Consolidated financial balance. Financial plan and balance of financial resources of the region Functions of the world financial market
Balance of financial resources is the total of all income and expenses Russian Federation, constituent entities of the Russian Federation, municipalities and economic entities in a certain territory.
The balance of financial resources is compiled on the basis of the reporting balance of financial resources for the previous year in accordance with the forecast of social economic development relevant territory and is the basis for drafting the budget.
The consolidated financial balance of the state is developed by the Ministry of Economic Development and Trade of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation. It allows you to link the material and financial proportions in the national economy, coordinate the indicators of all parts of the financial and credit system, determine the sources of financing for the measures identified in the forecast for the economic and social development of the state; identify reserves of additional financial resources, make predictive financial calculations and adjust the direction of financial policy.
Approximate structure of the balance of financial resources
Income, thousand rubles | Expenses, thousand rubles | ||
1. Profit | 1. Costs of enterprises remaining at their disposal | 562,5 | |
2. Depreciation charges | 2. Investment costs | 47,2 | |
3. Tax income | 597,3 | 3. Grants, subsidies | 25,3 |
4. Non-tax income | 32,2 | 4. Expenses for social and cultural events from the budget and off-budget funds | 518,1 |
5. Deductions to off-budget funds | 253,4 | 5. Expenses for research and development | 11,5 |
6. Means of budget trust funds | 6. Expenditures against other trust funds | ||
Total income | 1597,9 | 7. Defense spending | 101,8 |
8. Expenses for the maintenance of law enforcement agencies | |||
9. Costs for the maintenance of authorities and administration | |||
10. Expenses for foreign economic activity | 1,6 | ||
11. Servicing the public debt | 142,9 | ||
12. Other expenses | 133,2 | ||
Total expenses | 1742,2 | ||
Excess of expenses over income - 144.3 |
Thus, the financial resources of the country consist of three sources:
1) funds accumulated in the state budget system;
2) funds from extra-budgetary funds, primarily extra-budgetary social funds;
3) resources used by the enterprises themselves (profits of enterprises and depreciation).
Financial resources are used to finance the costs incurred from budget system, off-budget funds and own funds of enterprises.
An integral part of the balance of financial resources is the balance of cash income and expenditures of the population. The balance of monetary income and expenditure of the population reflects the movement of monetary resources of the population in cash and non-cash forms.
Monetary incomes of the population are formed from three sources:
Wages and wage supplements, bonuses, funds for travel expenses, social payments made by the employer to employees;
Income from entrepreneurial activity, participation in the profits of enterprises, transactions with personal property and income from credit and financial transactions;
Social transfers (state pensions, allowances, scholarships, etc.).
Expenses are divided into:
a) consumer spending;
b) taxes, other obligatory payments and voluntary contributions;
c) money savings and savings.
The balance of cash income and expenditure of the population is used to plan cash turnover, retail trade, tax revenues, and credit resources. It is compiled both at the federal and regional levels. At the federal level, it is developed by the Ministry of Economic Development and Trade of the Russian Federation with the participation of the Ministry of Finance of the Russian Federation, the Central Bank of the Russian Federation and other financial bodies.
The main tool for analyzing the movement of all financial resources created and located in the region is the consolidated financial balance, which reflects the totality of financial resources created and used in the territory.
Consolidated financial balance involves bringing together various kinds financial plans: financial plans of enterprises and organizations, the territorial budget, the balance of cash expenditures and incomes of the population, etc., reflecting certain aspects of the distribution and redistribution of national income created and used in a given territory.
The main task of the territorial consolidated financial balance is to determine the volume of financial resources created, received and used in the region (both centralized, accumulated and redistributed through the budget system, and decentralized, i.e. resources of enterprises and organizations).
The consolidated financial balance is built on the basis of the above-mentioned broad approach to determining the financial resources of the region, therefore, the balance sheet should reflect not only the financial resources created in the region, but also the resources created outside the region and received in this region through distribution and redistribution channels. Consequently, the consolidated financial balance of the territory includes the finances of business entities in the region, budgetary and non-budgetary funds, external receipts of financial resources and transfers to the federal system.
The funds of the population, as a rule, are not reflected in the balance sheet, with the exception of a small part of them withdrawn in the form of income tax, state duties, and fees. However, their movement is reflected in the balance of incomes and expenditures of the population, which, together with the financial resources created in the territory, characterize the formed financial resources. The value of the formed financial resources determines all the financial resources that the region has and which can be used directly on its territory.
