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METHODOLOGICAL APPROACHES TO THE FORMATION AND DEVELOPMENT OF FINANCING MECHANISMS FOR STATE TARGET PROGRAMS IN UKRAINE
Getman Y.M.
Postgraduate student, Institute of banking technology and business Higher State Educational Institution «Banking University»
Kyiv, Ukraine
ABSTRACT
The article deals with the main methodological approaches to the formation and development of financing mechanisms for state target programs in Ukraine. In world practice, state authorities use many different funding mechanisms to ensure the implementation of state target programs. The article analyzed the mechanisms of financing for state target programs by sources of attraction of funds, which were classified by budget, investment, credit and grant. Also in the article the features of the project approach in the process of program-target budgeting, which has become common practice, are investigated. Proposed approaches to the solution of existing problem issues of methodological approaches to the formation and development of financing mechanisms for state target programs will help to use state resources more efficiently and implement approved state targeted programs. In particular, the program-target method of management of the expenditure part of the state budget, which provides for the possibility of attracting alternative sources of funding, can help partially to solve the problem of financing for state target programs.
Keywords: state target program, financing mechanisms, state budget, investments, credit mechanisms, legislative regulation.
Formulation of the problem. Successful implementation of the country's development strategy and improvement of investment attractiveness involve the implementation of not only impactful, but also effective state target programs. State target programs constitute an important part of the planning of the State Budget of Ukraine and its implementation at the level of domestic bodies of executive power at both higher and central levels. The variety of financial resource requirements determines the large number of forms and mechanisms for financing state target programs, which together form a financing system, which is usually associated with a particular project or program for which the system is proposed. Therefore, the study of problem issues of methodological approaches to the formation and development of mechanisms for funding
state target programs in Ukraine and the provision of proposals for their solution have become paramount.
Analysis of recent research and publications. A significant contribution to the development of the theoretical and practical issues of funding mechanisms for state-targeted programs was made by domestic and foreign scholars as follows: O.I. Amosha, M. Atkinson, V.D. Bazylevych, S. Blank, S.A. Bukovynskyi, H.V. Vozniak, A.S. Halchynskyi, B. Hardner, S.V. Holov, P.S. Yeshchenko, R. Innes, A.Ia. Kuznyetsova, S.V. Mishchenko, O.V. Nevmerzhytska, K.V. Pavliuk, V.L. Pleskach, N.I. Ruban, I.B. Stefaniuk, L. Tviten, Dzh. Khopkins, N.R. Shvets, A.A. Chukhno, O.V. Shevchuk, and others.
The highlight of the previously unsolved parts of a common problem. However, it should be noted that despite a large number of scientific works and
significant achievements in this field, a number of theoretical, methodological and practical questions regarding methodological approaches to the formation and development of funding mechanisms for state target programs remain unresolved, debatable, need refinements and further development, which necessitates the carrying out of this scientific research.
Setting objectives. The purpose of this scientific article is to study the problem issues of methodological approaches to the formation and development of mechanisms for financing state target programs and to provide proposals for their solution.
Essential material. Financing of state-target programs is restrained by significant restrictions on the size of the country's expenditures and by changing the priorities of economic development, as a result of the economic crisis in Ukraine. This leads to the impossibility of effectively performing the tasks and postponing the deadlines for their implementation.
The term "state target program" (hereinafter - the STP) is defined in the Law of Ukraine "On State Target Programs" [1], according to which the state target program is a set of interrelated tasks and measures aimed at solving the most important problems of State development, separate branches of economy or administrative-territorial units, are carried out using the funds of the State Budget of Ukraine and agreed upon by terms of execution, composition of performers, resource provision, the purpose of which is to promote the implementation of state policy in the priority directions of development of the state, separate branches of economy and administrative-territorial units; Providing concentration of financial, logistical, other resources, production and scientific and technical potential, as well as coordinating the activities of central and local executive authorities, enterprises, institutions and organizations to solve the most important problems [1].
