Public Finance and Quality of Life of the Population of the Regions of the North-Western Federal District

Abstract

The state of the budgets of the regions of the Russian Federation directly affects the level and quality of life of their residents, predetermining the possibilities for the socio-economic development of a given territory. Hence, special attention is paid to the financial and economic sustainability of the region’s budgets, the optimal and rational use of public finances to achieve both current and long-term development goals, which is especially important in the context of complex geopolitical and geo-economic challenges for the Russian economy. The focus of the authors of the work, who continue research in this area, is the influence of the budgetary provision of the regions of the NorthWestern Federal District (NWFD) on the quality and standard of living of citizens living within the boundaries of the territories included in its composition. Based on the study of the budgets of the selected subjects of the Russian Federation, the general and special in the formation and use of budgetary funds of the regions, their priorities in the distribution of cash flows to ensure the safe socio-economic development of the territories are highlighted. The relationship between the structure of regional expenditures and the quality of life of the population of these regions is shown. Measures are proposed to increase budgetary sustainability and simultaneously increase the well-being of residents of the Northwestern Federal District.