The influence of the reform of budgetary legislation on the financial support of the local government authority: a comparative analysis of the Budget Code of the Russian Federation as of 31.07.1998 and its new draft

The article is devoted to reforming the budgetary legislation of financial activity of local government authority. The study focuses on the provisions of the current Budget Code of the Russian Federation including its new draft standards covering various aspects of the budgetary power of local bodies. The research objective is to compare laws and regulations, identify shortcomings in existing legislation, and eliminate legislative gaps. Analysis of the current Budget Code of the Russian Federation and its new draft allowed the author to draw the following conclusions: the reforms of the budgetary legislation will not cause the significant changes in the financial activities of local authorities. The lack of detailed regulation of the criteria for allocating budget funds to the local level leads to enhancing the budgetary rights of the subjects in relation to municipalities. Nowadays, local budgets are highly dependent on the budget of the federal center and the budget of the region. It must be recognized that the draft of the new Budget Code of the Russian Federation is far from perfect since it does not reflect all budgetary realities. Meanwhile, the development of the Russian federal state is possible only when creating a genuinely effective legislation in all areas of society, primarily in the budgetary sphere which meets all the requirements of modern reality.