The changes to the budget code of Ukraine have broaden the rights of local government councils and, in the first instance, decision-making power to arrange the line-item budget, shaping its revenue and spending. This will facilitate development of more effective relationships and improve budget management, help define the threshold of budget management rights and tools, spending obligations of two branches of government – the central and local government. This will also help work out comprehensive solutions for regional communities, while use of new stimulus will increase revenues in local budgets, the Ukraine’s Minister for Finance Natalia Yaresko said, as has been reported by the press-office of the ministerial department.
“In total, local budgets for 2015 equal 266.9 billion hryvnias, showing an increase of 20.6% over the figures in 2014”, - noted the Minister.
She added that, consequently, specific weight of local budgets in the stricture of the general consolidated budget is 54.6% vs 52.1% in 2014.
Moreover, the Minister for Finance underscored that owing to the new model of financing in place, funding to the budgets of local government being delegated extra authorities will be increased by 22.7 billion hryvnias,
