Subject Declining investments propel grants to the budget of many subjects of the Russian Federation and result in falling incomes of the population. The article addresses the issue of developing the regional long-term special-purpose programs, as they may improve the system of fiscal federalism in our country. Objectives The article analyzes the present state of the system of government investments in the territorial aspect, conditions for its function, and update. Methods I employ the systems approach and universal dialectic method of studying the objective economic laws, processes and phenomena in their constant development and interrelation. Results I examine the most important special features and key deficiencies in financing the investment projects for economy development of the subjects the Russian Federation. The paper offers areas to improve the formation of regional special-purpose programs for territories to unlock their potential and accelerate their social and economic growth. Conclusions The conclusions substantiate the need to change the current procedure for formation and implementation of special-purpose programs for regional development and improvement of mechanisms of investment resource accumulation.
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