Municipal and Sub-Federal Debt Market in 2019

At year-end 2019, the regional consolidated budgets and local government off-budget funds' budgets ran a surplus of RUB 17.4 billion or 0.02 percent of GDP (contraction by around 30-fold over the year). To compare, in 2018 the regional consolidated budgets and local government off-budget funds' budgets ran a surplus of RUB 512.9 billion or 0.49 percent of GDP. In 2019, the budgets of the subjects of the Russian Federation ran a surplus of RUB 15.5 billion, urban districts' budgets ran a deficit of RUB 16.3 billion, federal-status cities' inner-city municipalities' budgets ran a surplus of RUB 0.5 billion, municipal areas' budgets ran a surplus of RUB 16.0 billion, urban settlements' budgets ran a surplus of RUB 0.9 billion, local government off-budget funds' budgets ran a surplus of RUB 12.7 billion. In 2018, the budgets of the subjects of the Russian Federation ran a surplus of RUB 491.5 billion, urban districts' budgets ran a deficit of RUB 0.8 billion, federal-status cities' inner-city municipalities' budgets ran a deficit of RUB 0.4 billion, municipal areas' budgets ran a surplus of RUB 6.7 billion, urban settlements' budgets ran a deficit of RUB 0.2 billion, rural settlements' budgets ran a deficit of RUB 0.6 billion, local government off-budget funds' budgets ran a deficit of RUB 2.7 billion