Prospects of development of potential of local budgets of the region

The article examines the financial and economic potential of local budgets of Volyn region. At the same time, it is proposed to reveal this potential through specific proposed mechanisms that can be actually applied in practice. The main directions of additional fundraising are outlined. These directions are developed on the basis of the structural analysis of norms of the Budget code of Ukraine concerning structure of incomes of local budgets of various levels. At the same time, revenues that are budget-generating for local budgets of all levels are systematized, and therefore approaches of budget potential disclosure are proposed, which are suitable for all administrative-territorial units of the region and their budgets. The main aspects influencing the increase of the revenue base of local budgets of Volyn region and the general development of the region are determined.To such aspects should be attributed modern political and globalization processes, including the local elections of 2020, the change of local government and the formation of new teams, the global financial and economic crisis, the spread of coronavirus infection COVID-19 etc. The assessment and calculation of the possibility of attracting additional financial resources to the revenues of local budgets of Volyn region was carried out.This calculation identified the hidden and real potential of local budgets, which can be revealed through a coordinated policy of local authorities. The potential at the expense of de-shadowing the circulation of excisable goods and the possibility of avoiding crisis consequences through the implementation of infrastructure projects in the region has been established, from what at least 17.6% of their estimate is returned to the budget. The research results were obtained and verified with the help of the SWOT-analysis, which provides for the disclosure of strengths and weaknesses of local budgets of Volyn region, as well as opportunities and threats to achieve results. The study is further substantiated by the PEST model, which requires an analysis of political, economic, social and technological factors

local budgets, revenues of local budgets, de-shadowing, financial and economic potential, fundraising, budget policy