Development of treasury management of public procurement: problems and prospects

The subject of this study is the legal norms contained in legislation, other legal acts, as well as materials of law enforcement practice regulating the process of treasury management of budgetary funds. This article also analyzes the experience of legal regulation of the mechanism of treasury management of budgetary funds during public procurement, examines the gaps in budget legislation directly related to the topic under consideration.The purpose of this article is to consider the problems and prospects of the development of the Institute of the Federal Treasury in the Russian Federation. The reason for this study was multiple scientific discussions, which caused an ambiguous reaction from the legal community of Russia. The gaps in the budget legislation directly related to the topic under consideration are considered.The methodology. General scientific methods were applied in the framework of comparative, logical and statistical research and analysis of law enforcement and judicial practice in the field of treasury management of budget funds.The main results. A number of issues related to the chosen topic were considered. First of all, it is necessary to understand how the legal regulation of treasury management of budgetary funds is carried out. The form of legal regulation of treasury management differed from other forms and instruments of control the norms on treasury management were established annually by the federal law on the federal budget and acts of the Russian Government, Russian Ministry of Finance and the Federal Treasury adopted in pursuance of this federal law. Secondly, it is worth noting how the procedure for treasury management of budgetary funds during public procurement is built. The mechanism of treasury management provides for operations on personal accounts opened in the Federal Treasury with funds received from the relevant budget in the form of subsidies and budget investments, as well as funds directed to the execution of government contracts, contracts, the sourceof financing of which is the budget of the budgetary system of the Russian Federation. Thirdly, it is necessary to understand what prospects the institute of treasury management of public procurement has. Trends in the development of the institute of treasury management show that quantitative parameters will grow, including due to the use of "extended" treasury management and due to the spread of technological solutions to the level of subjects of the Russian Federation and municipalities.Conclusions. Treasury management of budgetary funds during public procurement is a new institution of budget law, a comprehensive budgetary and legal instrument of public administration, which is used at the stage of budget execution for expenditures to exercise financial control over the public procurement, contracts with legal entities and sole proprietors who are not participants in the budget process. In addition, treasury management is a tool with sufficient elasticity and relative "versatility". At its core, it allows you to strengthen control over the targeted and effective use of budget funds, ensure transparency and openness of procurement procedures and execution of state contracts; reduce unscrupulous suppliers in the chain of co-executors while ensuring proper execution of the state contract; increase financial discipline of the parties to the contract. It is also worth noting that treasury management minimizes some of the risks inherent in the use process. This institution should be considered as a system element in a larger mechanism of budget monitoring.

A Novel Approach to Improving E-Government Performance from Budget Challenges in Complex Financial Systems

Today, the risk management of budget challenges throughout the budget process is greater than ever. The process of change has been driven by new information and communication technologies, resulting in e-government. The purpose of this scientific paper is to see whether budgetary challenges have an effect on the performance of e-government in complex financial systems based on factors F1, F2, F3, F4, and F5: lack of information, lack of cooperation, lack of resources and reduction of focus, lack of budget experts and financial stability, and shortcomings and inconsistencies during the budget process. Therefore, this study aims to advance the understanding of how to manage risks from budgetary challenges by focusing on a novel approach to improve e-government performance in complex financial systems. Empirical research was based on three key issues: an approach to e-government, analyzing which variables need more attention to risk, and learning how to meet budgetary challenges to improve performance during governance. For this study, the data were conducted by Kosovo’s public institutions, more specifically at the central level (Ministry of Finance) and at the local level (38 municipalities of Kosovo). A total of 38 questionnaires were analyzed and divided into three sessions, which were analyzed through three analyses, such as factor analysis, data reliability analysis, and multiple regression analysis, using SPSS version 23.0 for Windows. The research was conducted over the years 2017, 2018, 2019, and 2020, while the analysis involved several processes, where some of the factors were removed in order to make the model acceptable. In this case, 21 variables were tested and divided into 5 factors. The results showed that special attention should be paid to these factors to reduce budgetary challenges and increase the performance of e-government in complex financial systems, such as (a) lack of resources (staff, funds, infrastructure, tools, etc.), (b) increasing the focus on risk management even after the transfer of funds from the ministry to the municipality, (c) the selection of programs based on priorities and not on the basis of wishes and policies, (d) having political stability, rule of law, and more control, and (e) having regulations and guidelines from the practices of developed countries as well as taking into account the opinions of budget experts. The implications of this paper have to do with only a considerable number of variables, which were taken in the study as well as only in the municipalities of Kosovo. In this case, for other analyses by other researchers, other variables can be analyzed in other countries by making comparisons.

