Importance Recognition of the need to apply principles of efficient and responsible management of public and municipal finance at the international level stipulated the use of new approaches to budget process. Within these approaches, the budget process and budget reforms are focused on pursuing a responsible fiscal policy, using mid-term and long-term budgetary planning to ensure financial stability and efficiency of public expenditure and increase responsibility for results of budgetary funds utilization. Objectives The study aims to analyze the development and implementation of budget policy in foreign countries and assess a possibility of applying best practices to Russian budget formation. Methods The methodology rests on general and special methods of scientific knowledge, like empirical research (comparison, data collection and investigation), comparative study, synthesis of theoretical and practical materials, classification, system approach. I analyzed laws and regulations, methodological materials, scientific literature, statistical data, expert and analytical reports of controlling authorities. Results The paper presents proposals for implementing foreign experience in the budgeting process in Russia. The findings may be applied by public authorities and local governments in public and municipal finance management within the budgetary process, lawmakers developing the budgetary legislation of the Russian Federation, scientists, teachers and students of higher schools involved in academic research activities. ConclusionsandRelevance International experience can be useful during transition to performance budgeting in Russia. However, it is important to consider the specifics of social and economic development and budgetary policy of the country, and availability of peculiar external and internal factors.
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