Development of local selfgovernment and financing of the investment projects through municipal bond issues

[V. Pavlović]

XVII, 336 listova

Društvene nauke / Političke nauke Social sciences / Political sciences

Centralna hipoteza koja se kroz ovaj rad analizirala jeste da li municipalne obveznice mogu biti instrument lokalnog ekonomskog razvoja. Ovo pitanje je od velikog značaja imajući u vidu da u procesu pridruživanja Srbije Evropskoj Uniji, lokalna samouprava će imati puno obaveza u svojoj nadležnosti, a vrednost projekata koje bi lokalne samouprave na putu ka Evropskoj Uniji trebale da finansiraju (samostalno ili u saradnji sa donatorima, centralnim nivoom vlasti, privatnim sektorom...) se procenjuje na između 3 i 5 milijardi evra. Dosadašnji pristup finansiranju investicionih projekata svakako neće biti dovoljan da se izađe u susret gore pomenutim zahtevima, pa je i glavna tema ovog rada šta lokalne samouprave treba da učine da bi kvalitativno unapredile proces finansiranja investicionih projekata u njihovoj nadležnosti. Sa nekih 15% budžetske potrošnje na lokalnom nivou, Srbija spada u red srednje decentralizovanih zemalja (prosek za OECD članice je 21%), ali po drugom pokazatelju, broju zaposlenih na lokalnom nivou, Srbija spada u grupu izrazito centralizovanih zemalja sveta (16% državne administracije je zaposleno na lokalnom nivou, a 84% na centralnom nivou). Uvođenjem programske klasifikacije budžeta kao obaveznog dela odluke o budžetu za 2015. godinu, stvorili su se uslovi za povećanje transparentnosti rada lokalne samouprave u Srbiji, a samim tim i za povećanje njenih nadležnosti i njene samostalnosti. Za bolju i efikasniju lokalnu vlast direktan izbor gradonačelnika (predsednika opštine) čini se kao dobro rešenje. Ovaj model lokalne vlasti se uspešno primenjuje i u razvijenim zemljama sveta i u zemljama u regionu, a i Srbija ga je imala u periodu od 2002. do 2007. godine. Srbija spada u red relativno samostalnih lokalnih samouprava koje samostalno ubiraju oko 30% svojih prihoda (izvorni prihodi), dok ustupljeni prihodi čine još oko 50% njihovih budžeta. Kako bi se napravili dalji koraci u jačanju samostalnosti lokalne samouprave u Srbiji, neki prihodi bi mogli da iz kategorije ustupljenih pređu u kategoriju izvornih prihoda (porez na prenos apsolutnih prava i porez na nasleđe i poklon, kao i porez na dohodak građana), ili da iz kategorije prihoda centralne vlasti pređu u nadležnost lokalne samouprave (porez na dobit preduzeća). Efikasnost lokalne samouprave u procesu planiranja i izvršenja budžeta i investicija ima dosta prostora za unapređenje, a slična situacija je i sa zaduživanjem.

The central hypothesis that the author in this paper tried to confirm is whether municipal bonds can be an instrument for local economic development. This issue is of great importance given the fact that the process of joining the Serbia to European Union, the local governments will have a lot of obligations under their jurisdiction, and the value of projects that local governments should finance (independently or in cooperation with donors, central level of government, the private sector ...) on the path towards the European Union is estimated on 3 to 5 billion euros. The current approach to financing investment projects will certainly not be sufficient to meet the above mentioned requirements and the main theme of this paper is what local governments should do to qualitatively improve the process of financing investment projects in their jurisdiction. With around 15% of budget spending at the local level, Serbia is categorized as middle decentralized country (the average for OECD member states is 21%), but according to the second indicator, the number of employees at the local level, Serbia belongs to the group of highly centralized countries in the world (16% of the state administration is employed at the local level, and 84% at the central level). With the introduction of a program classification of the budget as a mandatory part of the Budget decision for 2015, conditions for increase of the transparency of local selfgovernment in Serbia were created, providing the conditions for increase of local selfgovernment authority and independence. For better and more effective local government, the direct election of the mayor (municipal president) seems like a good solution. This model of local government is successfully applied in developed countries and countries in the region, while Serbia had this set up from 2002 to 2007. Serbia is one of the countries with relatively autonomous local governments that independently collect about 30% of its revenues (original/own revenues), while shared revenues are about 50% of their budgets. In order to make further steps in the process of strengthening the autonomy of local selfgovernments in Serbia, some revenues could be transferred from the category of shared into the category of own revenues (tax on transfer of absolute rights and taxes on inheritance and gifts, as well as personal income tax), or from the category of central government revenues to the jurisdiction of local self-governments (corporate income tax).

Javne finansije, fiskalni federalizam, centralizovana država, samostalnost lokalne samouprave, participacija građana, budžet, izvorni prihodi, zaduživanje lokalne samouprave, municipalne obveznice

Public finance, fiscal federalism, centralized state, the independance of local self-government, the participation of citizens, budget, original revenues, the borrowing of local government, municipal bonds, public placement

UDK=336.76(043.3)

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