Despite the fact that summer period is traditionally associated with the holiday season, the budget process continues, changing one stage with another. The current stage envisages formation of the basic indicators related to both the state and local budgets, which will determine the directions of functioning of the economy and all branches of the budget sphere in the nearest future.

To support local self-government bodies, the experts of the Financial Monitoring Group of the Central Reform Office under MinRegion (with the support of the U-LEAD with Europe Programme and SKL International) have developed updated “Budget Process” materials (DOWNLOAD) on the main stages of the formation and implementation of local budgets.

According to the Budget Code of Ukraine, the stages of the budget process are as follows:

1. preparation of draft budgets;
2. consideration of the draft and adoption of the law on the State Budget of Ukraine (or a decision on the local budget);
3. implementation of the budget, including amendments to the law on the State Budget of Ukraine (or local budget);
4. preparation and review of the report on the implementation of the budget and the decision on it.

Experts point out that the social and economic situation of each hromada, regions and the country as a whole depends on well-organised management of the budget process, implementation of the functions and tasks of all authorities, efficiency of providing public services and effectiveness of the work of all participants in the budget process.

The full version is available in Ukrainian – please click HERE