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In 2010, constituent entities of the Russian Federation had a budget deficit of RUR 88.billion, while urban districts, a budget deficit of RUR 15.1 billion, intracity municipal entities of Moscow and St. Petersburg, a budget deficit of RUR 0.1 billion and municipal districts, a budget deficit of RUR 1.2 billion; at the same time the budgets of urban and rural settlements were drawn with a surplus of RUR 4.5 billion.

Table The ratio of surplus (deficit) of territorial budgets to budget expenditures (%) Year Consolidated regional budget* Regional budgets 2010 1.4 1.2009 5.3 5.2008 0.7 0.2007 0.8 0.2006 3.7 4.2005 1.6 2.2004 1.1 1.2003 2.6 2.2002 2.7 3.* with public extra-budgetary funds taken into account.

The source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation.

Section 3.

Financial Markets and Financial Institutes In 2009, constituent entities of the Russian Federation had a budget deficit of RUR 276.billion, while urban districts, a budget deficit of RUR 39.7 billion, intracity municipal entities of Moscow and St. Petersburg, a budget deficit of RUR 0.07 billion and municipal districts, a budget deficit of RUR 18.9 billion; at the same time the budgets of urban and rural settlements were drawn with a surplus of RUR 6.2 billion.

Table The ratio of surplus (deficit) of territorial budgets to budget expenditures in the 20072010 period ( %) Budgets of intracity municipal Budgets of urban Budgets of urban dis- Budgets of municipal Year entities of Moscow and rural tricts districts and St. Petersburg settlements 1.12 1.16 0.11 1.0.63 3.32 1.88 2.1.47 1.09 0.26 2.5.34 1.23 0.04 2.The source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation As of January 1, 2011, sixty-three constituent entities of the Russian Federation (against regions in 2009) had a deficit of the consolidated budget (including that of territorial public extra-budgetary funds). The aggregate deficit volume amounted to RUR 202.5 billion or 5.2% of the revenue side of the budgets of those constituent entities (in 2009 it amounted to RUR 377.9 billion or 7.8%).

The median level of the budget deficit amounted to 3.9% of the revenues of the respective budget. The highest ratio of the budget deficit to the revenue side of the budget was registered in the Chukotsky Autonomous Region (25.3%), the Republic of Mordovia (23.3%), the Sakhalin Region (16.1%), the Republic of Udmurtia (14.7%), the Novgorod Region (14.6%) and the Vologda Region (14.2%). (Table 14).

In 2010, in twenty constituent entities of the Russian Federation (as against twenty-two ones in 2009) there was a surplus budget. The aggregate surplus volume in the above regions amounted to RUR 128.9 billion or 3.5% of the value of the revenue side of the budgets of those constituent entities (in 2009 it amounted to RUR 4.6 billion or 3.9% of the revenue side of the budgets of those constituent entities). The median value of the budget surplus amounted to 3.7% of the revenue side of the budget.

The highest ratio of the surplus to the level of revenues of the consolidated budget was registered in the Yamal Nenetsk Autonomous Region (10.2%), the Irkutsk Region (6.4%) and the Moscow Region (5.8%). Over a half (51.1%) of the aggregate surplus of the consolidated regional balance was ensured by the following three constituent entities of the Russian Federation: Moscow (20.7% or RUR 21.4 billion), the Moscow Region (19.5% or RUR 20.2 billion) and the Yamal Nenetsk Autonomous Region (10.2% or RUR 11.2 billion).

3.10.2.Changes in the Structure of the Accumulated Debt In 2010, the value of the accumulated debt of the consolidated regional budget as regards borrowings increased by RUR 225 664.0 million or 0.51% of the GDP (Table 12). The external debt of regional consolidated budgets decreased by RUR 1.6 million, while the domestic one rose by RUR 225 665.6 million.

RUSSIAN ECONOMY IN trends and outlooks Table Net borrowings of regional and local budgets (% of the GDP) Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Borrowings of sub- 0.33 0.15 0.29 0.04 0.47 0.37 0.26 0.09 0.21 0.17 0.29 0.74 0.federal authorities and local authorities, including :

reimbursable loans 0.09 0.11 0.03 0.04 0.12 0.1 0.02 0.03 0.04 0.01 0.03 0.33 0.from budgets of other levels Sub-federal (munici- 0.01 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.24 0.pal) bonds Other borrowings 0.43 0.31 0.01 0.02 0.19 0.6 0.03 0.11 0.10 0.09 0.17 0.The source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation.

The structure of borrowings In 2010, the total volume of borrowings of the regional consolidated budget amounted to RUR 708 700.1 million, including RUR 782.2 million of the external debt. As in 2009, the Republic of Baskortostan was the only region which took external loans.

