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e the amount of revenues generated from lease of property owned by the public sector (without specifying payment for lease of land) ;

f payment for lease of (i) urban and municipal lands and (ii) federally-owned lands upon delineation of the states title to land ;

g the amount of revenues generated from lease of the property assigned to (i) scientific and research institutions, (ii) educational institutions, (iii) medical and healthcare institutions, (iiii) public institutions of arts and humanities, (iiiii) public archive bodies, (iiiiii) federal post offices subordinate to the Ministry of Communications and Infromatization of Russia, (iiiiiii) public institutions which provide scientific and research services to academies of science and (iiiiiiii) other revenues generated from lease of federally-owned assets (property) ;

h lease payment upon delineation of the states title to land, and revenues from sale of the right to conclude agreements on lease of federally-owned land (for 2008 2010, save for the land plots owned by federal autonomous institutions) ;

i revenues generated from lease of property being under operating management by federal bodies of state authority and the entities set up by such bodies, and in operating control of FOUSs: transferred for operating management to public (i) scientific and research institutions, (ii) institutions which provide scientific and research services to the Russian Academy of Science, (iii) educational institutions, (iiii) medical and healthcare institutions, (iiiii) federal post offices subordinate to the Ministry of Communications and Infromatization of Russia, (iiiiii) public institutions of arts and humanities, (iiiiiii) public archive bodies, and (iiiiiiii) other revenue generated from lease of property being under operating management by federal bodies of state authority and the enti RUSSIAN ECONOMY IN trends and outlooks ties set up by such bodies, and in operating control of FOUSs1 (for 2006 2009 net of revenues from permitted types of activity and utilization of federal property located outside the Russian Federation, which are generated outside of the country and were not specified at all in the previous years2) ;

j revenues generated from lease of property being under operating management by federal bodies of state authority and the entities set up by such bodies (save for autonomous bodies): transferred for operating management to public (i) scientific and research institutions, (ii) institutions which provide scientific and research services to the Russian Academy of Science, (iii) educational institutions, (iiii) medical and healthcare institutions, (iiiii) public institutions of arts and humanities, (iiiiii) public archive bodies, (iiiiiii) being under operating management by the Ministry of Defense and agencies which report to the same, (iiiiiiii) owned by the federal government and administered by the General Affairs Department of the President of the Russian Federation and (iiiiiiiii) other revenues generated from lease of property being under operating management by federal bodies of state authority and the entities set up by such bodies (net of revenues from permitted types of activity and utilization of federal property located outside the Russian Federation, which are generated outside of the country).

Source: laws on execution of the federal budget for 2000 2009 ; The Report on Execution of the Federal Budget as of January 1, 2011, www.roskazna.ru; The estimates were made by the Gaidar Institute for Economic Policy.

Proceeding to a preliminary analysis of the outcomes of the budget impact on the national policy in the field of property management in 2010, as related to renewable sources, a substantial growth in revenues which constitute direct derivatives of the results of the current economic operations (dividends and transfers of a share of profits of unitary enterprises) should be focused on, above all.

Dividends on federally-held blocks of shares increased by 4,5 times against 2009, failing to catch up with the pre-recession figures of 2008 (RUB 53,2 bln), but outran the level of 2007 (RUB 43,5 bln)3. Transfers of a share of profits of FOUSs increased less (by 2,7 times) to reach the ceilings (RUB 4,76 bln) throughout the entire 2000s.

The situation with revenues from lease, which in 2009 seemed to be more favorable against decrease in revenues from current economic operations, was found to be less optimistic in 2010. Revenues from lease of federal property (RUB 12,35 bln) reduced by 8.6%, corresponding to the level of 2004. Revenues from lease of land continued to grow like in (by more than 15%), outrunning in absolute value (RUB 7,45 bln) all of the previously reached levels.

The structure of federal budget revenues from renewable sources came back to be in line with the pre-recession structure.

