Budgetary efficiency of the project

The budgetary efficiency is estimated on request of bodies of the public and/or regional government. According to these requirements the budgetary efficiency for budgets of various levels or the consolidated budget can be defined.

The budgetary efficiency considers social and economic consequences of implementation of SP for society as a whole, including both direct results and project expenses, and "external": expenses and results in adjacent sectors of economy, ecological, social and other noneconomic effects.

From the point of view of the budgetary efficiency the project first of all has to be directed not on receiving profit, and on achievement of the greatest possible social and economic result. For example, in the analysis of SP of the object of welfare value connected with construction (an example the theater can be), paramount value has that social effect which will be reached. However it isn't necessary to forget that the most preferable is that SP on which realization as little as possible expenses, taking into account social effect which needs to be reached is required.

Indicators of the budgetary efficiency (from the financial point of view) pay off on the basis of definition of a flow of budgetary funds.

Inflows of means for calculation of the budgetary efficiency treat:

- commission payments to RK Ministry of Finance for maintenance of the foreign credits (in the income of the federal budget);

- dividends on belonging region or the state to actions and other securities issued in connection with realization of SP.

Outflows of budgetary funds treat:

- granting budgetary (in particular, state) resources on the terms of fixing in property of appropriate authority of management (in particular, in federal state ownership) parts of actions of the joint-stock company created for implementation of SP;

- granting the budgetary resources in the form of the investment credit;

- providing budgetary funds on a gratuitous basis (subsidizing);

- the budgetary grants connected with carrying out a certain price policy and ensuring observance of certain social priorities.

It is separately recommended to consider:

- the tax privileges which are reflecting in reduction of receipts from taxes and fees. In this case outflows also don't arise, but inflows decrease;

- state guarantees of loans and investment risks. Outflows thus are absent. As additional inflow the payment for guarantees serves. At an assessment of efficiency of the project taking into account factors of uncertainty of outflow payments on guarantees join at approach of insured events

At an assessment of the budgetary efficiency of the project changes of the income and expenses of the budgetary funds, caused by influence of the project on the third-party enterprises and the population if the project has on them impact are considered also, including:

- direct financing of the enterprises participating in realization of SP;

- change of tax revenues from the enterprises, which activity improves or worsens as a result of SP realization;

- payments of grants to the persons remaining without work in connection with implementation of the project (including when using the import equipment and materials instead of similar domestic);

- allocation from the budget of means for resettlement and employment of citizens in the cases provided by the project.

According to the projects providing creation of new workplaces in regions with high unemployment rate, in inflow of budgetary funds the economy of capital investments from the federal budget or the budget of the subject of Federation on payment of the corresponding grants is considered.

As an output form the table of a cash flow of the budget with definition of indicators of the budgetary efficiency is recommended. The main indicator of the budgetary efficiency is ChDD of the budget (ChDDB). In the presence of the budgetary outflows possibly definition of VND and budget IDES. In case of granting the state guarantees for the analysis and selection of independent projects at the set total size of guarantees along with ChDDB the index of profitability of guarantees (IPG) - the relation of ChDDB to the size of guarantees (in case of need - discounted) can play an essential role also.

Basis for calculation of indicators of the budgetary efficiency are the sums of tax revenues of the budget and payments for budgets of the various levels, defined with addition of income tax on a salary.

On the basis of the obtained data cash flows for determination of the budgetary efficiency are formed and generalizing indicators of the budgetary efficiency of the project pay off. For each level of the budget calculations are carried out separately.

As well as any kind of the analysis, the analysis of efficiency of the investment project has definite purposes and tasks. Speaking about the purposes of the analysis of efficiency of a solvency, it is necessary to notice that a main objective of the analysis is making decision on implementation of the investment project. Besides, such strategic objective of the analysis of efficiency, as improvement of an economic condition of the state which chooses the most effective projects for realization can be allocated

As for tasks which have to be solved during the analysis of efficiency of the project, they can be classified depending on the subject of the analysis. The credit organizations and other investors, financial services of the enterprise realizing the project, and also other subjects which can be involved in process of implementation of the project can be subjects of the analysis of efficiency of the project.

So, during the analysis of efficiency of the investment project the financial service of the enterprise has to solved the following tasks:

1. Carrying out the aggregated analysis of design decisions and creation of necessary conditions for search of investors;

2. Development of the scheme of financing of the project;

3. Ensuring maximizing profit on implementation of the investment project.

The budgetary efficiency of the project reflects influence of implementation of the project on the income and expenses of the federal, regional or local budget. The main indicator of the budgetary efficiency of the project is the budgetary effect which is used for justification of the measures of federal or regional support put in the project. For t step the budgetary effect of B (t) is defined as a difference between the income of R (t) and expenses of E (t) of the relevant budget:

The integrated budgetary effect of B (int) pays off as excess of the integrated income of the budget of R (int) over integrated expenses of the budget of E (inf):

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