And its income (with the exception of oil and gas).

BC Chapter 13.2 Article 96.7. Non-oil and gas federal budget deficit:

1. 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 income 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 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.
3. The non-oil and gas federal budget deficit is financed through oil and gas transfers and sources of financing the federal budget deficit.

Sources

K:Wikipedia:Isolated articles (type: not specified)

Write a review about the article "Non-oil and gas deficit"

Excerpt characterizing the Non-oil and gas deficit

“Lord God! He who is there in this sky, save, forgive and protect me!” Rostov whispered to himself.
The hussars ran up to the horse guides, the voices became louder and calmer, the stretcher disappeared from sight.
“What, bg”at, did you sniff pog”okha?...” Vaska Denisov’s voice shouted in his ear.
“It’s all over; but I’m a coward, yes, I’m a coward,” thought Rostov and, sighing heavily, took his Grachik, who had put his leg out, from the hands of the handler and began to sit down.
-What was that, buckshot? – he asked Denisov.
- And what a one! – Denisov shouted. - They did a great job! And the work is mediocre! An attack is a nice thing to do, kill in the dog, but here, who knows what, they hit like a target.
And Denisov drove off to a group that had stopped near Rostov: the regimental commander, Nesvitsky, Zherkov and a retinue officer.
“However, it seems no one noticed,” Rostov thought to himself. And indeed, no one noticed anything, because everyone was familiar with the feeling that an unfired cadet experienced for the first time.
“Here’s the report for you,” said Zherkov, “you’ll see, they’ll make me a second lieutenant.”
“Report to the prince that I lit the bridge,” the colonel said solemnly and cheerfully.
– What if they ask about the loss?
- A trifle! – the colonel boomed, “two hussars were wounded, and one on the spot,” he said with visible joy, unable to resist a happy smile, loudly chopping off the beautiful word on the spot.

Introduction………………………………………………………… …………………………....2
Main parameters of the federal budget………………………………….....3
Oil and gas deficit of the federal budget and oil and gas transfer.....5
Accounting and reporting on transactions with oil and gas revenues of the federal budget……………………………………………………………… …………………..8
Formation of a reserve fund and national welfare fund…..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 former Russian Finance Minister 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, i.e. the share of this sector, its weight will influence 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, economic growth 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 us to talk about modernization.

Main parameters of the federal budget

Index
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
Shortage	-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 servicing	0,4	0,5	0,7	0,7	0,8
Conditionally approved expenses	-	-	-	0,5	1,1
Shortage	-4,0	0,4	-1,5	-1,6	-0,7

The main requirement for budget policy is the guaranteed fulfillment of accepted spending obligations, maintaining a long-term balance of income and expenses, and the formation of budget expenses based on the priorities and planned results of government 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 of the Russian Federation for 2012-2014 and correspond to 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% of GDP in 2011 to 20.1% in 2012, with a further decrease by 2014 to 19.4% of GDP. This dynamics is due to a decrease in oil and gas revenues of the federal budget from 10.5% of GDP in 2011 to 8.4% of GDP in 2014, while non-oil and gas revenues increase compared to 2011 by 0.4% of GDP 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 in the price of Urals oil, the US dollar exchange rate against the ruble, taxable volumes of hydrocarbon production and exports of oil and petroleum products compared to growth rates GDP.
The increase in non-oil and gas federal budget revenues to GDP in 2012-2014 compared to 2011 is mainly due to the projected increase in revenues from value added tax and excise taxes.

