The growing autonomy of expenditure and revenues parts of the budgets of the Russian subjects is called to induce the development of own sources of budget revenues at a regional level. The loans become one of the basic methods of financing budget expenditures, which are given to local public authorities, first of all, to finance capital investments. So, in 2004 - 2005 the growth of the budget revenues occurred in the majority of the subjects disregarding financial assistance provided from the budgets of other levels. This permitted to proportionally increase the size of the region’s debt without simultaneous growth of this ratio.
Attracting additional financing and dept burden growth on regional and local budgets have required from the administrations of the subjects and municipalities to seek optimal patterns of maturity, borrowing instruments, debt placement and management. Public dept management represents the development of the policies for indebtedness regulation by public authorities in order to attract demanded financing, to execute targeted government tasks in relation the risk level and cost, as well as to decide other priority problems.
The purpose of the given research study is to analyze strategies and practices of indebtedness management by the government bodies at subfederal and local levels. Public (regional) debt management is understood herein as interrelations between budget, financial, registration, organizational and other institutions, procedures, methods and measures undertaken by subject of Russian Federation to regulate regional dept.
The informational base of the study contains normative acts adopted by legal and executive authorities of the Russian Federation, Moscow City, State Committee of Statistics and Ministry of Finance. Specialized sources on expertise obtained by state, subfederal and municipal bodies to manage fiscal obligations are used.