STATE TREASURY

The State Treasury (ST) is a system of the state executive power and acts under the Ministry of Finance.

The State Treasury consists of the Head Administration and its territorial organs in Autonomous Republic of Crimea, regions, cities of Kyiv and Sevastopol.

The ST is governed by the Constitution of Ukraine and Ukrainian legislation.

The ST maintains the fulfillment of the State Budget, and fulfills a lot of financial functions including managing funds, controlling them and using funds effectively. The functions that the State Treasury provides are:

— managing funds available, including foreign currency as well as the state out-of-budget funds in the frames of the expenses fixed for the definite time period;

— financing the expenses of the State Budget;

— collecting funds, accounting (makes financial reports on the state and master budgets' fulfillment;

— managing the state (home and foreign) debts according to the (valid) legislation in use;

— controlling the receiving and use of the state

out-of-budget funds;

— working out and adopting the forms of accounting and reporting documents, and the order of reporting on the fulfillment of the budgets of all levels.

The Head Administration is a managing body of the State Treasury. The Head Administration supervises territorial organs of the ST; manages revenues and expenses of the State Budget, deals in the budget funds available, including foreign currency. It forecasts cash flow, defines the amount of current use of funds in the frame of expenses fixed for a definite time period; shares total tax implications, fees and other charges between the state budget and the budgets of regions, cities and local state authorities; collects, summarizes, and analyses financial statements on the fulfillment of the state and master budgets, reports to Verkhovna Rada of Ukraine, the Government and the Ministry of Finance.

The State Treasury's organs have the right to open their accounts at any bank to control the revenues and expenses of the State Budget; to deal with transactions on placing the state securities (bonds), to clear them and paying profit.

The ST's organs have the right to check up accounting records as to the use of the state funds at any ministries, local organs of state administration, businesses and organizations.

Vocabulary:

executive power – виконавча влада

to fulfill - виконувати

funds available – наявні фонди

foreign currency – іноземна валюта

out-of-budget funds – позабюджетні фонди

budget - бюджет

home and foreign debt – внутрішній та зовнішній борг

revenue - прибуток

expense - видаток

to forecast - передбачати

fee – збір, оплата

to deal with sth – мати справу з чимось

state securities – державні цінні папери

to check sth up – перевіряти щось

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