State target programs constitute an important part of the planning of the State Budget of Ukraine and its implementation at the level of domestic bodies of executive power at both higher and central levels.
For the state, the state target program acts as a lever for the regulation of socio-economic development and combines the following features of budgeting focused on the result and the target approach:
- Integrity and systematic in solving the tasks;
- specified (limiting) character of planning;
- Determining the amount of funding depending on the desired results;
- program analysis according to the criteria of effectiveness during the implementation of programs;
- Transparency of the order of formation of the program [2].
The diversity of financial resource requirements determines the large number of forms and mechanisms for financing state target programs, which together form the financing system, which is usually associated with a particular project or program for which the system is being proposed.
State target programs are a mechanism for attracting funds from the central budget to solve problems in a particular industry or in a certain territory that are recognized as national priorities and of a systemic nature.
Along with the central government, local authorities can act as initiators and co-executors of such programs, attracting additional resources from the central budget to solve the greatest problems of local importance.
In order to ensure the implementation of state target programs, authorities can use a variety of financing mechanisms. Under the financing mechanisms in this case, they understand a certain combination of methods and tools for the accumulation, distribution and use of financial resources. In world practice, many different financing mechanisms are used. Some of them are universal, that is, they can be used in many countries to solve a large number of socioeconomic problems, and some are special, that is, they can only be used to solve specific problems. The rational choice of funding mechanisms depends to a large extent on the success of the implementation of the relevant state targeted programs.
In determining the mechanisms for funding state target programs, we consider it correct to take into account the key (specifically for financing) peculiarity of the implementation of state target programs - their long-term nature, for several budget periods (years). Consequently, in view of this, as well as the breadth of possible forms of financing of government targeted programs (for example, budget financing, lending, investment), the basic principles of such financing should be considered as follows [1, 3]:
• substantiation of volumes;
• compliance with the limits of funding;
• planning;
• irretrievable and non-repayable (turning and payment - in lending);
• Targeted funds and their effective use;
• compliance with the economy;
• legal regulation;
• financing as the plans are implemented;
• optimal combination of own, credit and budget sources;
• constant monitoring.
Consequently, the mechanism for financing state target programs is a set of forms and methods of using financial resources to achieve the state's objectives, at the expense of budgetary and extra budgetary funds. At the macro level, it allows solving urgent problems of the country, in particular, creating conditions for the normal functioning of the economy and the development of various industries.
At the micro level through targeted programs, the state activates entrepreneurs, investors and individuals to invest in mutually beneficial conditions to solve problem issues. In addition, the mechanism for funding state target programs should ensure the efficiency of the distribution and use of scarce resources, increase the responsibility of the executors and ensure transparency of the procedure for allocating and directing budget and extra budgetary funds for their implementation.
Traditionally, the most important source of funding for state target programs is the state and local budgets, while funds received from other sources are only an additional financial resource. Therefore, the main mechanism for financing state target programs is
budget financing. It is with him that deep theoretical researches of distribution processes, organization of monetary relations concerning the use of the centralized fund of state funds are connected. In the process of financing state target programs, the purpose of the state budget, its orientation to the fulfillment of the functions of the state, the level of utility of these functions for the society, the strategic direction of the movement of society and its trajectory, the corresponding trends and the dynamics of development are revealed [2].
In order to provide the state target program with the necessary budgetary resources, the state customer includes the necessary funds to the corresponding budget program - thus ensuring the interconnection of state target programs with budget planning. Direct allocation of funds provided by the state target programs to implement local economic development initiatives can take place in two ways: by providing targeted subventions to local budgets (in this case, the local self-government body must develop and approve the corresponding budget program in the local budget) or through the transfer of authority regarding the use of state budget funds to lower level budget funds managers - local executive bodies (in this case, local government body provide suggestions on the use of funds from the state budget to such managers who make appropriate decisions).