Foreign experience of decentralization of power and prospects for Ukraine

The author of the article has outlined the problem of finding the most optimal model of the state for of government, because the necessary condition for stable development of society and effective functioning of the state is to ensure the balance between national interests and the interests of the population of regions and territorial communities. The preconditions, political history and periods of the formation of decentralized power in most European medieval states, scientific positions of national and foreign legal scholars on the expediency of implementing decentralization have been analyzed. It has been found out that the vast majority of Western European countries abdicate the unitary state model by introducing decentralization. The leading idea of reforming is to move the center of solving local issues to the local and, in particular regional level that is achieved by optimizing relations between different levels of territorial organization of power. National traditions, formation and functioning of public agencie in the past, specific features of administrative and territorial structure of the state, existence of autonomous territories, multiethnic population have a significant influence on the formation of the constitutional system on the basis of decentralization in the EU countries. The positive experience Poland, France, Italy, Latvia, Germany and Denmark has been studied. The author has theoretically substantiated that the principle of decentralization has been successfully implemented in the practice of the European Union countries. It has been indicated that the prerequisite for the successful implementation of decentralization processes to create an effective model of governance within the system of decentralized government of Ukraine is: the establishment of the rule of law principle; recognition and guarantees of local self-government; equal legal protection of all forms of ownership; democratic and effective electoral legislation; independence, efficiency, accessibility and transparency of the judicial system, functioning of administrative justice institutions; perfect budget process and high financial discipline; availability of adequate social standards; developed public sector and stable tendency towards its development.

Budget Allocation System of a Highly Urbanized Local Government Unit in Central Luzon, Philippines

The study determined the local planning and budget process of a highly urbanized local government unit (LGU) in Central Luzon, Philippines. It involves all department concerns and civil society organizations (CSOs) that use the City's local governance performance management system (LGPMS). The researchers used a descriptive research study to obtain the necessary data from a survey to seventy-five (75) rank and file employees. The researchers used a purposive sampling technique to gather the respondents involved in planning, budgeting, and managing programs and projects. With a self-made instrument that underwent validity, the researchers gathered the essential data for the study. The data were statistically analyzed using frequency, percentage distribution, analysis of variance (ANOVA), and t-test for independent variables. Preliminary results illustrated that respondents' status was in regular status as division head level, and their years of service were more than sixteen (16) years. The statistical analyses revealed no significant variations in the assessment on the budget allocation system of the local government unit (LGU) as determined on its indicators. The management also agrees that employees work effectively in the budget allocation of the local government unit. The study recommended the orientation and assessment on the current allocation and budget process wherein the department's prioritization can review the objectives and policy decisions.

The doctrine of the financial and legal status of municipalities in the Russian Federation and its implementation

The monograph forms the doctrine of the financial and legal status of municipalities and identifies the features of its implementation in the Russian Federation at the present stage. The structure of the financial and legal status of the municipality as a whole is comprehensively presented, its elements are defined, their detailed characteristics are given; the features of the implementation of the financial and legal status of certain types of municipalities (urban and municipal districts, municipal districts, urban and rural settlements, etc.), those of them that have a special legal status (single-industry towns, BUT, science towns) or are located on the territory with a special economic status (territories of advanced socio-economic development, the free port of Vladivostok), as well as within the framework of inter-municipal cooperation and the development of urban agglomerations are indicated; a system of guarantees for the implementation by municipalities is established its financial and legal status. Particular attention is paid to the disclosure of the social block of the financial and legal status of municipalities, represented by the mechanism of citizens' participation in the financial activities of municipalities, including the involvement of citizens in the budget process at the municipal level and the implementation of public financial control over local finances. For researchers, teachers, postgraduates and law students, employees of public authorities and local self-government.

Sol-Gel Composites-Based Flexible and Transparent Amorphous Indium Gallium Zinc Oxide Thin-Film Synaptic Transistors for Wearable Intelligent Electronics

