SYSTEM OF BUDGETARY FINANCING OF THE INVESTMENT SUPPORT FOR INNOVATIVE PROCESSES IN MUNICIPALITIES
Currently, the Russian economy is slated innovative way of development. However, innovative processes are usually long-term. In addition, their implementation is accompanied by a high financial risk on the part of investors. Therefore, on the first place the state support of innovation activity through budget financing. Municipalities do not have large financial capacity to cover all stages of the innovation process, which is due primarily to the low fiscal capacity and limiting activities of municipalities addressing local issues. As a result, at the municipal level, we can talk about creating demand for innovative products, through which ensured the growth of the level of socio-economic development of the municipality and the quality of life of the population living in it. Of particular importance in stimulating innovation processes of the investment fund, acquires a municipal-private partnership. The low level of information transparency adversely affects the formation of a database of budget expenditures for innovative products.