No abstract

The article examines some peculiarities of developing an adaptive financial management system at domestic enterprises. It was found out that the management and application of financial resources in a market economy is carried out through financial payments. This mechanism is based on the control over production expenses level and their divergence from socially necessary costs. It is noted that budgeting is the main basis for building an adaptive financial management system at an enterprise, which pays due regard to the impact of financial risks and the ways to avert them. Cash flow management cannot but use the scheme for behavioral modeling of the possible outcomes of the cash flows. The development of financial models for assessing and managing financial risks is part of the overall budgeting system at an enterprise. They are a fairly reliable instrument for assessing and managing the entire financial risks system at an enterprise, as they make it possible to assess different levels of risk due to different factors influencing them and to the different levels of risk controllability. To describe the relationship of financial indicators, a multifactor model is proposed, which allows a detailed study of the interdependence of features, the closeness of the relationship between variables, their subordination. It makes it possible to describe the mutual influence of internal and external factors on the total capital efficiency, to take into account changes (variations) in the parameters of this environment, the reaction of financial stability to these deviations. It is concluded that the development of an adaptive financial management system at an enterprise helps to improve the financial performance of the enterprise, provides transparency to the financial management and cash flow and allows the management to take viable solutions and create the most profitable financial plans.

Анотація. Проаналізовано теоретико-методичні підходи до оцінки фінансової спроможності об'єднаних територіальних громад (ОТГ) в умовах реформування системи місцевого самоврядування та децентралізації влади. Встановлено, що при формуванні такої громади велике значення має попередній розрахунок її фінансової спроможності для оцінки переваг і ризиків об'єднання, з'ясування потреби в пошуку додаткових коштів і впорядкуванні видатків. Виокремлено основні показники фінансової спроможності ОТГ та за їх допомогою проаналізовано об'єднані громади, створені в Україні від початку реформ. Обґрунтовано, що визначення фінансової спроможності новосформованих ОТГ відповідно до утворених Міністерством регіонального розвитку, будівництва та житлово-комунального господарства України груп ОТГ повинне ґрунтуватися на таких показниках, як дотаційність бюджетів ОТГ, обсяг власних доходів на одного жителя та динаміка надходжень місцевих податків і зборів. За допомогою регресійного аналізу встановлено детермінаційні зв'язки основних показників фінансової спроможності вітчизняних ОТГ, що дає змогу спрогнозувати оптимальні групи територіальних громад щодо об'єднання у фінансово спроможні ОТГ. Ключові слова: територіальна громада, об'єднані територіальні громади (ОТГ), фінансова спроможність ОТГ, фінанси ОТГ, бюджет ОТГ, доходи й видатки бюджету ОТГ. Табл. 11. Літ. 29.

The influence of budgetary risks on the formation of revenues of budgets of territorial communities is investigated and a methodical approach to estimating the structure of revenues of budgets of territorial communities in the conditions of financial decentralization is developed. It is noted that today the introduction of the latest methods for optimizing the revenues of the budgets of territorial communities with permanent control over the level of budgetary risks becomes especially important. Mathematical forecasting of the probability of budget risks and its empirical measurement requires special attention. The main approaches of domestic and foreign scientists to forecasting the probability of budget risks with the help of economic and mathematical tools are considered. Its practical use, on the one hand, will ensure their permanent control, and on the other - will allow optimization of the revenues of the budgets of territorial communities. It is established that the existing methods are difficult to implement in domestic practice due to their significant mathematical calculation. Calculations were made using the postulates of portfolio theory, in particular the portfolio approach of J. Hicks, which allowed to form a rational structure of revenues of budgets of territorial communities in terms of general and special funds, as well as to identify ways to minimize budgetary risks to ensure optimal revenue structure without interbudgetary transfers in conditions of permanent crisis phenomena. This will allow local governments of territorial communities to increase the performance of their budgets. The latest tools of financial decision-making using J. Hicks' portfolio approach to the formation of the optimal structure of budget revenues of territorial communities without intergovernmental transfers, taking into account the level of budgetary risk, were obtained by applying the tools of economic and mathematical modeling. It is concluded that the latest tools for the formation of the optimal structure of budget revenues of territorial communities with permanent forecasting of the maximum possible level of their growth under the control of budget risks allow the development of ways to minimize, forming many scenarios for the optimal structure of future budget revenues and budget risk. It is established that the proposed toolkit allows to generate alternative financial solutions for local governments and assess the results and consequences of their possible adoption in determining strategic guidelines for the development of local community finances. It is proposed to further use the developed scientific and methodological approach to optimize the revenue structure of budgets of territorial communities in the context of various budgetary risks, which, of course, will allow local governments to make effective financial decisions in developing programs of socio-economic development of territorial communities.

Introduction. The association of territorial communities is an effective means of providing financial resources for less developed and financially untenable territorial communities on the basis of equal access to all social services and economic benefits that are the vision of the European future. In modern conditions the implementation of this process is a multi-stage and troublesome work based on the will of representatives of territorial communities, tax capacity and economic development of territories ready for unification, parity in the context of providing social services to all members of the association, as well as distribution and redistribution of financial resources on the basis of a full partnership with the participation of communities in the implementation of powers. Purpose. The purpose of the article is to study the theoretical foundations of the formation of united territorial communities, assessment of the formation and implementation of budget revenues of the combined territorial communities on the background of permanent crisis phenomena which significantly affect the indicators of economic and social development of administrative-territorial units and the state as a whole. Result. Defining the essence of territorial communities, debating about the nature, causes of its occurrence, the consequences of its creation the undeniable advantages concerning the formation of territorial communities were established, which are the association of territorial, human, intellectual and financial potentials; the joint communal property and disposal of municipal property; permanent interaction in the process of realization of common interests. The essence of the territorial community as an independent administrative-territorial unit was determined, in which residents united by permanent residence within the village, settlement, city through the voluntary combination of intellectual and financial resources carry out their vital functions in order to ensure their own well-being and the development of a certain territory. Taking into account national realities, the dominant features of the united territorial communities were established, in particular: the voluntary basis of association on the principles of parity; the availability of a single administrative center; the unity of local interests and their separation from state interests and interests of separate territorial units; the separation of material and financial base; the possibility of adopting of local normative legal acts within the Constitution and the laws of Ukraine; positioning by the primary subject of local self-government. Summing up the results of the estimation of the income base of the united territorial community budgets of the Ternopil region it has been established that the association undoubtedly benefited these territories and communities as their own resources have increased significantly as a result of the increase of the tax base, ensuring the payment of taxes by enterprises directly at the place of the activity and placement of production facilities and not at the place of registration, as well as the ability to manage their own financial resources exclusively by the councils of united territorial communities with the transition of the communities themselves to direct inter-budgetary relations with the state. Conclusion. It has been determined that united territorial communities on the path of voluntary association and full financial independence on purpose of further existence and support of the livelihoods of members of territorial communities that have united, in addition to significant financial potential should receive at the legislative level the consolidation of the changes listed in the article and the specification of the provisions of the current normative-legal ensuring in the context of the association, which subject to the consolidation of the efforts of the central and local authorities will create further grounds for the formation of capable, self-sufficient, financially independent and economically powerful united territorial communities aimed at improving the welfare of their inhabitants.