Oil and gas revenues of the federal budget

Oil and gas deficit of the federal budget 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 income 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 income from the management of the Reserve Fund and the National Welfare Fund. Or more simply, the difference between income that does 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 that must be taken into account when assessing the principles of budget policy for 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 exports will be much lower than 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 estimates by the Russian Ministry of Economic Development, this share is declining from 21% in 2006 to 14.9% in 2010. The trend of reduction 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 decrease in oil prices from 61 US dollars in 2006 and 55 US dollars in 2007 to 50 US dollars 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, revenues to the federal budget may decrease due to the listed factors (even if oil prices remain relatively high - 40 - 50 US dollars in 2006 prices) to a level of less than 4% of GDP. Lost revenues will only be slightly compensated 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 increasing the tax burden, cutting spending and a sharp increase in public debt.
Using 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 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 clause 2 of art. 96.8 of the Budget Code, according to which the amount of oil and gas transfer for the corresponding financial year is approved in an 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 funds from 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 on January 1, 2011.
Taking into account the transitional provisions of Law 2007 N 63-FZ, 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 based on 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 (i.e., funds from oil and gas revenues of the federal budget and funds from the Reserve Fund) and sources of financing the federal budget deficit.
The size of the oil and gas transfer is established in the manner provided for in Art. 96.8 of the Budget Code. Taking into account the norm of paragraph 3 of Art. 94 of the Code, the amount 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 amount of sources other than oil and gas transfers was planned as 0.5 - 0.8% of GDP).
Paragraph 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 funds from the Reserve Fund. Moreover, the Reserve Fund in accordance with clause 1 of Art. 96.9 of the Code is used to carry out oil and gas transfers only if oil and gas revenues are insufficient for these purposes. In accordance with paragraph 2 of Art. 199 of the Code, the volume of oil and gas transfers is one of the main characteristics of the federal budget.
In accordance with clause 2 of Article 96.8, the amount of oil and gas transfer for the corresponding financial year is subject to approval in absolute amounts by the federal law on the federal budget for the next financial year and planning period.
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 connection 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 clause 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 funds from 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 come into force only on January 1, 2011. Before this date, the volume of oil and gas transfer in accordance with 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 GDP forecast for 2008;
in 2009 - 5.5% of the GDP forecast for 2009;
in 2010 - 4.5% of the GDP forecast for 2010.
In the explanatory note to the indicators of the draft Law on the Federal Budget for 2008 - 2010. it was indicated that the maximum annual transfer size 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 Welfare Fund - ensures stability budget policy and allows you to maintain the Reserve Fund in case of sudden price changes, 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 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 commentary to Article 96.6 of the Code) by about a quarter (from 6.8 to 5.2% of GDP). It is noted that maintaining a higher level of transfer (4.5% and 5% of GDP) for 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 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 transactions with oil and gas revenues of the federal budget

