ON THE RISKS OF MUNICIPAL BORROWINGS ON THE EXAMPLE OF THE TOLYATTI CITY BUDGET

EDN: UZGNVQ

DOI: https://doi.org/10.65891/2949-1983-2026-22-2-40-43

Authors:

CHEBAN Margarita Anatolyevna

Affiliation:

Volga State University of Service

Abstract.

The article discusses the problem of managing the risks of municipal borrowing using the example of the budget of the Tolyatti city district. The relevance of the study is determined by the attitude of municipalities to a systematic approach to assessing budget risks and the need to make methodological recommendations to the Ministry of Finance of the Russian Federation, approved in 2023. Special attention is paid to the analysis of the risk of suspension from servicing municipal debt, which the author defines as a fundamental destabilizing factor capable of initiating the revival of new threats to the financial system. Based on the data for 2023-2025, a detailed analysis of the budget execution of the Tolyatti city district was carried out. It is stated that, despite the positive dynamics of debt service charges, loans from credit institutions are being taxed in the debt structure, which increases budget connectivity with significant fluctuations in interest rates. The author has classified possible risks according to their degree of importance, with the most significant risks being investment attractiveness and the risks of rising borrowing costs. The paper proposes a set of measures to minimize the identified threats, including optimizing the structure of the wave portfolio, expanding the use of budget loans and improving the quality of forecasting. The implementation of the proposed measures will contribute to strengthening the financial stability of the municipality.

Keywords:

budget risk, risks of municipal borrowing, municipal budget, register of budget risks, budget risk management, municipal debt

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