AUTHORIZATION OF TRANSACTIONS WITH SPECIAL-PURPOSE FUNDS AS A METHOD OF FINANCIAL CONTROL IN PUBLIC SECTOR AT THE FEDERAL, REGIONAL AND MUNICIPAL LEVELS

Abstract

The aim of this research is to study the authorization of operations with special-purpose funds as a method of financial control in public sector at the federal, regional and municipal levels. As is noted the authorization of such operations involves the issuance of permitting notice for financial transactions in the treasury after checking the documents for their availability and compliance of the transmitted information with the requirements of fiscal legislation of the Russian Federation and other normative acts regulating legal relations in public sector. The article characterizes the authorization of transactions with special-purpose funds. The list of participants involved in this procedure and its main stages are determined. The authors give recommendations to improve the quality of control over targeted subsidies. Normative specifics of the regulating these operations with information constituting a state secret are revealed. The authors make a point that authorization of expenditures of the state-funded organizations involves establishment and adjustment of limits on responsibilities, control and accounting of their adoption. The cash servicing procedure for federal budget, budgets of the constituent entities of the Russian Federation and local budgets and the procedure for the Federal Treasury territorial bodies to perform certain functions of financial bodies of the constituent entities of the Russian Federation, and municipalities for executing the respective budgets are based on the provisions of the Budget Code of the Russian Federation. However, authorization of transactions with special-purpose funds in public sector can face certain difficulties. To fill this gap, the authors offer recommendations for improving the process of authorization of transactions with special-purpose funds as a method of financial control in public sector at the federal, regional and municipal levels.