Encyclopedia
Local Budget
A local budget is a form of formation and expenditure of funds on an annual financial basis, intended for the fulfillment of expenditure obligations by the corresponding municipal entity1.
Federal Law No. 120-FZ dated August 20, 2004, "On Amending the Budget Code of the Russian Federation in Respect of Regulation of Inter-Budgetary Relations" dated August 20, 2004, as amended on November 29, 2014, Article 1, Subparagraph 5 // RSZ RF. 2004. No. 34. P. 3535. ↩