The budgetary process is represented by the activities of allstate bodies, regulated by regulatory documents. These bodies are responsible for the timely compilation, detailed consideration and approval in the required amount of the country's budgets, as well as exercising control over their execution.
One of the components of theof the budget is appropriate regulation, represented by a partial redistribution of public finances between budgets of all levels. The duration of this process is called the "budget period".
The budgetary process uses such a concept as the fiscal year. It is equated to the calendar and lasts from the beginning of January to the end of December.
The stages of the budget process are regulated by the Budget Code of the Russian Federation and are contained in the above definition of the concept, namely:
- drafting of the budget document,the preliminary stage of which is the direct forecasting of economic indicators for the next year, and based on the results obtained, the development of appropriate plans;
- consideration of the draft by the representative body of authority, the terms and procedure for considering this document are set for a specific year;
- approval of the budget is carried out in the fourth reading;
- Budget execution consists in control over the timeliness of replenishment of its revenue part, as well as financing of planned expenditures in the period from January to December of each year;
- approval of the budget execution report.
For a more complete characterization of the process, it is necessary to consider its stages more in detail.
So, the first stage - budgeting isthe initial stage within which the state bodies determine the amount of budgetary funds, the monetary and fiscal policy of the state for the next year, the main ways to cover the budget deficit and redistribution of the expenditure side between the structural components of the system.
The next stage is the consideration of the budget, whichis carried out six months before its approval by law. At this stage, the government, financial and banking bodies take an active part in the discussion process. Usually this procedure takes place in several readings, according to the results of which all disputable issues are agreed. The result of this stage is a legally adopted state document that stipulates the country's revenues and expenditures for the coming year.
The budgetary process includes such a stage as execution. This stage is quite complex, and involves the participation of a huge number of ministries, departments and organizations.
Participants in the budgetary process are also stipulatedBudget Code of the Russian Federation. These include the President of the Russian Federation, state bodies of the monetary and credit system, bodies of all levels of state power, municipal and state financial control, the main administrators of budgetary funds, as well as other bodies charged with tax and other authorities with relevant legislation and regulations of the Russian Federation.
The budget process should be based onprinciples of completeness of coverage and unity of budget revenues and expenditures, the reality of the budget, publicity and publicity of its adoption, the annuality of this process, its independence and specialization of budgetary indicators. Only if these principles are observed, the state has the opportunity to create a budget in which public funds would be used sparingly and with maximum impact for the state.