The article is devoted to the development of theoretical ideas about initiative budgeting (IB) as a public finance tool that functions at the local (municipal) level and is nothing more than the Russian version of participatory budgeting (PB) widely known abroad, the basic model of citizen involvement in the budget process of which can be presented in the form of a participatory ladder consisting of sequential interconnected key elements (sequential budgeting procedures). Particular attention is paid to foreign models and the best PB practices, as well as conceptual issues of PB (IB) development in Russia and abroad. The first stage of PB implementation in Russia is analyzed, within the framework of which PB forms adapted to Russian conditions and based on the application of a set of various, based on civil initiative, practices to address issues of local importance and improve the system of municipal governance (self-government at the municipal level) at the basis of the applied IB mechanisms, combining the process-functional and technological essence, which are disclosed by the authors. At the end of the article, the author’s vision of the structure of the initiative budgeting mechanism is presented.

The publication, which consists of three parts, analyzes the experience of implementing participatory and proactive budgeting in the regions of the Siberian Federal District (SFD), which are participants in the Project of the Ministry of Finance of Russia and the World Bank “Development of Initiative Budgeting in the Russian Federation”. The first part is devoted to the analysis of the experience of the Krasnoyarsk Territory, which, according to many experts, is the leader of initiative budgeting in the Siberian Federal District.

The article discusses the need to change the current approach to the distribution of subsidies for equalizing budgetary provision, including in relation to municipalities. A methodological approach is proposed that establishes the distribution of subsidies for equalizing budgetary security according to new principles.

This article is devoted to the issues of control, which is an element of the mechanism of general financial control, in the implementation of state and municipal procurement. In the course of the study, a number of problems were identified relating to the effective functioning of the modern system of state and municipal procurements, the control activities of government bodies over public procurement processes were analyzed, and recom-mendations were made to address the problematic issues of state control.

In the system of financial management of an organization in recent years, more and more attention is paid to the rational organization of financial flows, which have a significant impact on the final results of its financial and economic activities. Such a system is created with the aim of more rational use of the organization’s assets and sources of their formation, ensuring liquidity and solvency, minimizing the risks of the organization’s activities and optimizing the costs of financing its financial and economic activities. The problem of liquidity management occupy a special place in the financial management system of any organization. The hallmark of a reliable and sustainable organization is its ability to meet its obligations on time and in full. At the same time, regardless of the stage of the life cycle in which the organization is located, management is forced to solve the problem of determining the optimal level of liquidity, since, on the one hand, insufficient liquidity of assets can lead to both insolvency and bankruptcy, and on the other hand, excess liquidity can cause a decrease in profitability. Due to this, modern practice requires the emergence of more and more advanced procedures for analyzing and diagnosing an organization’s liquidity.

The article analyzes the current state of the mortgage refinancing market in Russia, substantiates the need for securitization of mortgage assets of commercial banks, considers the opportunities and prospects for the development of a “secondary” mortgage lending market, compares the models of classical securitization and refi-nancing through specialized mortgage lending agencies from a bank’s position in a number indicators.

In this paper the crowdfunding platforms are discussed, together with their benefits for both, investors and invest-ment projects. The Ethereum blockchain is mentioned as a technology for such platforms. Author believes, that this new technology can provide a brand new point of view on finance in general, build in a decentralized paradigm, which also means cheaper and easier way to perform standard operations like stock emission, rights registration, managing registry, trade and exchange and others. In addition, the role of government in forming friendly climate in mass investments is mentioned, together with brief statements on experience in regulating blockchain in the world.

In modern society, new phenomena are associated with the acceleration of sustainable innovative development of the economy based on digital techno-logies. In this context, economic mechanisms are defined as a necessary relationship that naturally occurs between many different economic phenomena. Economic mechanisms are a system of relations for the organization, functioning and regulation of sustainable innovative development of the economy, as well as methods and forms of integration interaction between education, science and business, one of the main goals of which is to improve the welfare of society. All this purposefully leads to saving the ecological system, intellectualizing production, deepening market relations, and improving the quality of goods and services. In the article, the authors attempt to define and analyze the main principles of economic mechanisms in the system of sustainable innovative development of the modern economic system. The determined changes that occur in the external environment and determine the further sustainable development of the economy are identified. The materials of the article have theoretical and practical significance, are based on promising directions of innovative and technological processes of economic development of modern society.

