals and objectives are researched. The author emphasizes the importance of the organization’s internal financial control and the key stages of its development. The types of external control and features of their application were also researched. In conclusion the Ukrainian financial management`s current state is researched.

scholarly journals CURRENT ISSUES OF PUBLIC FINANCE MANAGEMENT IN UKRAINE

2021 ◽  
Vol 5 (40) ◽  
pp. 135-144
Author(s):  
V. Marhasova ◽  
I. Ruzhytskyi ◽  
N. Tkalenko ◽  
T. Shestakovska ◽  
O. Mykhailovska
Keyword(s):  
Public Finance ◽  
Economic Development ◽  
Asset Management ◽  
Financial Management ◽  
Local Economic Development ◽  
Public Confidence ◽  
Financial Assets ◽  
Investment Funds ◽  
Financial Capacity ◽  
Finance Management

Abstract. The article describes the approaches to defining the essence of understanding «public finance» and «public finance management» in the context of administrative and financial decentralization. A study on the current state of economic development of Ukraine is carried and the public financial management system is analyzed. The dynamics of the ratio of revenues and expenditures of the State and local budgets is shown and the national and subnational levels in the financing of public expenditures are described. The sequence of achieving a new level of welfare of the population is presented and the ways of state influence on local economic development are outlined. The content of the state’s activity on financial resources management and public importance of finances is given. Particular attention is paid to the financial capacity of UTC and the existing positive developments within the decentralization reform in Ukraine. The need to improve the management of public finances was emphasized, as it was evidenced by the size of the budget deficit. The division of budget expenditures by functional classification between the national and subnational levels is presented and the decline of financial independence of subnational budgets is witnessed. An assessment of the level of confidence in financial asset management services of territorial communities based on the calculation of the relevant index is made, and the relationship between the selected indicators (the monetary expenditures of the population; deposits of individuals in investment funds; population savings; volume of capital investments; volume of investments in Ukraine; assets of investment funds) and the level of public confidence in the management of UTC financial assets is researched.  Keywords: financial management, public finance, financial capacity of territorial communities, financial assets. JEL Classification H70, H89, R59, Q01 Formulas: 1; fig.: 5; tabl.: 3; bibl.: 20.

scholarly journals Assessment of functional elements of public finance management

2020 ◽  
pp. 138-144
Author(s):  
A. Z. Namitulina ◽  
I. V. Soklakova ◽  
E. Yu. Kuzmina ◽  
E. A. Buryak
Keyword(s):  
Public Finance ◽  
Financial Management ◽  
Control Function ◽  
Standard Form ◽  
Federal Budget ◽  
Performance Criterion ◽  
Functional Elements ◽  
Finance Management ◽  
Inappropriate Use ◽  
Statistical Correlations

The article assesses the main functional elements of public Finance management: planning, operational management and control. Financial planning and forecasting presently depend not only on macroeconomic and microeconomic factors, but also on geopolitical factors. Economic sanctions, which are still ongoing, have a particular impact, so it is impossible to make an accurate forecast in the management of public finances. Operational public financial management can never be considered without public resources designed to support and implement the activities of all areas of the country’s life. The paper pays special attention to the control function due to the lack of a single objective control system. To improve efficiency, the authors propose to use certain criteria: the performance criterion and the criterion of inappropriate use of budget funds. The paper calculates the dependence of Federal budget revenues on the level of gross domestic product (GDP) and the level of unemployment. The authors use for the calculation a standard form of regression equation that takes into account statistical correlations. The results of this study can be used to improve the efficiency of Federal budget revenue planning.

Task-based budget as a method of local government financial management

2021 ◽  
Vol 28 (2) ◽  
pp. 40-49
Author(s):  
Jacek Stasiak
Keyword(s):  
Public Finance ◽  
Local Government ◽  
Performance Indicators ◽  
Financial Management ◽  
Central Government ◽  
New Method ◽  
Government Budget ◽  
Finance Management

The aim of this article is to present task-based budgeting as a new method of public finance management: from the central budget to the budgets of the lowest level. Particular attention was paid to the aims and objectives of the budget, as well as to its performance indicators. The publication is theoretical in nature and deals with the analysis of targeted budgeting with regard to public finance, especially in the context of the central government budget.

