Regional tourism development: financial aspects (casestudy: Yaroslavl oblast)

The article focuses on the financial aspect of regional tourism development, with Yaroslavl oblast selected as a case study. In the article, the author proposes a practical approach to the identification of the financial flow influenced and generated by regional tourism development. The author states that the financial flow consists of two components: financial provision/assurance (the funds required for policy measures implementation) and tourist turnover (tourism-generated income, which is tourism contribution to the gross regional product). Financial provision/assurance is regarded as part of the resources provision intended for policy measures, the author demonstrates the possible approaches to its specification and dwells on the approach taken to develop the target project “Tourism development strategies for Yaroslavl oblast: period of implementation - up to 2025”. The author also provides an evaluation of tourist turnover as predicted for Yaroslavl oblast, with due consideration given to the tourism development policy measures implementation in the framework of scenarios proposed. In particular, the author describes different approaches to predicted tourist-arrival volume evaluation, demonstrates calculations of future tourist expenses, and provides a description of two alternatives for tourist turnover calculation. Moreover, the author puts forth a methodology of tourist turnover prediction based on practical calculations and regarded from a strategic perspective. Thus, the author attempts to specify the calculation procedure, which is prerequisite for effective policy decision-making and regional tourism development strategy formulation. The author insists on the urgent nature of the issues raised in the article, especially in the light of the current trends in global tourism development.