Clause 1 of Article 96.12 of the Budget Code requires that oil and gas revenues of the federal budget, the Reserve Fund and the National Welfare Fund be kept in separate accounts for the accounting of 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 use of the balances of federal budget funds at the beginning of the current financial year is carried out in the amount of oil and gas revenues received 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, also refers to this norm federal budget at the beginning of the current financial year).
Funds are subject to credit to the Reserve Fund. If, in this case, the accumulated volume of funds of the Reserve Fund reaches its standard value, established in accordance with clause 2 of Art. 96.9 of the Code, then the funds in part of this excess are subject to credit to the National Welfare Fund. Fund balances 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, funds of the Reserve Fund and the National Welfare 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 transactions 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 manner as established for accounting for transactions with funds of the federal budget.
For operations on the use of oil and gas revenues of the federal budget, as well as to reflect income from the management of the Reserve Fund and the National Welfare Fund, separate codes for the classification of budget revenues of the Russian Federation are allocated. In addition, separate codes have been identified for transactions with funds from oil and gas revenues of the federal budget, funds from the Reserve Fund and the National Welfare Fund as part of the classification of sources of financing budget deficits of the Russian Federation.
Clause 5 of Article 96.12 of the Budget Code establishes the reporting procedure for transactions with oil and gas revenues of the federal budget:
transactions with oil and gas revenues of the federal budget, with funds from the Reserve Fund and funds from 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 prepare and submit, as part of the 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 funds from the Reserve Fund and the National Welfare Fund, as well as quarterly and annual reports on management of funds of these funds.
Clause 6 of Article 96.12 in development of what is enshrined in Art. 36 of the Code of Transparency (Openness) imposes on the Russian Ministry of Finance the obligation to publish information on a monthly basis:
on the receipt and use of oil and gas revenues from the federal budget in the reporting month;
on the amount of assets of the Reserve Fund and the National Welfare 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 from the federal budget dated November 2, 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 recording federal budget funds. In accordance with Decree of the Government of the Russian Federation dated 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, funds of the Reserve Fund and the National Welfare Fund?” These oil and gas revenues were used to ensure oil and gas transfer in full. In October 2009, the Reserve Fund was not used to ensure oil and gas transfers and balance the federal budget.
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 in separate accounts for accounting for funds of the Reserve Fund as of November 1, 2009 were:
· 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 from the Reserve Fund, amounted to SDR 991.94 million.
The total estimated amount of income from the 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. The estimated amounts of interest income from placing the fund's funds in separate accounts in foreign currency amounted to (in the 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 in accounts for accounting for funds 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 Decree of the Government of the Russian Federation dated January 19, 2008 No. 18 “On the procedure for managing the funds of the National Welfare Fund?” from the account for accounting funds of the National Welfare Fund for placement on deposits in
As of November 1, 2009, Vnesheconombank transferred 572.79 billion rubles, of which:
· 284.34 billion rubles - for deposits with a repayment period no later than December 31, 2019 and an interest rate of 7% per annum (in October 2009 - 16.99 billion rubles);
· 103.44 billion rubles – in October 2009 for deposits with a repayment period no later than December 25, 2020 and an interest rate of 8.5% per annum;
· 175.00 billion rubles - on a deposit with a maturity until October 21, 2013 and an interest rate of 7% per annum;
· 10.00 billion rubles – on a deposit with a maturity until December 25, 2017 and an interest rate of 8.5% per annum.
In October 2009, the proceeds from placing the fund's funds on deposits with Vnesheconombank in the amount of 4.64 billion rubles were credited to the National Welfare Fund account and then converted into foreign currency. These conversion transactions were carried out in accordance with the previously approved currency structure at the official foreign exchange rates established by the Bank of Russia on the date of their implementation, and did not have an impact on the foreign exchange market situation.
As of November 1, 2009, the total volume of the National Welfare 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 funds of the National Welfare Fund in 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 total estimated amount of income from the placement of funds of the National Welfare Fund, converted into 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 estimated amounts of interest income from placing the fund's funds in separate accounts in foreign currency amounted to (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 pounds sterling (4.68 billion rubles). The exchange rate difference from the revaluation of balances in accounts for the accounting of funds of the National Welfare Fund in foreign currency for the period from January 15, 2009 to October 31, 2009 amounted to a negative value - (-) 54.44 billion rubles.
Indicators of the total volume of the Reserve Fund and the National Welfare Fund, as well as the estimated amounts of income from the placement of funds, are calculated at the official foreign exchange rates established 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 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 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, reducing inflationary pressure 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. Unlike the Stabilization Fund of the Russian Federation, in addition to federal budget revenues from oil production and export, the sources of formation of the Reserve Fund are also federal budget revenues from gas production and export.
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 generated through:
- tax on the extraction of mineral resources in the form of hydrocarbon raw materials (oil, combustible natural gas from all types of hydrocarbon raw material deposits, gas condensate from all types of hydrocarbon raw material 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 oil and gas transfers is annually used to finance federal budget expenses. The amount of 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 standard 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 projected 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 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 support for federal budget expenses.


The 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. Certain 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 funds can be carried out in the following ways (both individually and simultaneously):
1) by purchasing foreign currency at the expense of the Fund and placing it on accounts for recording the Reserve Fund in foreign currency (US dollars, euros, pounds sterling) in the Central Bank of the Russian Federation. For the use of funds in these accounts, the Central Bank of the Russian Federation pays 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 maximum shares of permitted financial assets in the total volume of allocated 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 allocated funds of the Reserve Fund within the limits of the corresponding shares established by the Government of the Russian Federation.
Permitted: financial assets defined 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, debt obligations of foreign states, debt obligations of foreign government agencies and central banks
debt obligations of international financial organizations, including those formalized by securities, deposits in foreign banks and credit organizations.
In accordance with the powers granted by the Government of the Russian Federation, the Ministry of Finance of the Russian Federation approved:
1. regulatory currency structure of the Reserve Fund in the following composition: US dollar - 45%; euro - 45%; pound sterling - 10%.
2. current terms before repayment of issues of debt obligations of foreign states, debt obligations allowed for the placement of funds of the Reserve Fund: a) for debt obligations denominated in US dollars and euros: the minimum period until repayment is 3 months, the maximum period before repayment is 3 years ; b) for debt obligations denominated in pounds sterling: the minimum maturity is 3 months, the maximum maturity is 5 years.
The periods specified above are valid at the time of acquisition of debt obligations at the expense of the Reserve Fund or at the time of formation of indices from debt obligations used to calculate the amounts of interest accrued on the balances of funds in the 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 Reserve Fund funds can be used to finance oil and gas transfers and early repayment of government external debt.
The use of Reserve Fund funds for the formation of oil and gas transfers is carried out without making changes to the federal law on the federal budget for the next financial year and 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 volume of use of the Reserve Fund for financial support of oil and gas transfers 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 conditions in world 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 early repayment of the state external debt of the Russian Federation is aimed at 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 funds of the Reserve Fund was in force, according to which the Government of the Russian Federation has the right, without making changes to the federal law on the federal budget, to direct funds from the fund to make payments that reduce debt obligations, reduce borrowing and ensure the balance of the federal 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 budgetary allocations of the federal budget 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 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 progress of execution of the federal budget, which provides actual data on the generation of income and expenses incurred, including the formation, use and management of the Reserve Fund.

