Reference

The draft federal law was prepared by the Finance Ministry in accordance with the Budget Code of the Russian Federation and Government Resolution No. 281 of May 11, 2006 On Approving the Regulations for Submitting to the Government of the Russian Federation Quarterly and Yearly Reports on the Execution of the Federal Budget.

The revenues for the 2012 federal budget totalled 12.855 trillion roubles, 59.1 billion roubles (0.5%) less than forecast for 2012. Federal budget expenditures for the period under review totalled 12.895 trillion roubles in cash execution, 140.4 billion roubles (1.1%) less than the updated budget revenue and expenditure statement. The federal budget deficit was 39.5 billion roubles, 3.3 billion roubles less than the updated budget revenue and expenditure statement.

The execution of the federal budget ensured that the budget was balanced in 2012, and ensured a steady reduction of the deficit to preserve macroeconomic stability and the fulfilment of the state’s social commitments through better targeted social aid, services and benefits, taking into account the main medium-term priorities in budget spending.

The draft was considered and approved at a Government meeting on May 23, 2013.