In this study, we propose the fabrication of sol-gel composite-based flexible and transparent synaptic transistors on polyimide (PI) substrates. Because a low thermal budget process is essential for the implementation of high-performance synaptic transistors on flexible PI substrates, microwave annealing (MWA) as a heat treatment process suitable for thermally vulnerable substrates was employed and compared to conventional thermal annealing (CTA). In addition, a solution-processed wide-bandgap amorphous In-Ga-Zn (2:1:1) oxide (a-IGZO) channel, an organic polymer chitosan electrolyte-based electric double layer (EDL), and a high-k Ta2O5 thin-film dielectric layer were applied to achieve high flexibility and transparency. The essential synaptic plasticity of the flexible and transparent synaptic transistors fabricated with the MWA process was demonstrated by single spike, paired-pulse facilitation, multi-spike facilitation excitatory post-synaptic current (EPSC), and three-cycle evaluation of potentiation and depression behaviors. Furthermore, we verified the mechanical robustness of the fabricated device through repeated bending tests and demonstrated that the electrical properties were stably maintained. As a result, the proposed sol-gel composite-based synaptic transistors are expected to serve as transparent and flexible intelligent electronic devices capable of stable neural operation.

LEGAL FORMS OF CONTROL AND SUPERVISION OF STORAGE AND OF EFFECTIVE USE OF STATE PROPERTY BY PARTICIPANTS OF ECONOMIC RELATIONS

The main legal forms of control and supervision over the preservation and effective use of state property by participants in economic relations, which are considered as one of the elements of the legal regime of state property, are studied. According to the results of the study, the following main legal forms of control and supervision over the preservation and effective use of state property by participants in economic relations are identified: a) control by authorized bodies over compliance with the contract concluded with the head of the state enterprise; head of the preservation and effective use of state property; b) control by the State Property Fund of Ukraine over the use of leased integral property complexes of state enterprises and leased state property; c) accounting and financial reporting of business entities, as well as control and supervision over their condition and reliability; d) audit of financial statements; e) state financial audit; f) internal control and internal audit in the budget process. It is noted that the current legislation does not make a clear distinction between the functions of control and supervision, especially in cases where it concerns the powers of authorized public authorities, which in accordance with Part 2 of Art. 19 of the Constitution of Ukraine are obliged to act only on the basis, within the powers and in the manner prescribed by the Constitution and laws of Ukraine.

Growing budget deficit and national debt: estimates, problems, risks

The article analyzes the structure of the US federal budget, the main sources of revenues, expenditures (annually revised discretionary spendings, mandatory financing of the main social and a number of critical areas of government activity, interest debt payments), factors affecting their dynamics. A special place is occupied by the analysis of the national (sovereign) debt of the United States, which includes two types of debt: the government’s debt to buyers of its securities (American individuals and legal entities, the Federal Reserve System, international investors, foreign governments) and the so-called intragovernmental debt. The article raises the question of where the "red line" is when the growing debt becomes dangerous for the United States. However, the article lists factors that mitigate the sovereign debt problem for the United States. Much attention is paid to the challenges that the administration of J. Biden and the Congress of the current and future convocations will have to face. In particular, in the short term, this is the need to reduce the budget deficit, to extend a number of social programs that are about to expire, but above all to resolve the debt ceiling issues. The paradoxes of decision-making in the budget process concerning the debt ceiling are considered. The points of view of experts are presented, arguing the need for refusal and preservation of the legislative codification of the debt ceiling. In the long term, the United States will face challenges such as a growing debt burden, the need to reform the budgetary decision-making process. The Congress will have to worry about how to defuse the time bomb laid down in a number of mandatory budget programs.

Dynamics of tax revenues in the budget of Ukraine and their forecast during the crisis period

It is extremely important for the budget process to obtain accurate forecasts of potential tax revenues, especially in periods of disruption and crisis. The paper is devoted to the study of dynamics of tax revenues’ volumes in the budget of Ukraine and the forecast of their values during the crisis.The dynamics of tax revenues in the Consolidated Budget of Ukraine, studied by using randomized R|S-analysis, fractal and probabilistic analyses as well as entropy calculation based on the data on monthly tax revenues for the period 2011–2021, is anti-persistent, fractal-like and unpredictable based on parametric dependencies, simple and complex trends. The topological dimension of the lines of dynamics for tax revenues of all types of taxes is much higher than 1, and the Hirst index indicates either fractal similarity of dynamics or its chaos. The map of dissipation periods of tax revenues in Ukraine, determined on the basis of entropy calculation and periods of negative entropy production according to the dynamics of tax revenues, coincided with the periods of maximum reduction in their volumes. The most crisis periods in the formation of tax revenues are 2019–2020, for certain types of taxes – 2016–2020, but the dissipation of tax revenues is projected for 2021–2022.The comparison of the level of fractal similarity in dynamics of the volume of tax revenues and peculiarities of the dynamics of entropy and entropy production, allowed to substantiate the division of taxes into nine types, of which five were found in Ukraine.