The aggregate volume of domestic borrowings of regions and municipal governments amounted to RUR 707 917.9 million. On the domestic market, the largest borrowers (which accounted for 49.0% of all the borrowings) were the Moscow Region (RUR 121.9 billion), Moscow (RUR 88.2 billion), the Nizhny Novgorod Region (RUR 46.9 billion), the Omsk Region (RUR 34.4 billion), the Republic of Tatarstan (RUR 29.2 billion) and the Saratov Region (RUR 26.8 billion). As compared to 2009, the volume of the domestic borrowings in nominal terms increased by RUR 74 250.6 million, that is, a 2.6% increase in real terms.

In the total volume of the domestic borrowings of the consolidated regional budget, issue of securities accounted for 15.7%, while loans from budgets of a higher level, for 24.0% and other borrowings (loans from commercial banks and international credit institutions), for 60.3%.

Relative growth in borrowings from credit institutions with a drop in the share of securities issue from 28.5% in 2009 to 18.1% was the most significant change in the structure of borrowings of regional budgets. (Table. 13).

Table Structure of domestic borrowings of sub-national budgets (%) 2010 2009 Regional con- Regional Regional Regional Municipal Regional Municipal Regional Municipal solidated consolidated consolidated budgets budgets budgets budgets budgets budgets budget budget budget Issue of securi- 15.7 18.1 4.3 24.9 28.5 4.4 43.7 51.9 1.ties Loans from 24.0 29.0 26.9 31.5 0.4 5.0 5.9 0.budget Other borrow- 60.3 53.0 95.7 48.2 40.0 95.3 51.4 42.6 97.ings The source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation Section 3.

Financial Markets and Financial Institutes The highest ratio of the net borrowings to the budget revenues was registered in the Republic of Mordovia (21.6%), the Vologda Region (14.3%), the Udmurt Republic (14.0%) and the Novgorod Region (13.7%) (Table. 14).

The largest net borrowers were Moscow (RUR 57.9 billion), the Republic of Tatarstan (RUR 20.4 billion) and Krasnodar Territory (RUR 18.3 billion).

The accumulated debt was reduced to a great extent by the Moscow Region and the Irkutsk Region, a decrease of RUR 13.1 billion and RUR 1.6 billion, respectively.

Table Execution of consolidated budgets of constituent entities of the Russian Federation in 2010.