By sources of funding, mechanisms for financing state target programs can be divided into budget, investment, loans and grants. The budget funding mechanisms for state target programs include [4, 5]:
Taxes and fees - a mechanism for financing state targeted programs at the expense of revenues to the state budget.
Sale of state property is a mechanism that provides for the transfer of ownership of state assets. It allows one to quickly draw large amounts of money across the country by using its exhaustive resources. In developed countries, this mechanism is used very limitedly, because there they realize the exhaustiveness of such a way to ensure budget revenues. Instead, in Ukraine, after the collapse of the USSR, in communal ownership there is a significant amount of land and real estate that is not used by the state.
Lease of state property - a mechanism that provides for the temporary transfer of ownership and use of state-owned objects. The state budget receives much less revenues from the lease of state property than from its sale, but they have a restorative nature and do not result in the loss of ownership of the respective assets. In both international and Ukrainian practice, the most common form of using this mechanism is long and medium-term rental of real estate.
Regional agreements on social and economic development are a mechanism that has been distributed mostly in the post-Soviet space (Ukraine, Republic of Belarus, Russian Federation). It is one of the tools for implementing state policy in the field of regional and local development, since it allows coordinating efforts and concentrating resources at different levels of government (from state to local) to address specific government targeted programs, including through targeted transfers from state to local budgets [4].
The investment financing mechanisms for state target programs include [4, 5]:
Corporatization of state enterprises is a mechanism for attracting additional revenues, which results in the possibility of transferring corporate rights to private investors. Corporatization of state-owned enterprises is often used in transition economies, where there is a need to transfer state assets into private ownership and attract investments into the economy. Depending on the needs, the state can preserve ownership of the company, but at the same time lose responsibility for its obligations, attract investment funds to the enterprise, but retain control or blocking powers, or fully privatize the state enterprise.
Compensation of influence - a mechanism that enables to synchronize the pace of development of infrastructure with the dynamics of residential and commercial development, as well as compensate for the negative impact of external factors, such as industrial pollution of the environment, on the territory. The use of this mechanism involves the obligation of developers or entrepreneurs to offset the negative impact of a new building or enterprise on the level of infrastructure load or the state of the environment. Such compensation may be made in the form of deductions to the budget, as provided by Ukrainian law, or in non-monetary form, as is possible in most economically developed countries.
State-private partnerships - permanent cooperation between the public sector, including the municipal level, and private sector enterprises with the aim of generating resources for the implementation of infrastructure state targeted programs. Within a public-private partnership, the distribution of costs, risks and future profits between the public and private partners of the partnership takes place. The application of this mechanism enables the authorities to meet the needs of economic development at the expense of investment funds, without losing influence on and control over infrastructure objects. Public-private partnership is one of the most common mechanisms for funding large-scale infrastructure state-targeted programs in economically developed countries.
The credit mechanisms of financing of state target programs include [5, 7]:
Bond loans - a mechanism for attracting to the budget financial resources, which involves the issue of bonds by government. There are three types of bonds: non-performing bonds (provided by state property or budget revenues), yieldable bonds (issued for financing objects whose income will be repatriated) and mixed-type bonds (do not generate income, but their repayment is provided by revenues generated from objects). Bond loans as a mechanism for attracting credit resources are widely used in economically developed countries.
Non-lending loans - a mechanism for attracting financial resources from commercial banks, municipal lending institutions, and other financial institutions on the terms of payment, timeliness and turnaround. Non-bonded loans can be attracted for different periods, including to cover temporary cash budget breaks. Me-
dium-term or long-term loans are mainly used to finance specific government targeted programs. In EU countries, about 10-15% of budget revenues are generated by non-bonded loans, whereas in Ukraine, on average, the average figure does not exceed 5%.