National Welfare Fund

The National Welfare Fund is part of the federal budget. The fund is intended to become part of a sustainable mechanism for pension provision for citizens of the Russian Federation for the long term. The goals of the National Welfare Fund are to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and to ensure 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 standard 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 projected 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 income from the management of its funds.
From January 1, 2010 to February 1, 2012, income from the management of funds of the National Welfare Fund is not credited to the Fund, but is directed to financial support for federal budget expenditures.
Funds from oil and gas revenues of the federal budget, the Reserve Fund and the National Welfare Fund are accounted for in separate accounts for the accounting of 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, funds 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 Welfare Fund are managed by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation. Certain powers to manage the funds of the National Welfare 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 Welfare Fund, the procedure for attracting these organizations
etc.................

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 income 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 income from the management of the Reserve Fund and the National Welfare Fund. Or more simply, the difference between income that does 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 that must be taken into account when assessing the principles of budget policy for 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 exports will be much lower than 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 estimates by the Russian Ministry of Economic Development, this share is declining from 21% in 2006 to 14.9% in 2010. The trend of reduction 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 decrease in oil prices from 61 US dollars in 2006 and 55 US dollars in 2007 to 50 US dollars 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 the Budget Code of the Russian Federation (item-by-item) / Ed. A.N. Borisova. M., 2008. P.201.

According to the long-term forecast, by 2025, revenues to the federal budget may decrease due to the listed factors (even if oil prices remain relatively high - 40 - 50 US dollars in 2006 prices) to a level of less than 4% of GDP. Lost revenues will only be slightly compensated 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 increasing the tax burden, cutting spending and a sharp increase in public debt See: Methodology formation of the non-oil and gas balance of the Russian budget // URL http: // minfin.ru/ru/legislation/. html (2009. November 11).

Using 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 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 clause 2 of art. 96.8 of the Budget Code, according to which the amount of oil and gas transfer for the corresponding financial year is approved in an 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 funds from 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 on 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 terms of regulating the budget process and bringing certain legislative acts of the Russian Federation into conformity with the budget legislation of the Russian Federation” No. 63- Federal Law (as amended on September 22, 2009) // SZ RF. 04/30/2007. 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 . adopted based on 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 (i.e., funds from oil and gas revenues of the federal budget and funds from the Reserve Fund) and sources of financing the federal budget deficit.

The size of the oil and gas transfer is established in the manner provided for in Art. 96.8 of the Budget Code. Taking into account the norm of paragraph 3 of Art. 94 of the Code, the amount 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 amount of sources other than oil and gas transfers was planned as 0.5 - 0.8% of GDP).

Paragraph 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 funds from the Reserve Fund. Moreover, the Reserve Fund in accordance with clause 1 of Art. 96.9 of the Code is used to carry out oil and gas transfers only if oil and gas revenues are insufficient for these purposes. In accordance with paragraph 2 of Art. 199 of the Code, the volume of oil and gas transfers is one of the main characteristics of the federal budget.

In accordance with clause 2 of Article 96.8, the amount of oil and gas transfer for the corresponding financial year is subject to approval in absolute amounts by the federal law on the federal budget for the next financial year and planning period.

