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Key vectors for improving the activity of regional bodies of the Federal Treasury given the integrated management of public finance

Vol. 26, Iss. 10, OCTOBER 2020

Received: 12 October 2019

Received in revised form: 20 August 2020

Accepted: 3 September 2020

Available online: 29 October 2020

Subject Heading: Financial control

JEL Classification: H61

Pages: 2364–2384

https://doi.org/10.24891/fc.26.10.2364

Nechaeva M.L. Nizhny Novgorod State University of Engineering and Economics (NGIEU), Knyaginino, Nizhny Novgorod Oblast, Russian Federation
khalyavina.mar@yandex.ru

https://orcid.org/0000-0002-5422-3563

Kiotova D.A. Department of Federal Treasury for Nizhny Novgorod Oblast, Nizhny Novgorod, Russian Federation
daria.kiotova@mail.ru

https://orcid.org/0000-0002-8411-718X

Subject. The article focuses on a set of financial and budgetary relations existing in regional bodies of the federal treasury, inter alia, in public finance management.
Objectives. We search for new tools and available methods to enhance the performance and efficiency of the Federal Treasury bodies, illustrating the operation of the Federal Treasury for the Nizhny Novgorod Oblast.
Methods. The study is based in general methods (the analysis and synthesis, abstraction and generalization), specific research (special) methods (economic analysis, statistical-economic method).
Results. We devised the methodological framework to pinpoint vectors to follow ensuring the development of treasury system. As part of the study, we discovered two main factors to improve the activity of the Department of the Federal Treasury for the Nizhny Novgorod Oblast, such as Factor 1 – The Automated Finance Management System, Factor 2 – Financial Forecast. Considering the impact of the factors, we can determine what can be done to strategically manage public and municipal finance. Based on the studies, we can recommend steps to enhance the performance of the treasury system.
Conclusions and Relevance. To implement Factor 1, we suggest setting the single identification and authentication system, which will help outline the public and municipal finance management strategy during turbulent times. To implement Factor 2, we propose methodological principles for forecasting of public finance, which will be based on the time series analysis so as to evaluate patters and dependencies and subsequently make up a model for further trend forecast. The findings will be useful for executives of the Federal Treasury offices and professionals delegated to manage public finance. Furthermore, the findings can underlie further research on economics and finance.

Keywords: public finance, municipal finance, treasury, factor analysis, automated system, financial forecast

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