НАСЛІДКИ РЕФОРМУВАННЯ БЮДЖЕТНОЇ СИСТЕМИ УКРАЇНИ

Abstract

The budget process in Ukraine during the years of independence is in a state of reformation due to the need to improve the quality of life of a large part of the country's population, raise social standards, provide the preconditions for economic growth. Thus, the process of finding optimal budgetary mechanisms that will ensure the financial sustainability, efficiency and effectiveness of budgets of all levels in Ukraine continues and is relevant in the current economic, social and political conditions of society. During the research, the stages of reforming the budget system of Ukraine were periodised in the article: stage 1 – the beginning of the formation of the budget system of Ukraine; Stage 2 – laying the foundations of Ukraine's own budget system; Stage 3 – development of Ukraine's own budget system; Stage 4 – elimination of deficiencies in the budget system of Ukraine; Stage 5 – the newest reform of the budgetary system of Ukraine based on the European integration course. The main directions of the modern reform of the public finances are outlined, in particular the reforms of financial decentralization: change of approaches to management of budgetary funds; development of the program-target method in the budget process; improving fiscal risk management; verification of government payments; development of state internal financial control; accounting and auditing reform; improving intergovernmental budgetary relations; increasing budget transparency; monetization of subsidies. The analysis of public finance reform in Ukraine was carried out with the help of economic indicators characterizing the level of development of the budgetary system. It is revealed that local budget revenues are mainly generated by tax revenues and intergovernmental budget transfers. The main consequences of the reform of public finances in Ukraine including: strengthening of the financial base of local budgets; intensification of work on the implementation of medium-term budgetary planning; raising the publicity of the budget process. The directions of further reform of the budgetary system of Ukraine are substantiated, in particular: to continue work on increasing the level of interest of local authorities in increasing their own revenues; strengthen work towards strengthening the financial autonomy of local budgets.