The state budget will save on construction
Cabinet has found a way, as in the absence of a law on state budget and in the austerity budget to allow agencies to pay for capital expenditures. The government allowed them to repay debts from their own revenues. The same right in a week will get the local budgets. However, few will be able to use it. Mayors say they have the funds only for operating expenses.
Yesterday the Cabinet promulgated Decree #48 dated January 27, which changed the fiscal relations in the country in the absence of the law “On State Budget for 2010.The Government supplemented the decree number 1414 dated December 29 “On measures to organize the budget process in 2010, a resolution of managers of budgetary funds to repay indebtedness, including capital costs incurred for general and special funds of state and local budgets, from its own revenues of budgetary institutions . This is a necessary measure, as art. 46 of the Budget Code, prohibits the exercise of capital expenditures until the main financial document of the country.
The Minister informed the Cabinet of Ministers Petro Krupko, this initiative the Ministry of Finance will allow local authorities to fund emergency measures. Lawyer Association of Ukrainian Cities Victoria Sidorenko explained that the decision affects the budgetary institutions that offer paid services or receiving charitable aid, and therefore have their own income. Paid their money in repayment of debt on capital expenditures in the future of gosbyuzheta and local budgets will not be compensated.
Head of Section Small Towns Association, the Mayor Ukrainki Paul Kozyrev believed that the ruling will do nothing for small towns, because they have almost no budgetary institutions that profit. Mayor Zaporozhye Eugene Kartashov said that also will not use the new law. “The money we have only to wages, energy and nutrition in schools and hospitals. And that money is available only in January, starting in February, we will miss 11 million UAH. Without the adoption of the budget, all the rest - linden, - he said. According to the Ministry of Finance, capital expenditure budget in 2009 - 10.365 billion UAH, local budgets - 9.612 billion UAH.
According to Victor Sidorenko, the association at the request of local authorities by the next Cabinet meeting will prepare a second initiative, which will repay the debts, available directly from the local budgets. “The idea is to allow local budgets to repay the accounts payable balances at the expense of the general and special funds, accumulated by January 1. While the budget is not adopted and funding is equal to 1 /12, and until surrendered for reporting on budget 2009, local authorities may not engage in such costs.
Since the whole process is delayed, it is a way to survive “- added Ms Sidorenko. Lviv Mayor Andriy Sadovy expect the adoption of this resolution, because the Treasury will be able to write off the money from the accounts and to unblock the financing of local authorities. “This decision will allow us to pay for what has already been done” - he added.
The dynamics of today”s trading on the market of Russia will be determined by changes in the “risk appetite” of Western investors
Possibility of the outcome of further depreciation of the ruble of Russia in the foreign exchange market in the medium term remains
Expected today the first official estimates of GDP growth in the U.S. 4 th quarter of 2009 could radically change the mood in the market
Day of the dynamics of the market RF may stabilize, and any attempt to win back the morning drop
While the markets are strong corrective mood, decent excuse for a pd09ossible change in this trend is not
Review of the FOREX market for 28.01.10
Share indexes of the New World fell 1,1-1,9%
Forex Market 29/01/2010
In Zaporozhye bank executives pocketed 3.5 million hryvnia
