Abstract
The introduction of fiscal policy transparency practices in the contemporary local financial management system is one of the prerequisites for increasing the socio-economic development of regions. Creating a transparent budget environment contributes to a faster and more effective solution to the region’s current problems. The lack of a sufficient level of budgetary transparency is a consequence of poor public interest consideration, which impedes the people’s realization of their own democratic aspirations and freedoms.The article is aimed at developing scientific and methodological approach to assessing the state of social and economic development of a region and comparing the estimates with the regions’ transparency levels for 2016–2018. Integral assessment of socio-economic development consists of four stages. It has been found out that the level of socio-economic development of regions does not correlate with the transparency level of regional policy. Public finance transparency assessment of Sumy city has shown that its population needs a higher level of information disclosure, use of the latest information channels, and creation of convenient forms of involvement in the budget process. The transparency evaluation results in the areas of budgeting, public procurement, disposal of property of the territorial community, etc. have been investigated. Besides, directions for improving Sumy local authorities’ information policy are proposed to increase its transparency.
Highlights
Further research is at the ating a transparent budgetary environment is to intersection of different areas, in particular, public ensure the optimal functioning of local self-gov- finance, transparency, and sustainable social and ernment to achieve a high level of socio-economic economic development
The algorithm for integral assessment of the socio-economic development of a region is important from a practical perspective, since it allows characterizing key region’s problems, comparing them with other regions and developing a strategy for regional development
The results obtained are due to the fact that creating a transparent budgetary environment depends on the regional information policy, which is formed by local authorities
Summary
Further research is at the ating a transparent budgetary environment is to intersection of different areas, in particular, public ensure the optimal functioning of local self-gov- finance, transparency, and sustainable social and ernment to achieve a high level of socio-economic economic development. A wide range of public finance studies in re- ing an integral indicator as an expression of the lation to transparency opens up new avenues for state of socio-economic development in a particuaddressing current socio-economic needs of the lar region. The advantage of this algorithm is in regions. Do you know about the possibility of attending public hearings in the budgeting process?
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
