Deputies of the Vitebsk Regional Council approved the region's budget for 2018 at the 38th session meeting, a BELTA correspondent reports.
Deputies of the Vitebsk Regional Council approved the region's budget for 2018 at the 38th session meeting, a BELTA correspondent reports.
Gennady Grebnev, Head of the Main Financial Department of the Vitebsk Regional Executive Committee, spoke about the specifics of the regional budget for 2018. According to him, in 2017, there was a positive trend in the development of the region's economy. At the same time, not all growth parameters reached the planned level during the year, which affected the budget's revenue. Risks of imbalance were eliminated by concentrating financial resources on key areas, creating reserves, and mobilising revenues. Based on the results of the current year, local budgets are balanced, and an overall surplus will be ensured for the region within the established parameters.
The draft regional budget for 2018 was formed taking into account the agreed changes in budget and tax legislation. It is based on the parameters of the socio-economic development forecast for the upcoming year and the assessment of the local budget execution in the current year. The main sources of revenue will be personal income tax, value added tax, property taxes, and profit tax. Collectively, these payments will form 83% of the budget's revenue part. Exceeding planned profit tax revenues will become an additional source of funding for the most important areas of the region's development.
The total revenue of the region is determined at Br1 billion 921 million, an 8% increase compared to the expected execution of the current year. Regional budget revenues are planned at Br741 million. To balance local budgets, non-repayable revenues will be transferred from the republican budget to the Vitebsk region budget in 2018.
The amount of local budget expenditures in the region for 2018 is determined under strict resource saving conditions and will amount to Br1 billion 872 million (an increase of 5%). Regional budget expenditures are set at Br702 million. About 90% of the region's expenditures are linked to specific programme activities, which allows for more efficient use of resources and ensures proper control over their utilisation.
The execution of debt obligations of local government bodies is envisaged through the budget surplus.
Overall, the budget for 2018 is traditionally socially oriented. Almost 70% of the expenditure is allocated to the social sphere, and expenses ensuring the population's livelihood (housing and communal services, passenger transport, etc.) are also taken into account. Funding for the healthcare sector will increase by 11%, for physical culture and sports – by 10%, for education – by 6%. The concept of expenditure for the housing and communal services sector provides for subsidizing only heating and hot water services in 2018. Non-cash housing subsidies will be provided to socially vulnerable population groups from the budget.
Gennady Grebnev also noted that funds will be concentrated primarily on facilities with a high degree of readiness. Among the most significant are the completion of the reconstruction of the Miory hospital and the construction of the surgical building of the regional oncology dispensary. It is also planned to commence the construction of the Trampoline Palace in Vitebsk, a kindergarten and a school in the Bilevo-2 microdistrict. Funds are allocated for the continuation of the "Clean Water" program projects.