{"id":19563,"date":"2024-12-09T21:55:24","date_gmt":"2024-12-09T19:55:24","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=19563"},"modified":"2024-12-10T11:30:08","modified_gmt":"2024-12-10T09:30:08","slug":"financial-diagnostics-as-a-key","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/financial-diagnostics-as-a-key\/","title":{"rendered":"Petyk L., Polovchak I. Financial Diagnostics as a Key Tool for Managing Budgetary Risk"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification: <\/strong>\u041d60; \u041d62; \u041d63.<\/em><\/span><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V47(2024)-11<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Petyk Lyubov, <\/strong>PhD (Economics), Associate Professor, Associate Professor of the Department of Financial Management, Ivan Franko National University of Lviv, Lviv, Ukraine.<\/p>\n

ORCID ID:<\/strong> 0000-0002-4807-2236<\/a>
\ne-mail: <\/strong>lyubov.petyk@lnu.edu.ua<\/a><\/p>\n

[\/vc_column_text][vc_column_text]Polovchak Iryna, <\/strong>student of the Faculty of Finance and Business Management, Master, Ivan Franko National University of Lviv, Lviv, Ukraine.<\/p>\n

e-mail: <\/strong>irynkapolovchakk@gmail.com<\/a><\/p>\n

Financial Diagnostics as a Key Tool for Managing Budgetary Risk<\/strong><\/h2>\n

Abstract.<\/em><\/strong> Introduction.<\/strong> In the context of modern economic realities, the budgetary sector faces numerous risks that significantly affect the efficiency of public financial management. In such conditions, financial diagnostics becomes a crucial tool for identifying potential risks and ensuring effective management of public funds. In the budgetary sphere, this tool allows analyzing the state of public finances, identifying weaknesses and assessing risks that may affect budget execution. The use of diagnostic methods makes it possible to forecast changes in financial indicators under the influence of external and internal factors, facilitating budget planning that takes into account possible fluctuations.<\/em><\/p>\n

Purpose.<\/em><\/strong> The purpose of this study is to determine the role of financial diagnostics as a tool of budget risk management in the conditions of modern economic realities.<\/em><\/p>\n

Results.<\/em><\/strong> The article highlights the role of financial diagnostics in the budgetary sphere. The analysis of the dynamics of the implementation of the state budget of Ukraine for 2019-2023 is carried out. The structure of revenues of the state budget of Ukraine by articles for the last 5 years is considered in detail. The structure of expenditures by functional classification was evaluated. The dynamics of the budget deficit to GDP ratio is considered. Measures to reduce the budget deficit are suggested. The main consequence of the accumulation of the budget deficit is the growth of the public debt, therefore the paper analyzes its level in the last 5 years.<\/em><\/p>\n

Conclusions.<\/em><\/strong> Financial diagnostics is an important tool of budget risk management in the conditions of modern economic challenges. The study revealed changes in the structure of budget revenues and expenditures. The increase in revenues does not compensate for the increase in expenditures, which increases the budget deficit and creates dependence on external financial assistance. To ensure financial stability, it is necessary to strengthen the role of financial diagnostics in the process of budget planning, optimize the tax system, reduce dependence on unstable sources of income, develop a strategy for increasing the efficiency of the use of budget resources. This will help strengthen the financial security of the state and ensure sustainable economic development in the future.<\/em><\/p>\n

