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Current situation and prospects
of municipal borrowings
in the Russian Federation
Sergei.M.Nikiforov
Institute for Urban Economics
September 30–October 1, 2004
Washington
Subfederal and municipal bonds
market to 01.09.2004, millions
dollars
Total 3 302,
Other
subfederal
bonds (20
regions)
822; 25%
SaintPeterburg;
296; 9%
Municipal
bonds
110; 3%
100%
Moscow
1 575; 48%
Moscow obl.;
500; 15%
Municipal bonds market to
01.09.2004, million dollars
Total 110, 100%
Volgograd
10; 9%
Ufa
24; 22%
Krasnoyarsk
24; 22%
Novosibirsk
51; 47%
Municipal and regional borrowings
in the Russian Federation
2003
Total number
Total number of
issuers
Budget expenditures,
(RUR, bio)
Volume of bonds in
circulation (RUR,
bio)
RF
Subjects
86
Municipalitie
s
11500
22(24)
4
1445
(1012)
88.6 (36.4)*
863
3.2
Relative debt service
expenses
300,0%
250,0%
Municipal debt
expenses
200,0%
150,0%
100,0%
Debt expenses
of RF Subjects
50,0%
0,0%
2000
2001
2002
Year
2003
Debt in the form of bank credits and
bond loans (progressive total)
70
Bank
loans and
bond loans
taken by municipalities
60
50
40
RUR billn.
30
20
Bank loans
and bond loans
taken by RF Subjects
10
0
-10
2000
2001
2002
Year
2003
700
Value of debt in the form of bank
loans
(progressive total)
600
Bank loans taken by
municipalities
500
400
млн. долл.
300
200
100
0
-100
2000
2001
2002
-200
-300
-400
Year
2003
Bank loans taken by
RF Subjects
Budget autonomy criteria
•
•
•
•
•
•
•
•
a) Subnational governments set tax rates and tax base;
b) Subnational governments set tax rates only;
c) Subnational governments set tax base only;
d 1) Subnational governments define long-term tax sharing
rates;
d 2) Tax sharing rates can be changed only subject to the
consent of subfederal government;
d 3) Tax sharing rates fixed by laws can be changed only by
the central government unilaterally;
d 4) Tax sharing rates are set annually by central
government in the course of budget development;
e) central government determines tax rates and tax base for
subfederal taxes;
• “а-с” –free borrowing made on the open
market, need to guarantee the high
quality of own securities
• “d.1-d.2” - need to negotiate the size and
purpose of borrowings with upper-level
financial authorities, borrowing against
state guarantees
• “d.3-e” - borrowing from the state,
borrowing on the open market is
impossible (forbidden).
Structure of local budget revenues
1999-2003 гг. ( %)
Revenues
1999
2000 2001
2002
2003
2006
69,7
68,2
61,5
53,5
51,6
38,9
VAT
6,8
5,3
0
0
0
0
Company profit tax
14,6
13,5
16,7
10,9
9,6
0
Personal income tax
16,6
16,8
21,1
23,3
23,8
28,5
Property tax
7,8
6,2
6,7
7,1
6,5
0
Sale tax
2,8
2,9
2,8
2,5
2,4
0
SMB tax
1,3
1,5
2
3,5
0,9
2,2
Local taxes
13,4
14,9
5,1
3,1
4,1
8
Non-tax revenues
3,6
3,5
4,3
6
6,4
6,9
Grants
26,7
28,3
34,2
40,5
37,8
53,9
Tax revenues, including
Tax autonomy at the subnational level: degrees of control
given as percentages out of all tax categories
Subnation
government
taxes as %
of total tax
revenue
a
b
c
d.1
d.2
d.3
d.4
e
Czech Republic
11.1
2.7
5.6
-
-
-
91.7
-
-
Hungary
10.4
49.2
-
-
-
-
-
50.8
Poland
8.3
-
41.9
0.6
-
-
57.6
-
-
Estonia
16.2
-
9.2
-
-
-
90.8
-
-
Latvia
17.1
-
-
-
-
-
-
-
100
Lithuania
22.0
-
-
-
-
-
-
-
100
USA
20.0
95
5
Category
Russia
2003
12.8
8.9
6.9
Russia
2006
8.7
21
79
84.2
Local government. Profiles of current
revenue
1999 год
% of financing
Czech
Republic
Hungary
Poland
Estonia
Latvia
Russia
today
Russia
tomorrow
40.2
33.3
35.2
15.4
20.4
10.5
14.9
(3.9)
(16.3) (10.6)
(6.3)
(0.0)
(4.1)
(8)
(36.3) (17.0) (24.6)
(9.1)
(20.4)
(6.4)
(6.9)
II Other free
revenues:
tax sharing,
category d – e
43.8
75.5
58.4
77.6
50.4
(43.8) (16.8) (14.4)
(62.1)
(56.0)
(56.3) (31)
general grants
(-)
(1.7)
(30.5)
(13.4)
(2.4)
(27.8) (19.4)
Tied revenues
16.0
48.2
19.9
9.1
21.2
5.4
34.7
Total
100
100
100
100
100
100
100
I Own revenues:
own taxes,
category a - c
non-tax revenue
18.5
44.9
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