Aspects of the implementation of state policy in the Arctic in order to ensure Russia’s economic security in con-nection with the development of the processes of increasing the presence of the United States and its Western partners in the Arctic regions are considered. The trend towards new centres of economic power, such as China and its Arctic strategies, has been analysed. The need to develop domestic innovative technologies based on digitalization in the extractive industries for their implementation in the Russian segment of the Arctic is shown. It is emphasized that such technologies should not create additional risks of man-made disasters in such a fragile natural ecosystem as the Arctic. Aspects of Ensuring Russia’s economic security in connection with the development of processes of increasing the presence of the United States and its Western partners in the Arctic are considered. The trend towards new centres of economic power, such as China and its Arctic strategies, has been analysed. The need to develop domestic innovative technologies based on digitalization in the extractive industries for their implementation in the Russian segment of the Arctic is shown. It is emphasized that such technologies should not create additional risks of man-made disasters in such a fragile natural ecosystem as the Arctic.

During transition from Soviet to market economy Russian regions developed in different ways - in particular, regions became very different in prices, welfare and distance from the economic centers. The paper considers relations between these variables in dynamics for 2002-2019. It’s shown that during the whole period regions have converged at prices. At the same time during high growth (2002-2008) and after 2014 the goods became more expansive in rich regions. During international economic crisis and in the recovery period 2009-2014 this tendency was insignificant. During 2002-2014 the highest inflation was in the most distant regions. In the last 5 years this trend was reversed. Some more dependencies have been identified and quantitatively estimated using econometric method.

The historical process of the formation of the conceptual foundations of the national innovation system is described and the objectivity of the implementation of such a process in developed countries is substantiated in connection with the transition from the «old» economy based on the traditional approach («Fordist economy» - Fordist) to the «new (neofordist) economy» (Neo-Fordist), which in the last decade of the last century has evolved into the «new» (Post-Fordist), called the knowledge-based economy, or innovative economy. The process of introducing the concept of “national innovation system” into scientific circulation, substantiating the foundations of the NIS concept and determining the basic methodological principles of NIS formation, which include following the ideas of J. Schumpeter on com-petition based on innovations and scientific developments as the main factors of economic dynamics, recognition of the special role knowledge in economic development and consideration of the institutional context of innovation as a factor that directly affects its content and structure.

Innovative development of Japan is inseparably linked with emergence of technopolises and their impact on Japan’s economy, which was partially stagnant at that time. The idea of technopolises implementation was put forward as an answer to new strategic tasks and challenges of scientific and technological revolution. The ecological situation also pushed Japan’s government to develop clean and light industries. Technopolises were built in university cities, and their research profiles were various: from production of equipment for ocean development to biotechnologies and information technologies. Development of technopolises helped to evenly distribute enterprises on the territory of the country and to get rid of prefectures’ development. By the end of 1987 there were 24 prefectures which got permission to establish technopolises, and the process had already started in 19. As a result of technopolises creation there was increase in number of jobs, level of local industries and the impetus to further development to economy was given. The idea of creation of technopolises got broad support, large corporations of Japan actively participate in development which help them make new products.

At present, the issue of accounting for material costs is particularly acute for agricultural organizations that seek to reduce costs and increase the profitability of production. Given the current low prices on the market, selling agricultural products is, of course, not easy. Material costs are the most significant item in the total share of expenses of agricultural organizations, which can be managed only if the specifics of the agro-industrial sector are taken into account. The article discusses the features of accounting for material costs of crop production and provides recommendations for improving the state of their accounting.

The article deals with the formation and development of the internal control system of an economic entity that does not belong to public sector organizations. The goals and principles of forming the internal control system are considered.

The issue of the formation and use of the depreciation fund is a very interesting and somewhat even controversial issue. The purpose of this work is to consider the theoretical foundations of the formation of the depreciation fund, including historical issues, and to assess the possibilities of its use in the modern economic environment and legal field. For this it is necessary to answer the following questions: how and when did the depreciation fund arise; why and how the amortization fund is formed; is it possible for a depreciation fund to exist in the modern economic environment and legal framework. The main sources of information were regulatory documents on accounting, special literature, periodicals and Internet resources.