In 2008 2009, FSUEs were not mentioned as a source of revenues generated from lease of the property they operate, and lease of the property being under operating management by federal bodies of state authority and the entities set up by such bodies dont include the property of the federal autonomous agencies.

According to the data published by the Federal Agency for State Property, revenues from utilization of federal property located outside the Russian Federation (apart from the revenues generated by the Russian participant in Vietsovpetro Joint Venture), totaled RUB 315 mln in 1999 and RUB 440 mln in 2000. In the future a major role in the organization commercial utilization of the federal real estate property located outside the country FSUE Overseas Property Management Enterprise which reports to the Administration Office of the President of the Russian Federation.

It should be noted, however, that in 2007, apart from dividends on the shares of Russian joint-stock companies inside the country, the federal budget generated about RUB 10,5 bln as revenues generated by the Russian participant in the Vietsovpetro Joint Venture. However, upon completion of measures aimed at developing Zarubezhneft OJSC whose charter capital was enriched in 2007 with a 50% interest held by the Russian participant in the Vietsovpetro Joint Venture, apart from blocks of shares of two joint-stock companies as research and development establishments, the federal budget ceased to generate revenues from this source which in 2008 ceased to exist in the structure of revenues from renewable sources.

Section 6.

Institutional Problems Like in 2008, more than half of the total revenues from the analyzed sources were comprised of dividends whose share doubled to reach 64.8% against 31.8% in 2009. Revenues from lease of federal property resumed their share at the same level (17.7% against 42.4% in 2009 and 19.1% in 2008). A share of revenues from lease of land, which surged forward in 2009 (20.3%), dropped by half to 10.7%, but nevertheless outran the figures reported in 20062008. (58% of total revenues from renewable sources). Revenues from the profits transferred by FOUSs (6.8%) outran not only the result obtained in 2009 (5.5%), but also the ceiling reported in 2003 (5.8%) during the 2000s.

Proceeding to analysis of federal budget revenues from privatization and sale of stateowned property (Table 11), it should be noted that since 1999 revenues from sale of the main share of such assets (shares, and also land plots in 2003 20071) became to be referred to sources of financing of the federal budget deficit.

Table Federal budget revenues from privatization and sale of property (non-renewable sources) in 2000 2010, RUB mln Sale of federally-owned interest (20002009) Sale of land Year Total and other forms of equity interest Sale of different types of property plots (20052010)a 2000 27167,8 26983,5 184,3b 2001 10307,9 9583,9 119,6c 217,5+ 386,5+0,4 (IAs)d 2002 10448,9 8255,9e 1967,0f 226,0g 2003 94077,6 89758,6 3992,3h 316,2+10,5i 2004 70548,1 65726,9 3259,3j 197,3+1364,6+0,04 (IAs)k 2005 41254,2 34987,6 5285,7l 980,9m 2006 24726,4 17567,9 5874,2l 1284,3n 2007 25429,4 19274,3 959,6o 5195,5p 2008 12395,0 6665,2+29,6 1202,0r 4498,2+0,025 (IAs)s 2009 4544,1 1952,9 1152,5r 1438,7s 2010 18677,6 14914,4 1376,2r 2387,0+0,039 (IAs)s a these are referred to domestic sources of financing of the federal budget deficit, a total of RUB 29,6 mln in 2008 (according to the data included into the Report on Execution of the Federal Budget as of January 1, 2009) is referred to federal budget revenues, but not available in the law on execution of the federal budget for 2008 ;

b revenues from privatization of entities owned by the public sector which are referred to domestic sources of financing of the federal budget deficit ;

c revenues from sale of land plots, and leasehold rights to the land plots owned by the public sector (specifying land plots on which privatized enterprises are located) which are referred to as federal budget revenues ;

d the amount of revenues generated from (1) disposal of federally-owned assets (property) which are referred to sources of internal financing of the federal budget deficit, (2) revenues (i) from sale of apartments, (ii) from sale of public productive and non-productive assets, means of transportation, other equipment and other tangible assets, as well as (3) revenues generated from disposal of intangible assets (IAs) which are referred to as federal budget revenues ;

e including RUB 6 mln from sale of shares held by the constituent territories of the Russian Federation ;

f revenues from sale of land and intangible assets whose value was not drilled down, which are referred to as federal budget revenues ;

g revenues from sale of assets owned by the public sector (including RUB 1,5 mln from sale of the assets owned by the constituent territories of the Russian Federation ) which are referred to sources of internal financing of the federal budget deficit ;

