Role of local budgets in ensuring efficiency of management of municipal finance in Russia and in foreign countries

Effective, transparent and responsible management of municipal finances it is possible to recognize an important condition for the sustainable growth of macroeconomic indicators and achieve long-term goals and objectives of socio-economic development of economic entities. The authors note that in recent years the attention of researchers is paid to the similarity of the systems of managing municipal finances in different countries and the problems they faced. The most widely reflected in the works of researchers found the issues of municipal Finance management, and in particular the issues of balance and increase of municipal revenues, the optimal level of budget spending, reducing the debt burden. Economic nature of local budgets is shown in their appointment. Despite the differences in the views of different economists on the nature of fiscal relations, they are characterized by recognition as part of objectively existing financial relations and, consequently, their most important characteristics are: the monetary and distribution in nature...