Keywords:<\/em><\/strong> financial diagnosis; budget, risks; management; income; expenses; budget deficit; public debt.<\/em><\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Kovalj, N.O. & Piljavoz, T.M. (2024). Financial diagnostics and risk management in relation to today’s current transformations. Modern Economics<\/em>, \u211644, 74-78. https:\/\/doi.org\/10.31521\/modecon.V44(2024)-12.<\/li>\n
  2. Shapoval, O.A. (2021). Management of budgetary risks. State and regions. Series: Economy and entrepreneurship, <\/em>1 (118), 105-108. http:\/\/www.econom.stateandregions.zp.ua\/journal\/2021\/1_2021\/19.pdf.<\/li>\n
  3. Dave Lee (2024). How To Perform a Budget Analysis (With Definition and Tips) Indeed<\/em>. https:\/\/www.indeed.com\/career-advice\/career-development\/budget-analysis.<\/li>\n
  4. Shuljuk, B.S. (2017). Budgetary risks in the financial activities of the state. Bulletin of I. Mechnikov ONU<\/em>, volume 22, issue 3 (56), 170-174. http:\/\/dspace.wunu.edu.ua\/bitstream\/316497\/29082\/1\/%D0%A1%D1%82%D0%B0%D1%82%D1%82%D1%8F-%D0%A8%D1%83%D0%BB%D1%8E%D0%BA%203.pdf.<\/li>\n
  5. Kuljchycjka, N.Je. (2021) The specifics of managing budgetary risks of sustainable development of the region. Money, finance and credit. Problems of the systemic approach in economics,<\/em> 6(86), 62-68. http:\/\/www.psae-jrnl.nau.in.ua\/journal\/6_86_2021_ukr\/11.pdf.<\/li>\n
  6. Ben Franklin (2023). Minimise risks with accurate budget forecasting. OneAdvanced<\/em>. https:\/\/www.oneadvanced.com\/news-and-opinion\/minimise-risks-with-accurate-budget-forecasting\/<\/li>\n
  7. Dominick V. Bellia (2023). The ABCs of Financial Risk Management: Assessment, Budgeting and Controls. CBM (Councilor, Buchanan & Mitchell).<\/em> https:\/\/www.cbmcpa.com\/2023\/10\/26\/the-abcs-of-financial-risk-management-assessment-budgeting-and-controls\/<\/li>\n
  8. Ministry of Finance of Ukraine. Open budget. State budget web portal for citizens.<\/em> https:\/\/openbudget.gov.ua\/?month=12&year=2023&budgetType=NATIONAL.<\/li>\n
  9. Minfin.<\/em> (2024) State budget of Ukraine.<\/em> https:\/\/index.minfin.com.ua\/ua\/finance\/budget\/gov\/<\/li>\n
  10. Ministry of Finance of Ukraine. (2024). State debt and state-guaranteed debt. <\/em>https:\/\/mof.gov.ua\/uk\/derzhavnij-borg-ta-garantovanij-derzhavju-borg.<\/li>\n
  11. Minfin.<\/em> (2024). State debt of Ukraine.<\/em> URL: https:\/\/index.minfin.com.ua\/ua\/finance\/debtgov\/<\/li>\n
  12. Shtefan, L.B. (2022). Analysis of the budget deficit in Ukraine and its socio-economic consequences. Economy and society,<\/em> 41. https:\/\/economyandsociety.in.ua\/index.php\/journal\/article\/view\/1573.<\/li>\n
  13. Alicia Tuovila (2024).\u00a0 Financial Analysis: Definition, Importance, Types, and Examples. Investopedia<\/em>. https:\/\/www.investopedia.com\/terms\/f\/financial-analysis.asp.<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 05 September 2024<\/p>\n

    \"petyk.pdf\"<\/div>
    petyk.pdf<\/div><\/div>
    <\/div>
    <\/div>
    Size: <\/span>0,34<\/span><\/div>
    Download Now!<\/a><\/span>16<\/span> Downloads<\/span><\/span><\/div><\/div>
    <\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n\n
    \n

    How to quote this article?<\/p>\n<\/td>\n<\/tr>\n

    Petyk L., Polovchak I. (2024). Financial Diagnostics as a Key Tool for Managing Budgetary Risk . Modern Economics, 47(2024), 76-83. DOI: https:\/\/doi.org\/10.31521\/modecon.V47(2024)-11.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    <\/div>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: \u041d60; \u041d62; \u041d63. DOI: https:\/\/doi.org\/10.31521\/modecon.V47(2024)-11 [\/vc_column_text][vc_column_text]Petyk Lyubov, PhD (Economics), Associate Professor, Associate Professor of the Department of Financial Management, Ivan Franko National University of Lviv, Lviv, Ukraine. ORCID ID: 0000-0002-4807-2236 e-mail: lyubov.petyk@lnu.edu.ua [\/vc_column_text][vc_column_text]Polovchak Iryna, student of the Faculty of Finance and Business Management, Master, Ivan Franko National University of Lviv, Lviv, Ukraine.
    Read more<\/a><\/p>\n","protected":false},"author":9,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[220],"tags":[221],"class_list":["post-19563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-47-2024-articles","tag-47-2024"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/19563"}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=19563"}],"version-history":[{"count":3,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/19563\/revisions"}],"predecessor-version":[{"id":19672,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/19563\/revisions\/19672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=19563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=19563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=19563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}