Importance Due to the crisis in the world economy, there is a pressing problem to update the financial as required by the new economic environment. The experience of developed countries has shown that it is possible to achieve the best result in establishing the macroeconomic balance and overcoming of the crisis through changes in the budgetary policy. Objectives The objective is to develop methodological approaches to the budgetary policy formation aimed at achieving the macroeconomic balance and long-term sustained economic growth. Methods The methodology of the research rests on general and special methods of scientific knowledge, i.e. methods of empirical study (comparison, data collection and review), comparative study, synthesis of theoretical and practical material. During the processing and systematization of information, I employed methods of grouping, classification, and the systems approach. Results I developed methodological approaches to formulating the budgetary policy of economic growth. The findings may be used to improve activities of public authorities and local governments in the sphere of public and municipal finance management within the budgetary process; to enhance the efficiency of budgetary legislation of the Russian Federation. They may also serve as a basis for further research. Conclusions and Relevance The key factors, which will enable to create the budgetary policy of the economic growth, are the development of budget planning and forecasting. They have to be based on identification of the necessary volume of financial resources channeled to achieve the objectives of social and economic development.
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