Federal budget of Russia

The Federal budget of Russia (Russian: Федеральный бюджет России) is the leading element of the Budget system of Russia. The federal budget is a major state financial plan for the fiscal year, which has the force of law after its approval by the Russian parliament and signed into law by the President of Russia. That the federal budget is the primary means of redistribution of national income and gross domestic product through it mobilized the financial resources necessary to regulate the country's economic development, social policy and the strengthening of the national defense. The share of federal budget accounts for a significant portion of the distribution process, which is the allocation of funds between sectors of the economy, manufacturing and industrial areas, regions of the country.

The right of the Russian Federation for an independent federal budget is enshrined by Article 71 of the Russian Constitution and the Budget Code of Russia that regulates the details of its formation and execution.

In 2016, the Russian budget deficit reaches to $21Bln. It was expected to rise to the amount of $21.7 billion in the year. 2016 budget's revenues estimated to be 13.7 trillion rubles(200 billion US dollars) or 17.5% of GDP, while spending is planned to be 16 trillion rubles(roughly 233 billion dollars) or 20.5% of GDP. Budget deficit thus is 2.35 trillion rubles(33 billion dollars) or 3% of GDP.

In accordance with the Budget Code, the Russian government prepare and introduce the State Duma, the lower house of the Russian parliament a draft federal budget for next fiscal year no later than October 1 of this year. The federal budget is developed in accordance with the provisions of the annual budget message of the President of the Russian Federation.

The federal budget is considered the State Duma in three readings (amendments to the Code). At first reading, the basic parameters of the budget are adopted. According to the Budget Code, during the first reading of the State Duma has the right to increase revenues and the federal budget deficit, if these changes are not the endorsement of the government. The State Duma can reject the draft budget. In this case, a conciliation commission in conjunction with the government. In the second reading of the State Duma approves the budget section by section, and the third is on the budget law as a whole. Following the adoption of the State Duma the federal budget, the law goes to the Federation Council, the upper house of the parliament, and then signed into law by the President.

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