1 2 3 4 5 6 7 The Central Federal District Belgorod Region 65 566 654 148.13 1 546 542 556.15 2.36 6.19 2.41 3.78 102.Bryansk Region 34 675 737 106.05 1 033 262 450.28 2.98 12.40 1.87 10.53 62.Vladimir Region 45 274 258 575.14 1 820 055 163.34 4.02 2.75 2.61 0.14 64.Voronezh Region 74 979 306 077.64 1 759 286 114.09 2.35 4.18 2.79 1.39 118.Ivanovo Region 30 860 666 218.59 1 605 217 141.91 5.20 12.77 5.50 7.27 105.Tver Region 48 908 692 548.20 4 174 321 256.94 8.53 16.50 4.00 12.50 46.Kaluga Region 40 327 003 832.70 2 065 374 109.22 5.12 16.08 10.16 5.92 198.Kostroma Region 21 936 949 766.21 2 280 207 919.18 10.39 29.08 10.75 18.33 103.Kursk Region 39 094 815 213.48 1 553 167 024.19 3.97 2.22 2.05 0.17 51.Lipetsk Region 39 905 530 230.33 1 463 616 369.14 3.67 7.27 2.94 4.34 80.Moscow region 348 090 262 623.50 20 179 038 812.07 5.80 35.02 3.75 38.77 64.Orel Region 24 048 982 091.11 316 209 227.31 1.31 4.48 2.26 2.22 171.Ryazan Region 39 373 544 597.75 2 140 839 564.03 5.44 43.70 7.91 35.79 145.Smolensk region 30 411 257 064.16 3 376 385 199.24 11.10 30.74 10.31 20.43 92.Tambov Region 33 781 066 358.39 1 037 262 111.07 3.07 7.19 1.95 5.24 63.Tula Region 51 627 916 764.12 3 412 590 136.28 6.61 24.04 5.58 18.46 84.Yaroslavl Region 53 606 108 974.56 4 536 257 456.89 8.46 24.21 4.93 19.29 58.Moscow 1 164 517 113 636.11 21 419 664 867.72 1.84 7.58 4.97 2.60 270.Total 2 186 985 865 826.17 10 584 443 928.91 0.48 14.04 3.45 10.59 712.The North Western Federal District Republic of Karelia 33 674 528 779.01 543 518 438.17 1.61 28.82 7.78 21.04 481.Republic of Komi 52 336 510 862.93 1 037 414 279.59 1.98 9.82 0.23 10.05 11.Archangelsk Region 64 667 507 726.30 328 660 682.50 0.51 17.96 6.19 11.77 1 217.Vologda Region 47 915 534 299.77 6 824 805 954.23 14.24 17.64 14.34 3.30 100.Kaliningrad Region 39 969 507 872.08 2 922 152 698.31 7.31 14.15 10.28 3.87 140.Leningrad Region 74 212 863 062.88 2 135 240 069.22 2.88 0.99 0.26 1.24 8. RUR.) revenues, % revenues, % revenues, % to revenues, % the deficit (surplus). % budget (thousand RUR) Ratio of net borrowings to Ratio of net borrowings to Ratio of borrowed funds to to repayment of the debt to Budget revenues (thousand Ratio of the deficit (surplus) Deficit (+). Surplus () of the Ratio of the expenses related RUSSIAN ECONOMY IN trends and outlooks (continued) table 1 2 3 4 5 6 7 Murmansk Region 54 557 192 452.17 2 395 396 611.28 4.39 6.56 4.61 1.95 105.Novgorod Region 24 348 917 509.07 3 545 736 448.03 14.56 20.97 13.70 7.27 94.Pskov Region 23 619 723 931.39 679 575 542.80 2.88 6.03 5.39 0.64 187.St. Petersburg 363 179 989 863.93 11 915 661 459.80 3.28 1.36 1.36 0.00 41.Nenetsk Autonomous 11 747 109 329.99 310 862 790.00 2.65 0.32 0.05 0.27 1.Region Total 790 229 385 689.52 20 881 197 473.75 2.64 7.14 3.71 3.42 140.The Southern Federal District Republic of Kal- 9 684 290 135.96 138 973 374.04 1.44 14.54 0.03 14.56 1.mykia Krasnodar Territory 176 330 759 388.06 13 748 019 998.95 7.80 12.03 10.38 1.65 133.Astrakhan Region 28 985 998 680.31 3 703 941 135.57 12.78 49.46 11.30 38.16 88.Volgograd Region 79 270 869 463.83 2 492 564 272.18 3.14 14.91 4.02 10.89 127.Rostov Region 129 111 754 297.58 2 377 148 088.81 1.84 2.45 2.44 0.00 132.Republic of Adygeia 13 102 722 476.38 504 924 626.70 3.85 2.88 2.86 0.02 74.(Adygeia) Total 436 486 394 442.12 22 965 571 496.25 5.26 11.98 6.48 5.50 123.The Privolzhsky Federal District Republic of Bashkor- 125 675 303 475.47 2 767 545 399.40 2.20 5.53 3.27 2.26 148.tostan Republic of Marii El 20 266 454 970.46 1 511 194 115.17 7.46 16.56 7.86 8.69 105.Republic of Mor- 32 112 996 393.40 7 467 395 991.26 23.25 23.71 21.57 2.14 92.dovia Republic of Tatarstan 182 085 911 826.03 17 670 329 704.75 9.70 16.01 11.20 4.81 115.(Tatarstan) Udmurt Republic 45 912 486 846.57 6 754 296 824.87 14.71 21.29 13.98 7.32 95.Chuvash Republic 35 634 072 325.55 1 836 695 595.32 5.15 11.20 5.86 5.34 113.Nizhny Novgorod 115 736 572 781.59 9 042 084 105.90 7.81 40.55 7.39 33.16 94.Region Kirov Region 49 090 707 884.99 1 332 558 447.56 2.71 11.08 3.97 7.10 146.Samara Region 124 326 175 253.97 1 501 396 819.58 1.21 9.25 1.01 8.24 83.Orenburg Region 71 250 615 599.60 4 561 554 168.59 6.40 4.56 4.18 0.38 65.Penza Region 43 682 105 936.00 1 226 855 395.77 2.81 14.99 3.01 11.98 107.Perm Territory 100 268 098 762.62 8 545 033 942.99 8.52 0.58 0.55 0.03 6.Saratov Region 70 672 143 825.41 9 259 372 151.96 13.10 37.90 11.88 26.02 90.Ulyanov Region 38 962 252 704.98 1 860 434 091.99 4.77 4.73 2.71 2.02 56.Total 1 055 675 898 586.64 75 336 746 755.11 7.14 15.51 6.40 9.11 89.The Ural Federal District Kurgansk Region 31 975 214 990.55 102 275 378.75 0.32 2.01 1.89 0.11 592.Sverdlovsk Region 168 552 373 386.37 5 377 091 247.79 3.19 1.62 1.25 0.37 39.Tyumen Region 147 543 784 720.04 3 213 481 225.89 2.18 0.22 0.21 0.00 9.Chelyabinsk Region 114 998 659 299.37 876 537 772.63 0.76 1.29 0.58 0.71 76.Khanty_Mansiisk 173 618 321 659.92 2 576 613 009.12 1.48 0.73 0.28 0.44 18.Autonomous Region Yamal Nenetsk 109 988 721 688.39 11 220 191 039.30 10.20 0.00 0.14 0.14 1.Autonomous Region Total 746 677 075 744.64 16 255 337 352.48 2.18 0.86 0.54 0.32 24.The Siberian Federal District Republic of Buryatia 41 144 616 734.40 1 621 596 081.37 3.94 16.16 10.40 5.76 263.Republic of Tuva 15 827 539 562.24 237 880 541.73 1.50 1.52 1.24 0.28 82.Section 3.

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