Directions for improving the public finance management system of the country

2021 ◽  
Vol 2021 (8) ◽  
pp. 47-67
Author(s):  
Yurii LUPENKO ◽  
◽  
Yurii RADIONOV ◽  
◽  
Keyword(s):  
Public Finance ◽  
Economic Policy ◽  
Economic Development ◽  
Financial Management ◽  
Management System ◽  
Fiscal Rules ◽  
The Public ◽  
Finance Management ◽  
New Instrument ◽  
Socio Economic Development

The article analyzes the system of public finance management of the country, identifies a number of existing problems and outlines areas for further improvement and development. Emphasis is placed on the need to apply best practices in public finance management, in particular the introduction of a new instrument for coordinating fiscal and economic policy, called the European Semester, a tool for monitoring compliance with fiscal rules, similar to the German debt brake, and appropriate regulatory measures as well as the application of program-target budgeting method. It is expedient to create in Ukraine a tool similar to the European Semester in order to strengthen monitoring of the formation and implementation of fiscal, budgetary, economic policy of the state, promote broad public involvement and other stakeholders in 7collectivediscussion of budget requests, plans, concepts, socio-economic development strategies, carrying out structural economic reforms. The authors focus on the existing system of public finance management of the country, which requires an integrated approach, taking into account all components as a holistic mechanism of the system. It is emphasized that digitalization of the entire system and reduction of paperwork to zero will improve its manageability. In reforming the public financial management system, it is necessary to determine the unique role of each institution, which operates within a single mechanism and affects the effectiveness of its work, including those that assess its condition and ensure the reliability of the system, stimulate effective levers and tools finances. This will increase the efficiency of the distribution of budget expenditures, ensure the rational use of budget funds, sustainable dynamics of socio-economic development of the country, increase the welfare of citizens. Keywords: budget, budget funds, budget expenditures, public finance management system, socio-economic development of the country.

Improving public finance management in Bulgaria

2016 ◽  
Vol 5 (2) ◽  
pp. 26-34
Author(s):  
Арабаджийски ◽  
Nikolay Arabadzhiyski
Keyword(s):  
Public Finance ◽  
Public Administration ◽  
Public Finances ◽  
Democratic Development ◽  
Finance Management ◽  
European Standards ◽  
Legislative Amendments ◽  
Legislative Changes ◽  
And Control ◽  
Public Bodies

The purpose of this study is to present legislative amendments aimed at improving the system of public finance management in Bulgaria. Public bodies and public administration agencies authorized to manage public finances are reviewed. The focus of the research are basic laws (repealed and acting) governing the formation of the budget subsystem, construction and operation of the revenue and control subsystems of public finance management in the period from 1991 to 2016. An attempt is made to defend the claim that the legislative changes undertaken during the 25 years of Bulgaria’s democratic development coupled with the adoption of European standards have significantly improved the efficiency of public finance management in Bulgaria.

scholarly journals Public finance management system in modern conditions

2020 ◽  
Vol 17 (4) ◽  
pp. 402-410
Author(s):  
Alla Chornovol ◽  
Julia Tabenska ◽  
Tetiana Tomniuk ◽  
Liudmyla Prostebi
Keyword(s):  
Public Finance ◽  
Public Debt ◽  
Financial Management ◽  
Management System ◽  
Budget Deficit ◽  
Negative Impact ◽  
The Public ◽  
Finance Management ◽  
Public Financial Management ◽  
Financial Management System

