Interbudgetary relations as the basis of modern regional policy of Russia

The current differentiation of levels of socio-economic development of regions of Russia actualizes the need to develop a comprehensive regional policy on reducing regional disparities. The article presents a comparative analysis of approaches to the management of territorial development of the adjustment period. It identified the dominant direction of regulation - smoothing interregional differentiation by forming growth points and increasing inter-regional integration. The emphasis shifted to the development of decentralized co-financing of regional programs providing an innovative, socially-oriented development of the territories by forming zones of advancing economic growth. The article describes the basic principles of the system of intergovernmental relations. It justified the role of intergovernmental transfers in the creation of conditions for the integration and alignment of differentia tion of the Ru ssia n regions. An a nalysis of cur rent ly intergovernmental transfers in Russia as the basis of the federal financial policy in relation to the regions. An analysis of the peculiarities of these kinds of intergovernmental transfers as grants, subsidies, subventions from the federal budget to the budgets of the Russian Federation. Consideration of the basic kinds of intergovernmental transfers allowed to prove the primary problems of the current system of intergovernmental fiscal relations.