Against the background of continued sanctions pressure, a slowdown in the growth of the territory's economy, a decrease in investment activity of enterprises, and a high key interest rate, the socio-economic development of regions continues to depend on their ability to adapt to new conditions, effectively use existing potential, and attract resources. At the same time, the constituent entities of the Russian Federation are obliged to fully fulfill their social obligations and ensure the achievement of the national goals. The main source of performing the functions assigned to public authorities is the budget, which is the leading link in the financial system and the largest fund of funds. According to the Budget Code of the Russian Federation, one of the principles of the budget system is its independence, which can be achieved if the relevant territory has its own sources of income. However, the key problem lies in the low share of own incomes in the budget structure of most constituent entities of the Russian Federation and their high dependence on inter-budget transfers from the federal center. In addition, many regions depend on a single industry (raw materials, agriculture, etc.), which makes their budgets vulnerable to price fluctuations and macroeconomic shocks. As a result, there is a high risk of inability to ensure the accuracy and reliability of budget planning due to the high volatility of macroeconomic parameters. These problems at the national level are the focus of attention not only of Russian scientists, but also of representatives of research organizations. However, at the regional level, these issues are studied fragmentarily and insufficiently systematically, due to limited research resources and the lack of specialized centers. In this regard, it is relevant to study the features and analyze the parameters of budget formation at the regional level, which determined the aim of this study. The scientific novelty consists in a comprehensive assessment of the new budget cycle of the regional budget (using the example of the Vologda Region) and comparing its parameters with the previous planning period of 2025–2027, as well as the impact of macro-economic factors on structure of income and expenses, debt burden and development prospects. It is proved that the systematic deviation of the actual budget indicators from the planned ones, the growth of budget risks and the decrease in the efficiency of spending funds are mainly related to the increasing macroeconomic uncertainty and the lag of the applied budget planning tools from modern challenges. The final part of the article reflects the key changes in the legislation on taxes and fees that entered into force in 2026, concerning VAT, tax rates, preferential tariffs, etc
Keywords
budget, regional budget, main areas of budget policy, public debt, deficit/surplus, taxes, benefits, Vologda Region