Aggregated items of income and expenses of the financial balance at the level of subjects of the Federation can be presented as follows.
Table 1. - Financial balance of the region
Sources of income |
Directions of expenses |
Territory income |
Costs in the territory |
1. Gross profit |
1. Budget expenditures in the territory |
2. Indirect taxes |
2. Expenses from profit and depreciation |
3. Resource payments |
3. Program expenditures from centralized funds |
4. Other taxes and fees |
4. Expenditure of trust funds |
5. Income tax from individuals |
5. Other expenses |
6. Contributions to targeted social funds |
Transferred to the federal financial system |
7. Deductions to target economic funds |
6. Deductions to the federal budget |
8. Income from privatization and property ownership |
7. Contributions to centralized trust funds |
9. Income from foreign economic activity |
|
10. Other income |
|
Involved funds |
|
11. Long-term bank loans to the economy |
|
12. Receipts from the federal financial system |
|
13. Foreign investment |
The income part of the financial balance reflects the region's own income: profit, depreciation, income tax from individuals, indirect taxes, resource payments, contributions to social off-budget funds, other income; as well as financial resources attracted to the region: subsidies from the federal budget and centralized funds, long-term bank loans, external private investments, including foreign ones.
The expenditure part of the balance reflects two groups of expenses: expenditures on the territory and deductions to the federal financial system. Expenses in the territory include: the cost of capital investments from centralized sources, the cost of the national economy, the cost of enterprises at the expense of profit and depreciation, the cost of social and cultural activities from the budget and extrabudgetary funds, the cost of maintaining organs government controlled and law enforcement and other expenses. The contributions to the federal reserve system include contributions to the federal budget and contributions to the federal financial system.
Unlike the budget, which is a legislative document, the regional financial balance serves as an analytical tool, the preparation of which allows:
compare the needs of the territory and the real opportunities to cover them;
determine the financial security of a particular territory;
present the contribution of the territory to state resources and the contribution of state resources to the development of regions;
identify the potential of the local budget and extrabudgetary funds;
monitor the process of formation, accumulation, distribution of financial resources, fixing bottlenecks.
In addition, the balance allows you to establish the amount of financial resources left at the disposal of enterprises and organizations sent to the local and higher budgets, as well as funds mobilized from sources external to the territory and primarily from the federal budget.
The information base for compiling the financial balance sheet is the statistical data of the reports of enterprises and organizations based on the results of financial activities, reports on the use of local budgets, data from tax inspectorates, reports on the formation and use of extrabudgetary funds, data customs departments and other information.
The analysis of liabilities makes it possible to identify the dynamics of individual sources of financial resources, both in terms of value and share in the overall structure of liabilities.
Data for analysis of financial resources should look like this:
Indicators | For the beginning of the year | At the end of the year | Change per year | |||
thousand roubles. | % | thousand roubles. | % | thousand roubles. | % | |
1. Own funds | 27370 | 74,8 | 33310 | 74,5 | +5940 | +21,7 |
1.1. Authorized capital | 320 | 0,9 | 320 | 0,7 | — | — |
1.2. Extra capital | 25110 | 68,6 | 29920 | 66,9 | +4810 | +19,1 |
1.3. Reserve capital | 250 | 0,7 | 315 | 0,7 | +65 | +26 |
1.4. Undestributed profits | 500 | 1,4 | 1175 | 2,6 | +675 | +135 |
1.5. revenue of the future periods | 1190 | 3,2 | 1580 | 3,6 | +390 | +32,8 |
2. Borrowed funds | 9230 | 25,2 | 11390 | 25,5 | +2160 | +23,4 |
2.1. Long-term credits and loans | 1500 | 4,1 | 2400 | 5,4 | +900 | +60 |
2.2. Short-term credits and loans | 2900 | 7,9 | 3880 | 8,7 | +980 | +33,8 |
2.3. Accounts payable | 4830 | 13,2 | 5110 | 11,4 | +280 | +5,8 |
Passive | 36600 | 100 | 44700 | 100 | +8100 | +22,1 |
To determine changes in the structure of financial resources in absolute terms, you need to find the difference between the results at the end and at the beginning of the period.
To calculate the percentage change, find the ratio of the resulting difference to the results at the beginning of the period.
