Analysis of investment and fiscal spheres of regions from the position of their financial self-sufficiency

Using the example of the regions of the Volga Federal District, an analysis of the state of their investment development as well as the volumes of tax revenues to various levels of the budget system, was carried out in order to identify opportunities to ensure financial self-sufficiency of territories under different scenarios. The results of the study show that regions, even within one federal district, have significant differentiation both in terms of the level of specific tax revenues and in terms of the volume of investment in fixed capital per capita. At the same time, the correlation and regression analysis of these indicators revealed the presence of a close relationship between them. The main reasons for the disproportions in the level of tax security of the regions were established. Firstly, the preservation of raw material rent as the largest source of tax revenues to the consolidated budget of the Russian Federation and the extreme unevenness of its distribution due to differences in the structure of regional economies; secondly, the allocation of the overwhelming share of revenues from the mineral extraction tax to the federal budget; thirdly, the initial insufficiency of the volumes of state (budget) support for the development of high-value added production and the need to use long-term credit mechanisms for financing in order to subsequently increase the share of taxes from the manufacturing sector. An assessment of the financial self-sufficiency of the territories under various scenarios for the distribution of tax revenues was carried out and proposals were made for its increase at the regional level.

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