Sources and dynamics of the debt burden of the Russian Federation regional budgets

The growing socio-economic disparity of regions is accompanied with deterioration of the financial stability of regional budgets - debt growth (mainly internal and in a minor way external), decline in the economic indicators of regional development - reduction in the regional fixed capital investments. Imbalance of the budget federalism system is examined with the account of three main parameters of its construction - distribution of income authorities, distribution of expenditure commitments, and transfer mechanisms (financial aid) between two levels of the budgetary system (federal and regional). The author draws a conclusion that to ensure achieving all social performance targets set in the Presidential Decrees of May 2012, it is necessary to change the existing parameters of the horizontal and vertical imbalance in the RF budget system, to develop adequate measures of a new budget strategy.