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 connection 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 clause 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 funds from 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 come into force only on January 1, 2011. Until this date, the volume of oil and gas transfers in accordance with Law of 2007 N 63-FZ Federal Law of April 26, 2007 “On Amendments to the Budget Code of the Russian Federation in terms of regulating the budget process and bringing individual legislative acts of the Russian Federation into conformity with the budgetary 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 GDP forecast for 2008;

in 2009 - 5.5% of the GDP forecast for 2009;

in 2010 - 4.5% of the GDP forecast for 2010.

In the explanatory note to the indicators of the draft Law on the Federal Budget for 2008 - 2010. it was indicated that the maximum annual transfer size 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 Welfare Fund - ensures stability budget policy and allows you to maintain the Reserve Fund in case of sudden price changes, 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 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 commentary to Article 96.6 of the Code) by about a quarter (from 6.8 to 5.2% of GDP). It is noted that maintaining a higher level of transfer (4.5% and 5% of GDP) for 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 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. accordingly See: Commentary on the Budget Code of the Russian Federation (item-by-item) / Ed. A.N. Borisova. M., 2008. P. 203.

Acquaintance with the dynamics of the non-oil and gas deficit of the federal budget over the past 15 years makes adjustments to the widespread understanding of the quality of the budget policy pursued during these years.

Definitions of terms and selection of period to consider:
Oil and gas revenues of the federal budget are all federal budget revenues of a rental nature associated with the sale of oil, petroleum products and gas on the domestic and foreign markets.
Non-oil and gas revenues of the federal budget - all federal budget revenues with the exception of rental income associated with the sale of oil, petroleum products and gas on the domestic and foreign markets.
Non-oil and gas federal budget deficit is the difference between non-oil and gas federal budget revenues and its expenses.
Quarterly values ​​(for the first quarters of the corresponding years) of budget indicators were chosen in order to be able to compare data from the historical series of 1997-2011. with data from the first quarter of 2012

Stages:
In 1997-99, the federal budget was running a deficit - both with the inclusion and, especially, with the exclusion of the oil and gas component (oil and gas grant). (It should be noted that oil and gas revenues of the federal budget as a whole in 1998 compared to 1997 remained unchanged - at the level of 1.4% of GDP. Therefore, the dynamics of world oil prices, in principle, could not influence the Russian budget and debt crisis of 1998 g., much less call him).

The six years from 2000 to 2005 are the period of the most responsible budget policy in the modern history of Russia. The non-oil and gas budget was averaged with a small surplus of 0.7% of GDP, and the entire budget (including the oil and gas grant) with a surplus of 4.7% of GDP.

In 2006-07 a gradual, at first almost imperceptible, weakening of fiscal policy began - the non-oil and gas budget surplus was replaced by a deficit in the amount of 1.8% of GDP (the deterioration of the non-oil and gas budget balance amounted to 2.5 percentage points of GDP).

During the crisis of 2008-09. There was a further, this time more significant, weakening of budget policy - by 3.7 percentage points. GDP - non-oil and gas budget deficit was increased to 5.5% of GDP, thereby exceeding the figure of even the crisis years of 1997-99.

In 2010-11 – after the end of the 2008–09 crisis, during the economic recovery in the country, the most significant deterioration in the quality of budget policy occurred. The non-oil and gas deficit increased by another 4.5 percentage points. GDP – up to 10% of GDP, total budget deficit – up to 0.5% of GDP. Obviously, it should be considered a historical curiosity that in the same year of 2010, when the non-oil and gas deficit of the Russian federal budget for the year as a whole amounted to a record value in the history of the country of 12.6% of GDP (the total budget deficit was 2.5% of GDP), The British magazine Euromoney named then-Finance Minister Alexei Kudrin the best Finance Minister of the year.

In 2012 (in the 1st quarter), the rapid deterioration in the quality of budget policy continued - the non-oil and gas federal budget deficit was increased to 12.5% ​​of GDP. In other words, it turned out to be another 2.5 percentage points. GDP is higher than the average for the first quarters of 2010 and 2011, including by 4.3 percentage points. GDP is higher than in the first quarter of 2011.

