Importance The effective and productive governance of public finance plays an important role within strategic and tactic goals of financial policies of the Russian Federation. The article presents the mechanism existing in the market of State educational services rendered by educational institutions, various interpretation of the public (municipal) service concept. The research specifies the relationship of those charged with financial planning in higher educational institutions and aspects subject to financial planning. Objectives The research unveils the substance and specifics of theoretical and methodological approaches to financial planning in higher educational institutions. I also investigate the mechanism existing in the market of State educational services rendered by universities, which shapes financial planning rules; scrutinize the mechanism for State (municipal) institutions to shift to the format of subsidized State jobs; review the main weaknesses of setting quality indicators of State services rendered by State-financed institutions; describe financial and business plans of the higher educational institution; specify the financial planning procedure in universities. Methods The research draws upon methods of comparative analysis, systematization, classification, analogy, comparison. Results As part of the comprehensive review, I analyzed the content of financial planning, disclosed its specifics in higher educational institutions, specified the fundamental financial planning approaches in higher educational institutions, and reflected its large scale and strategic focus. Conclusions and Relevance Effective financial planning builds the basis for the State to exercise its controlling powers from legislative, social and economic perspectives.
Keywords: financial planning, higher educational institution, State, municipal job
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