The public finance management system is an important lever for equalizing financial and budgetary disproportions in the context of institutional changes. The paper aims to substantiate the directions of development of the public financial management system. Economic and statistical methods and correlation-regression analysis methods are used to determine the relationship between the GDP deflator and the share of revenues, expenditures, the general government budget deficit, and public debt in GDP, assessing the features of the public financial management system in Ukraine and EU countries. This study reveals that one of the main restraining factors in the public finance system development is a significant level of uncertainty in economic processes, which intensifies macroeconomic fluctuations, significant indicators of the share of public debt and budget deficit of the state administration sector pose risks to financial and economic stability; their potential negative impact on socio-economic processes is much more destructive than the pro-cyclical nature of fiscal policy. From this point of view, the public finance management system should be directed at optimizing financial and budgetary tools to prevent the growth of public debt and budget deficit in gross domestic product, which determines the importance of substantiating further development directions of the public financial management system. It is concluded that the mechanism of public financial management in recent years is quite rigid and restrictive, in the context of institutional change expands the tools of public financial management and increases its impact on socio-economic processes.

scholarly journals INVESTMENT ATTRACTIVENESS OF THE ENTERPRISE AS A FACTOR OF EFFECTIVE DEVELOPMENT

2017 ◽  
pp. 16-22 ◽  
Author(s):  
L. L. Oganesan ◽  
V. P. Basenko
Keyword(s):  
Financial Management ◽  
Management Practices ◽  
Financial Resources ◽  
Governance Mechanism ◽  
State Of The Economy ◽  
Scientific Substantiation ◽  
Business Entities ◽  
Effective Development ◽  
Investment Growth ◽  
Element Base

The article investigates the process of investment, which plays an important role in the economy of any country, region, enterprise. Investing largely determines the economic growth of the region in particular, employment of the population and is a significant element base, on which to base the economic development of society. Modern management practices by business entities in different regions of the country often has significant differences. In the conditions of post-crisis state of the economy is greatly influenced by the rational and efficient use of capital, which requires scientific substantiation and improvement of the financial management or governance mechanism the movement of financial resources, directed on increase of investment growth and profit. Investing is one of the most important aspects of any dynamically developing organization (enterprise), which gives priority to profitability.

scholarly journals Digitalization in Public Finance Management

2020 ◽  
pp. 146-158
Author(s):  
Olga Glazunova ◽  
Viktorija Glazunova
Keyword(s):  
Public Finance ◽  
Information System ◽  
Russian Federation ◽  
Financial Management ◽  
Budget Process ◽  
Finance Management ◽  
Integrated Information System ◽  
The Russian Federation ◽  
Budget System ◽  
Integrated Information

The article is devoted to the development of information technologies in the field of public finance management. The purpose of the work is to detail the functioning of “Electronic Budget” state integrated information system of public finance management, to justify its creation and development. In order to achieve the goal, the functionality of the information system is disclosed, its purpose is to be able to familiarize citizens with the activities of organizations of the public administration sector and public legal entities for monitoring and, as a result, to improve the quality of financial management. Regulatory legal documents regulating the operation of “Electronic Budget” State Integrated Information System (SIIS) and establishing the powers of the Ministry of Finance of the Russian Federation and the Federal Treasury as operators of the information system, topical issues of information publication by participants of the information system, importance of filling the integrated portal of the budget system of the Russian Federation with information are considered. The results of analyzing the completeness and relevance of publishing relevant information on the integrated portal of the budget system by chief administrators of budget funds of the federal budget as of October 1, 2019, financial bodies of subjects of the Russian Federation and management bodies of territorial state extrabudgetary funds as of May 1, 2019 and October 1, 2019 in terms of publication forms, as well as prospects of publication in 2020 are shown. The analysis shows the lack of informational system participants’ activity in publishing information established by normative legal acts, as well as the existing shortcomings of the “Electronic Budget” SIIS. The results of the study can be used both by specialists in the field of finance, participants of “Electronic Budget” SIIS of public finance management, and citizens interested in the budget process of the Russian Federation and implementing national projects in the country.

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