The previous post, posted both on this blog and on the Echo of Moscow website, received several requests, questions and comments.
I answer some of them with a little explanation.

1. “Give values ​​for entire years, not just for the first quarters.”
Please.

2. “Why are the periods on the charts in this post and in the previous post different?”
Due to differences in the availability of comparable annual and quarterly data to the researcher, the duration of the time series in the graph in this post is, firstly, slightly longer, and secondly, slightly shifted compared to the graph in the previous post. The data for 2012 (Q1) was not included in the chart in this post due to its incomparability with the annual data of the historical series presented here.

3. “Why is this important?”
The value of the budget deficit minus oil and gas revenues (i.e., the value of the so-called “non-oil and gas federal budget deficit”) allows us to assess the contribution of the efforts of the authorities themselves to the final result of the budget policy - with the elimination of the influence of the global price environment on this result. Therefore, this value is the most important indicator of the quality of the budget policy being pursued.

Under the conditions of a semi-democratic political regime (Russia 1994-99):
prime minister, relevant deputy prime minister, minister of finance (in 1995-98 - also chairman of the Central Bank);

It should be noted that with the tightening of the political regime, the number of persons influencing the quality of budget policy decreases. That in itself does not guarantee its improvement.

5. “What does this mean? Explain."
Based on the quality of the budget policy carried out during the time period under consideration (1994-2011), we can distinguish 7 noticeably different periods, each of which deserves to be named by the names of their main authors:

1. The first period (1994) – Chernomyrdin-Dubinin fiscal policy (hereinafter: BP), the non-oil and gas budget deficit is equal to 10.1% of GDP. It ensured a controversial budget catastrophe, which led, in particular, to “Black Tuesday” on the foreign exchange market on October 11, 1994, and then to the removal of S. Dubinin from his acting post. Minister of Finance and V. Gerashchenko from the post of Chairman of the Central Bank.

2. Second period (1995-98) – Chubais-Dubinin BP (-4.4% of GDP). Also known as the “exchange corridor policy,” which made it possible to finance the reduced budget deficit with foreign loans with a de facto fixed exchange rate. Recommended by S. Fisher from the IMF, actively supported by E. Gaidar, embodied by A. Chubais and S. Dubinin (as head of the Central Bank). Ensured an increase in the Russian public debt by more than 50 billion dollars, interrupted the economic growth that had begun, created an almost 4-year industrial recession, which ended with the brilliant currency, budget and debt cataclysm of 1998. S. Aleksashenko also lobbied for a moratorium on servicing external loans from Russian commercial banks. Led to the dismissal (temporarily) from posts in the state apparatus, state organizations and state companies of S. Kiriyenko, S. Dubinin, S. Aleksashenko, A. Chubais. Put an end to the attempts of E. Gaidar and A. Chubais to return to the government as deputy prime ministers (or even prime minister) in the spring-summer of 1998.

3. Third period (1999) – Primakov-Zadornov BP (-2.5% of GDP). An attempt to overcome the 1998 crisis by significantly reducing the budget deficit and radically reducing government spending led to the first economic boom in the history of modern Russia. It ended with the dismissals of E. Primakov and S. Stepashin from the post of prime minister.

4. The fourth period (2000-03) – Putin-Kasyanovsky-Kudrinsky BP (-0.1% of GDP). The most responsible budget policy in the history of modern Russia. Accompanied by a noticeable increase in government spending and even faster growth in government revenues as a result of the reforms of 2000-2001. Marked by the creation of the Stabilization Fund and the beginning of the accumulation of its resources. It ended with the arrest of M. Khodorkovsky, the beginning of the defeat of YUKOS, and the dismissal of M. Kasyanov from the post of prime minister.

5. Fifth period (2004-07) – Putin-Kudrin BP (-2.9% of GDP). This represents the first wave of a noticeable deterioration in the quality of fiscal policy, camouflaged by rising world energy prices. Ended with the beginning of the economic crisis of 2008-09. and the first castling involving the leader of the regime.

6. Sixth period (2008-09) – Putin-Kudrin BP (-10.1% of GDP). Its essence is a sharp deterioration in the quality of budget policy, partially camouflaged by the continued rise in world energy prices and the massive use of reserve funds accumulated in previous years. It was carried out against the backdrop of an economic crisis, which was replaced by a short-term (the second in modern Russian history) economic boom. It ended with his (boom) murder.

