The article proposes an approach that takes into account inflationary factors in the tactics of financial management, namely in the processes of managing current as-sets and short-term liabilities of enterprises involved in urban development (a rein-forced concrete plant, a house-building enterprise, etc.). The most important point here is the choice of the level of the interest rate at which discounting is performed. This value is commonly referred to as the comparison rate. An important point in deter-mining the interest rate used for discounting is the consideration of risks. Since the risk in the analysis of production investments, regardless of its specific forms, ultimately appears in the form of a possible decrease in the real return on capital compared to the expected one, and this decrease again manifests itself in time, therefore, as a general recommendation for taking into account possible losses from reduction in returns, in-flationary depreciation of money, etc. it is usually proposed to introduce an amendment to the level of interest rate characterizing the yield on risk-free investments (for ex-ample, in short-term government securities), i.e. to add a certain risk premium that takes into account both the specific risk associated with the uncertainty of receiving income from a specific investment of an enterprise involved in urban development (a reinforced concrete plant, a house-building plant, etc.) and the market risk associated with the situation. This approach is particularly relevant in Ukraine today, with the ongoing war with Russia. The study presents the basic principles of tactical financial management of Ukrainian urban development enterprises in the context of high infla-tion, which relate to the following 1) volumes and speed of turnover; 2) net debtor position; 3) dynamics of enterprise prices and the method of calculating weighted av-erage prices; 4) changes in consumer costs when prices for raw materials, energy, equipment, etc.; 5) the policy of using of free cash of the enterprise in case of infla-tionary depreciation.