The budget process as a tool for managing the public and municipal finances
The article considers some current urgent issues of organizing the budget process as an essential tool for managing the public and municipal finances. Relying on the analysis of the world experience of budgeting process the author shows both its common features and its peculiarities in different countries. It is proved that it is during the budgeting process one can reveal ways to improve the management of public and municipal finances, as by virtue of its multi-faceted and multi-dimensional nature the budgeting process permeates all areas of fiscal activity of public and municipal authorities. Performing a detailed analysis of issues of improving the budget process in different countries, including Russia, the author emphasizes that it is in a constant and continuous in accordance with changes in the economic, social and financial policy of the state at a particular stage of development of the country. Considering the main directions of reforming the budget process in the Russian Federation on some controversial issues, in particular on determining the place and the role of local budgets in the general system of the country's budget process, on using some new methods in budget planning and forecasting and others, the author substantiates and offers his own point of view. In author's opinion, further improving the quality of management of public and municipal finance depends largely on the successful solution of the issues on improving the budget process in the country.