In 2003 2004, given sale of the leasehold right.

RUSSIAN ECONOMY IN trends and outlooks h includes revenues: (1) from sale of land plots which contain immovable assets owned by the federal government prior to the alienation, to be credited to the federal budget, (2) from sale of other land plots, as well as from sale of the right to conclude agreements on lease of such land plots, (3) from sale of land plots upon delineation of states title to land, as well as from sale of the right to conclude agreements on lease of such land plots to be credited to the federal budget which are referred to sources of internal financing of the federal budget deficit ;

i the amount of (1) revenues from sale of federally-owned assets (property) which are referred to sources of internal financing of the federal budget deficit, and (2) revenues generated from sale of intangible assets which are referred to as federal budget revenues ;

j includes revenues: (1) from sale of land plots prior to delineation of states title to land on which immovable assets which the federal government owned prior to alienation, are located to be credited to the federal budget, (2) from sale of other land plots, as well as from sale of the right to conclude agreements on lease of such land plots, (3) from sale of land plots upon delineation of states title to land, as well as from sale of the right to conclude agreements on lease of such land plots to be credited to the federal budget which are referred to sources of internal financing of the federal budget deficit ;

k the amount of (1) revenues from sale of federally-owned assets (property) which are referred to sources of internal financing of the federal budget deficit, (2) revenues (i) from sale of apartments, (ii) from sale of equipment, means of transportation and other tangible assets to be credited to the federal budget, (iii) from sale of byproducts resulting from disposal of vessels, (iiii) from sale of the property owned by SUEs, entities and military assets, (iiiii) from sale of by-products resulting from disposal of military equipment and ammunition, (3) revenues generated from disposal of intangible assets (IAs) which are referred to as federal budget revenues;

l includes revenues generated: (1) from sale of land plots prior to delineation of states title to land on which immovable assets which the federal government owned prior to alienation, are located, (2) from sale of land plots upon delineation of states title to land, to be credited to the federal budget, (3) from sale of other land plots owned by the public sector prior to delineation of states title to land and not intended for residential housing construction (the latter only refers to 2006) which are referred to sources of financing of the federal budget deficit ;

m revenues generated from sale of tangible and intangible assets (net of federal budget revenues generated from disposal and sale of escheat and other property converted into public revenue), include revenues (i) from sale of apartments, (ii) from sale of the assets owned by FOUSs, (iii) from disposal of the property being in operating control by federal agencies, (iiii) from sale of military assets, (iiiii) from sale of by-products resulting from disposal of military equipment and ammunition, (iiiiii) from sale of other federally-owned assets (property), (iiiiiii) from sale of intangible assets which are referred to as federal budget revenues ;

n revenues generated from sale of tangible and intangible assets (net of revenues generated as a state-held share in profit products in executing production sharing agreements (PSAs) and federal budget revenues generated from disposal and sale of escheat and other property converted into public revenue), include revenues (i) from sale of apartments, (ii) from sale of the assets owned by FOUSs, (iii) from disposal of the property being in operating control by federal agencies, (iiii) from sale of military assets, (iiiii) from sale of by-products resulting from disposal of military equipment and ammunition, (iiiiii) revenues generated from disposal of other federallyowned assets (property) which are referred to as federal budget revenues ;

o revenues generated from sale of federally-owned land plots upon delineation of states title to land, which are referred to sources of financing of the federal budget deficit ;

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