7. Seventh period (2010-11) – Putin-Kudrin BP (-11.1% of GDP). A new, third, wave of deterioration in the quality of budget policy, which, despite historically maximum energy prices, managed to ensure economic stagnation for a year and a half. It ended with a second reshuffle involving the leader of the regime and, possibly, the beginning of a new recession.

6. “So, the same people can pursue different economic policies at different times?”
Yes.
The quality of policies pursued by the same actor can vary markedly across periods.
For example, in cases of actions:
- V. Gerashchenko as head of the Central Bank in 1992-94. and in 1998-2002.
- V. Chernomyrdin as Prime Minister in 1994 and in 1995-98.
- V. Putin and A. Kudrin in their respective posts in 2000-03, in 2004-07, in 2008-09. and in 2010-11.

7. “The period of the most responsible budget policy.”
Some commentators on the Echo website, having seen the phrase: “Six years from 2000 to 2005 are the period of the most responsible budget policy in the modern history of Russia” and comparing it with some facts from the biography of the author of this text, became a little excited their assumptions about this.
In vain.
The mentioned period is obtained as a result of a quantitative analysis of data characterizing the budget policy carried out in the first quarters of 2000-05. compared to what policies were pursued before this period and what policies were pursued after it.
However, if we analyze the budget policy pursued not only in the first quarters, but throughout the entire year, then the period of the most responsible budget policy turns out to be the four-year period 2000-03.
I had to speak and write about the radical change in state policy that occurred at the end of 2003 more than once, and for the first time - then, at the end of 2003.
It should also be added (once again) that the real authors of budget policy in a given period of time were the persons who then held the posts of president, prime minister, and minister of finance. But not the presidential adviser. With all due respect to the position of adviser and to the person who held this position at that time, it should be noted that the adviser to the president could not and did not make decisions on the implementation of budget policy. The scale of its influence on decision-making in this regard should not be exaggerated.

8. “What conclusions should be drawn from all this?”
Many conclusions can be drawn from these data. And some of them have already been done by commentators.
For my part, I will only draw attention to the fact that the quality of budget policy in the sixth period (2008-09) turned out to be identical to the quality of budget policy in the first period (1994).
And the quality of fiscal policy in the seventh period (2010-11) turned out to be lower than even this.
Therefore, in particular, it is difficult to perceive the title of “best finance minister” to A. Kudrin by Euromoney magazine in 2010 (and not, for example, in 2002) other than as a curious curiosity.
Although it is possible - and as a certain sign.
Perhaps in some ways similar to the assignment of the same title to A. Chubais by the same magazine in 1997.

1.1 Oil and gas deficit of the federal budget and oil and gas transfer

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 income 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 income from the management of the Reserve Fund and the National Welfare Fund. Or more simply, the difference between income that does 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 that must be taken into account when assessing the principles of budget policy for 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 exports will be much lower than 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 estimates by the Russian Ministry of Economic Development, this share is declining from 21% in 2006 to 14.9% in 2010. The trend of reduction 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 decrease in oil prices from 61 US dollars in 2006 and 55 US dollars in 2007 to 50 US dollars 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 the Budget Code of the Russian Federation (item-by-item) / Ed. A.N. Borisova. M., 2008. P.201.

According to the long-term forecast, by 2025, revenues to the federal budget may decrease due to the listed factors (even if oil prices remain relatively high - 40 - 50 US dollars in 2006 prices) to a level of less than 4% of GDP. Lost revenues will only be slightly compensated 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 increasing the tax burden, cutting spending and a sharp increase in public debt See: Methodology formation of the non-oil and gas balance of the Russian budget // URL http: // minfin.ru/ru/legislation/. html (2009. November 11).

Using 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 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 clause 2 of art. 96.8 of the Budget Code, according to which the amount of oil and gas transfer for the corresponding financial year is approved in an 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 funds from 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 on 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 terms of regulating the budget process and bringing certain legislative acts of the Russian Federation into conformity with the budget legislation of the Russian Federation” No. 63- Federal Law (as amended on September 22, 2009) // SZ RF. 04/30/2007. 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 . adopted based on 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 (i.e., funds from oil and gas revenues of the federal budget and funds from the Reserve Fund) and sources of financing the federal budget deficit.