Credits of international financial organizations -borrowed funds provided by international financial organizations for the needs of economic development. Credits of international financial institutions are usually characterized by preferential loan conditions (at reduced interest rates, grace period for loan repayment, long-term use of borrowed funds, etc.), as well as targeted funds (in most countries of Eastern and Central Europe they are primarily used for the implementation of various state target programs in the field of local economic development).
Local guarantees - a mechanism for attracting borrowed funds by economic entities (both public and private) operating in a particular area in which the local council undertakes to repay a full or partial repayment of principal or interest payments in In the event of the failure of such an entity to fulfill its debt obligations. Local guarantees are provided on the terms of payment, timeliness and property security by the decision of the local self-government body. Local guarantees are widely used by cities in economically developed countries to support the development of state target programs.
Grant mechanisms for financing state target programs include [6]:
International technical assistance - resources provided, in accordance with international treaties, by donors (governments of foreign states, their authorized organizations, as well as international organizations) on a gratuitous and irrevocable basis for solving the priority tasks of social transformation and economic development. It is provided in the form of property, works or services, intellectual property, as well as financial resources. This mechanism plays an important role in meeting the economic development needs of many cities and other territories in developing or transition countries.
Grants from international donor organizations - resources provided in the form of irretrievable financial assistance, charitable contributions and donations aimed at addressing a specific state target program. Grants, as well as international technical assistance, can be provided in the form of property, works or services, as well as financial resources (but predominantly property and money form). Grant resources also often perform an accompanying and supporting function with respect to other funding mechanisms, in particular investment projects or loans from international financial institutions.
Corporate social responsibility projects are voluntary initiatives of private enterprises for non-profit activities aimed at developing state targeted programs. For the most part, such state target programs are aimed at implementing social initiatives, but it is equally possible to finance the individual needs of economic development. Corporate social responsibility projects are an important component of the economic development
of many European and North American cities. They are gradually spreading in Ukraine.
An endeavor is a trust fund intended for non-commercial purposes, usually for the purpose of financing government targeted programs and initiatives in the field of education, health care or culture, which is filled out at the expense of charitable donations. This mechanism for financing state target programs, primarily for the development of labor potential, is widely used in economically developed countries of the world.
It should be noted the importance of the project approach in the process of program-targeted budgeting, which has become common practice. The problematic aspects of the socio-economic development of the territories are converted into specific programs and projects specifying the specific timelines, participants, performers and other features inherent in the project approach (calculation of the economic efficiency of investment project programs, the payback period of investments, profit rates), which are an important tool for transition of regions and cities to self-financing and independent decision of questions of complex financial support of economic and social development [2].
Application of technology of program-target budgeting is effective, as in the conditions of budget deficit, resources are concentrated on the priority problem areas of the national economy. If we are talking about budget financing of state target programs (from state, region or city budgets), then when choosing an effective variant of funding the target program should be based on the following criteria [2]:
• priority of program goals;
• form of financing;
• justification of the amount of necessary funds;
• performance (expected economic, environmental, social or other kind of effect);
• effectiveness of funding.
The methodological support of the program-target budgeting process involves the justification of the selected priorities for the formation of program implementation. Methodical provision of technology for program budgeting should ensure [2, 7]:
1) compliance of the program, compiled according to the program-target method, the goals and tasks of socio-economic development, as well as the priority vectors of the national economy in the medium and long-term perspective. Execution of this compliance will help ensure the target orientation and the accumulation of limited resources to solve key problems that meet the established priorities for the future. It should be noted that the use of a program-specific approach to solving a particular problem is not feasible if the problem can be solved in the short term. Resource support in this case for the implementation of the program is taken into account when drawing up the budget for the relevant year;
2) In the implementation of programs that have inter-branch and inter-departmental character, the influence of central executive authorities should be taken into account. Programs that are of a regional or municipal nature are solved by providing resources within the framework of regional and local budgets, as well as transfers and grants from the country's main budget;
3) the amount of financing of state target programs should be reasonable and well-balanced; not to exceed the real possibilities of the state budget and other sources;
4) the nature of state target programs should be flexible so that they can be managed in the monitoring process;
5) state target programs should be of an urgent nature, and the results of the program - quantified and be fixed by the concrete executors in strictly defined stages;
6) programs should be transparent, not excluding the possibility of additional involvement of additional sources for implementation. In this case, the effectiveness of using traditional sources of funding is a catalyst for attracting additional funding (finance of business structures, the possibility of implementing public-private partnerships, etc.).