That is, for example, the growth dynamics of financial resources is calculated as follows: 5940 / 27370 * 100% = 21.7%.
In addition to a direct assessment of the structure of financial resources, such an analysis allows you to quickly make some additional calculations:
– Property value increased by 22.1%. This happened as a result of the growth of the company's financial resources by 21.7%, and borrowed resources - by 23.4%. Due to the fact that the rate of increase in borrowed funds is somewhat higher than that of own funds, the share of the latter in the total volume decreased - however, rather insignificantly, by only 0.3%.
- Sources of formation of financial resources this year by 73.3% (5940 / 8100 * 100%) consist of own funds and 26.7% - of borrowed funds.
– The amount of borrowed funds increased in all positions. At the same time, the most significant growth occurred in long-term loans, now their share in total liabilities is 21.1% (2400 / 11,390 * 100%), which is 4.8% more than at the beginning of the year. The share of short-term loans also increased - by 2.7%; now it is 34.1%.
In the above example, the main source of borrowed financial resources is accounts payable, so it would be useful to study its composition separately.
It is worth paying attention to the fact that accounts payable have changed less than their own financial resources. In the case of enterprises engaged in the manufacture or sale of any product, such a ratio may indicate that the increase in equity is not associated with growth or production. Such changes in the structure of financial resources, however, do not in themselves indicate either a worsening or an improvement in the situation - their significance entirely depends on the goals of the company's financial activities.
In addition to studying the dynamics, on the basis of the balance sheet liability, conclusions can also be drawn about the sustainability of the enterprise - for this, several coefficients are used that characterize the structure of financial resources.
Capitalization ratio shows the ratio of borrowed and own financial resources of the company. It is calculated as follows:
Capitalization ratio = Borrowed funds / Equity
For the company from the example, it is equal to 11390 / 33310 = 0.34, that is, 0.34 borrowed accounts for 1 ruble of own funds.
This value of the capitalization ratio indicates that the main share of the capital is its own financial resources. On the one hand, this indicates a high degree of stability, and on the other hand, that the company can lose significant profits by refusing to borrow.
However, the value of this indicator by itself does not allow assessing the financial efficiency of an enterprise; in this case, the standards are highly dependent on the industry and the stage of business development.
Coefficient financial independence allows you to determine specific gravity own capital in the sum of all sources of financial resources. To determine it, the formula is used:
Financial Independence Ratio = Equity / Balance Currency
For the example company, it looks like this: 33310 / 44700 = 0.75.
The maximum value of this coefficient is 1, and the higher the result, the greater the stability of the company. But, again, a high value may indicate a low efficiency in the use of financial resources.
And finally, the last one - financial stability ratio. It indicates what part of the capital is sustainable sources of financial resources - that is, those that the company can use for a long time. The calculation is made according to the following formula:
Financial stability ratio = (Equity + Long-term liabilities) / Balance sheet
For the company from the example, the result is: (33310 + 2400) / 44700 = 0.8.
If the value is in the range of 0.8 - 0.9, the company's position can be safely called stable. However, it is impossible to evaluate financial efficiency using this indicator - for this it is necessary to separately consider the ratio of own funds to long-term liabilities.
Financial resources: indicators of financial performance
Key financial performance indicators include:
– Profit (loss) at the end of the reporting year is the amount of profit (loss) from the sale of fixed assets, products, works, services and net income from non-sales operations. It is revealed on the basis of accounting of financial transactions.
– Profitability is the ratio of profit and costs for production and products
– working capital
- Turnover of working capital - the faster the turnover, the smaller the time gap between production costs and receipt of revenue and profit.
- Cash receipts - money from the sale of products, the performance of work and the provision of services.
– Accounts payable – debts to suppliers, contractors, promissory notes, salaries, budgetary and extra-budgetary payments, etc.
– Accounts receivable- debts for goods and services sold from buyers, debts on operations with the budget, accountable persons, etc.
- Arrears - debts not repaid at the appointed time.
is a forecast of the formation and use of financial resources of state authorities and local self-government, business entities within a specific administrative-territorial unit of a country, region, municipality. The purpose of this balance is to provide financial resources for the measures provided for by the forecast of socio-economic development, the formation of financial reserves.