The size of the oil and gas transfer is established in the manner provided for in Art. 96.8 of the Budget Code. Taking into account the norm of paragraph 3 of Art. 94 of the Code, the amount 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 amount of sources other than oil and gas transfers was planned as 0.5 - 0.8% of GDP).

Paragraph 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 funds from the Reserve Fund. Moreover, the Reserve Fund in accordance with clause 1 of Art. 96.9 of the Code is used to carry out oil and gas transfers only if oil and gas revenues are insufficient for these purposes. In accordance with paragraph 2 of Art. 199 of the Code, the volume of oil and gas transfers is one of the main characteristics of the federal budget.

In accordance with clause 2 of Article 96.8, the amount of oil and gas transfer for the corresponding financial year is subject to approval in absolute amounts by the federal law on the federal budget for the next financial year and planning period.

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 connection 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 clause 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 funds from 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 come into force only on January 1, 2011. Until this date, the volume of oil and gas transfers in accordance with Law of 2007 N 63-FZ Federal Law of April 26, 2007 “On Amendments to the Budget Code of the Russian Federation in terms of regulating the budget process and bringing individual legislative acts of the Russian Federation into conformity with the budgetary 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 GDP forecast for 2008;

in 2009 - 5.5% of the GDP forecast for 2009;

in 2010 - 4.5% of the GDP forecast for 2010.

In the explanatory note to the indicators of the draft Law on the Federal Budget for 2008 - 2010. it was indicated that the maximum annual transfer size 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 Welfare Fund - ensures stability budget policy and allows you to maintain the Reserve Fund in case of sudden price changes, 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 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 commentary to Article 96.6 of the Code) by about a quarter (from 6.8 to 5.2% of GDP). It is noted that maintaining a higher level of transfer (4.5% and 5% of GDP) for 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 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. accordingly See: Commentary on the Budget Code of the Russian Federation (item-by-item) / Ed. A.N. Borisova. M., 2008. P. 203.

Budget deficit and public debt

Budget deficit and public debt management system

The state budget is a form of formation and expenditure of a fund of funds intended to financially support the tasks and functions of the state of local self-government...

Impact of the global financial and economic crisis of 2007-2009. to the oil and gas market

The state budget

State budget expenditures and its revenues do not always coincide. If expenditures exceed revenues, then the government faces a budget deficit. The opposite situation, i.e. excess of income over expenses...

The state budget

The state budget

The state budget and its role in an equilibrium economy

The difference between government revenues and expenditures is the government budget balance (e). Depending on the ratio of expenses and income, the state budget can be in three different states (Figure 2) Figure 2...

State budget as an instrument of state regulation

The excess of state budget expenditures over revenues is called the budget deficit. It is a consequence of the imbalance of public finances...

State budget revenues and expenses, their structure and role in economic growth of production

Ideal budget execution requires full coverage of expenses with income. The excess of budget revenues over its expenses is called a budget surplus...

Macroeconomic indicators in the national economy

1. The state budget is a monetary relationship...

With a balanced budget, government revenues equal expenditures. Let us repeat that in the case when income is greater than expenses, the excess is called a budget surplus or positive budget balance...

Budget balance. Budget deficit and surplus

The federal budget for 2005 was adopted with revenues in the amount of 3 trillion. 326 billion rubles, in terms of expenses - 3 trillion. 48 billion rubles The actual execution amounted to 5 trillion. 125 billion rubles. by income and 3 trillion. 539 billion rubles. according to expenses. Federal budget revenues in 2005 amounted to 23...

Balance of the state budget

Budget deficit is the excess of budget expenditures over its revenues. The budget deficit is not one of the financial phenomena of an emergency nature. It is found in the budgets of many states...

Family budget, sources of its formation and directions of use

Speaking about the family budget deficit, it must be said that this is an excess of family expenses over its income, and savings - on the contrary, an excess of income over expenses...

The federal budget as an instrument of the state’s socio-economic policy

The functional part of the budget system determines its capabilities and is represented by budget functions that ensure the budget process and reflect the most general areas of budget expenditures...