Importance The article deals with issues of increasing the efficiency of public procurement in the constituent entities of the Russian Federation. Objectives The research formulates practical proposals on how to improve the public procurement funding mechanism. I put a special focus on difficulty in setting up and justifying the initial value of the contract, regulating the performance of public and municipal contracts and refining the regulatory and legislative framework used for purposes of public procurement. Methods I analyzed key issues relating to the quality of procurement in regions of the Russian Federation and proposed my own approach to grouping the issues. Furthermore, the grouping method helps identify principal solutions to the existing matters and raising the efficiency of public procurement. Results There should be a set of measures in place for setting and using rates of financial costs for more effective and practical enhancement of public and municipal procurement in the constituent entities of the Russian Federation. Conclusions and Relevance Further enhancement of public procurement will definitely have a positive effect on socio-economic development in the constituent entities of the Russian Federation, being especially important assuming that the efficiency of fiscal spending should be improved. The analysis may prove useful for further implementation of a toolkit for improving the efficiency of fiscal spending at the public and municipal levels.
Keywords: regional finance, public procurement, State-financed institutions
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