For increasing the effectiveness of territorial budget management, budget risks need to be determined on the basis of the performance of the revenue and expenditure sides of the budget. The essence of the budget risk is investigated and the tools for its assessment are presented. Indicators of revenue collection and expenditure funding are determined along with indicators of the risk of the budget revenue and expenditure performance in the form of absolute and relative variation measures: standard deviation and variation coefficient of budget performance. The results of such assessment are useful to bodies of legislative and executive power since they contribute to the improvement of the budget management quality. Our calculation of the budget risks on the example of the Nizhni Novgorod region for 2011-2012 did not reveal any cases of high risk level of budget performance, both on the revenue and the expenditure sides.
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