It should be noted that too many state target programs contribute to the dispersal of financial resources and the reduction of the effectiveness of program activities. Program-targeted budgeting in its sense is based on budgeting, but not in the narrow sense, as it has always accustomed to use, and in the broadest sense, that is, budgeting is a balanced budget system coordination: the budget of interests; budget of available resources and potential opportunities; Budget goals; Budget results.
However, the main drawbacks of the application of the program-target approach in Ukraine are as follows:
1. Insufficiency and complete uncertainty of financing. Real funds allocated for the implementation of the program, as a rule, are very insignificant, and, besides, they are virtually unrelated to the amounts stipulated in the substantiation and approval of the program.
2. The low quality of programs, the weak link of tasks, the solution of which is envisaged by the program, with the goals, the achievement of which is the stated purpose of the program, is not work out the sequence of implementation stages of its implementation.
3. In these circumstances, it is especially disastrous to have virtually no complete control of the progress of the program's implementation, program managers practically do not have any real levers of influence for this.
The law provides that a state customer assigns the head of a state target program, but his status remains virtually undetermined. The law declares that the principal tasks of the head are operational management and control over the development and implementation of the program, but there are no real mechanisms and levers of influence for the realization of this task.
Conclusions. The analysis of the world experience in the formation and implementation of state target programs shows that the persons appointed by their leaders use the developed countries with much greater trust from the customers and have great opportunities for managing their implementation. For example, in Germany, despite the fact that the amount of funds allocated to the programs is much higher than ours, funding of state scientific and technical programs is carried
out directly through the program manager: the money is transferred to his personal account and he has the opportunity of a sufficiently wide maneuver for them, financing executors of individual projects included in the program.
But despite all the shortcomings, the program-targeted method of managing the expenditure part of the state budget, which provides for the possibility of attracting alternative sources of funding, helps partially solve the problem of financing state-targeted programs. However, for the time being there is no clear mechanism of activation of investors.
It should be emphasized that the implementation of mechanisms for financing state target programs from the financial support strategy, from the degree of interaction between actors - the state, local governments, local state administrations, and business entities, which embody economic, environmental and social interests, should be emphasized. Thus, the financial mechanism for the implementation of state target programs financing consists of a logical combination of elements of financial management, financial instruments and the main principles of financing.
Thus, the list of funding mechanisms for state target programs, which is currently used in world practice, is quite broad. Each state has a unique set of opportunities and problems for the given country, therefore, it is necessary to apply an individual approach to the selection of mechanisms for financing state target programs.
References
1. Law of Ukraine "On the State Targeted Programs" as of 18.03.2004 № 1621-IV // Government portal. - website: http://zakon5.rada.gov.ua/laws/show/1621-15
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3. Vykhrov, O. P., Nishchymna S.O. FINANCE LAW. LECTURE NOTES Chernihiv: CHDIEU. 2002 - 280 p.
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5. Maxim Boroda, Andriy Ginkul, Kirilo Rubanovsky, 2012. Report "Methods and mechanisms of financing of local economic development". 110 pages.
6. Kropelnitska, S. O., 2014. FORMS OF FINANCIAL SUPPORT FOR DEVELOPMENT. "Innovative Development and Cross-Border Security: Economic, Environmental, Legal, Socio-Cultural Aspects": III International Scientific and Practical Conference of Students and Young Scientists (Chernihiv, December 16, 2014): Collection of conference materials. - Chernihiv: CHTTU, - P. 54-57.
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