The balance of financial resources is compiled in accordance with the Budget Code of the Russian Federation and is used in the drafting of the budget. Indicators of the balance of financial resources are formed on the basis of the forecast of socio-economic development and the balance sheet of financial resources for the previous year. This financial forecast is made for one calendar year.
The balance of financial resources is a summary of all income and expenses of the consolidated budget, budgets of state off-budget funds, profits and depreciation deductions of business entities in the territory of a particular administrative-territorial unit (country, subject of the Russian Federation, municipality). It covers the main sources of funds allocated to the development of production (capital investments) and the implementation of social programs that are at the disposal of government bodies and organizations, and does not include the funds of the population.
From the point of view of interbudgetary relations, these balance sheets make it possible, at the stage of macroeconomic forecasting, to determine the feasibility of certain proposals and decisions made by state authorities regarding the financial security of subjects of the Russian Federation, municipalities.
The balance sheet is built using the double entry method - income and expenses, contains two sections reflecting the flows of financial re-
resources: I section - Income, II section - Expenses. Thus, in the balance of financial resources, income is compared with expenses: the excess of expenses over income (income over expenses) determines the deficit (surplus) of the financial balance and requires an indication of the sources of its coverage (directions of use). The balance sheet records only the annual turnover of resources and is not intended to display the values of their balances at the beginning and end of the year, it is compiled at current prices.
When calculating the indicators of section I of the balance of financial resources, the indicators of the reporting balance, the forecast of socio-economic development, changes in tax and budget legislation, the implementation of measures to restructure past years' debts for payments to budgets of all levels and extra-budgetary funds, other circumstances that may affect the volume income of business entities and government entities in the forecast period. In addition, the provisions related to the ongoing state policy in the field of interbudgetary relations are taken into account, in particular, when delimiting and distributing revenues by levels of the budget system, providing financial assistance to budgets of other levels.
The income of the balance of financial resources, calculated per capita, determines the financial security of a constituent entity of the Russian Federation, a municipality, which can serve as an indicator for assessing the real need for additional financial resources allocated from the federal or regional budget, respectively.
Section II of the balance of financial resources reflects the costs, the forecast of which is carried out on the basis of project calculations of income balance sheet items, taking into account the need to reduce the deficit of financial resources. The expenditure part of the balance reflects the expenditures made in the territories of administrative-territorial units from all financial sources. The structure of budget expenditure indicators is determined in accordance with functional classification expenses of the budgets of the Russian Federation, approved federal law"On the budget classification of the Russian Federation". When determining the volume and directions of expenditures, the procedure is taken into account that assigns certain obligations (powers) to a specific level of government or
local government in accordance with applicable law.
In the base indicators for calculating expenses, the expected estimate for the corresponding period is taken into account, forecast indicators of possible inflation and indexation are taken into account wages and material costs.
The balance of financial resources at the federal level is compiled in the form of a consolidated financial balance. Its main indicators are calculated taking into account the need to implement the main provisions of the annual Budget Message of the President of the Russian Federation. The composition of the articles of the consolidated financial balance of the Russian Federation is given in Table. 4.2.
Table 4.2
Scheme of the consolidated financial balance of the Russian Federation Income Expenses Profit
Depreciation
tax revenue
Unified social tax
Non-tax income
Target budget funds
Free transfers
State non-budgetary funds
Total income
Excess of income over expenses Funds remaining at the disposal of organizations
Public investment costs
Basic research and promotion of scientific and technical progress
Spending on social and cultural events
National defense spending
Military reform spending
Spending on law enforcement and state security
Expenses for the judiciary
Costs for the maintenance of public authorities and local self-government
Expenses for international activities
Servicing state and municipal debt
Financial assistance to budgets of other levels
Target budget funds
other expenses
Total expenses
Drawing up a balance of financial resources can be considered a preparatory stage for targeted financial planning, i.e. drafting the budget. The balance of the balance serves as a guarantee that in the process of budget planning the balance of the budget will be ensured.
Business entities independently decide on the appropriateness of making financial forecasts. In particular, non-profit organizations, as a rule, do not draw them up, but commercial organizations develop them in a form similar to the form of their financial plan. This approach allows to ensure the continuity of financial planning and financial forecasting. In addition, commercial organizations can make a forecast of profit and loss, a forecast of movement Money, forecast assets and liabilities.
It can be concluded that financial forecasting, on the one hand, precedes financial planning, and on the other hand, is its integral part, since the development of financial plans is based on indicators of financial forecasts.