Contemporary Challenges to the Financial Law Regulation of State Extra-Budgetary Funds in the Context of Implementing Russia's Sustainable Socio-Economic Development Concept

   A course toward sustainable socio-economic development, in accordance with the United Nations Sustainable Development Goals, has been adopted and supported by the Russian Federation. At the same time, these plans require long-term implementation, continuous adjustment, and recognition of the fact that the goals of sustainable socio-economic development of a state cannot have a final outcome — they must be accepted by the state, society, and the individual as an element of public policy and as part of the overall culture. Such a profound awareness of the priority of modernizing the socio-economic life of society necessitates substantial changes in the body of legislative acts. The paper examines issues of financial and legal regulation of the activities of state extra-budgetary funds as institutions ensuring the implementation of the social function of the state. The author raises the problem of the efficiency of the formation, allocation, and use of public financial resources of state extra-budgetary funds. Proposals are formulated regarding the creation of financial and legal foundations for a mechanism of investing the monetary resources of state extra-budgetary funds. It is concluded that the development of new financial and legal mechanisms for the use of monetary resources of state extra-budgetary funds should be oriented toward global trends in economic development and should also be carried out with due regard to a risk-oriented approach, so that state extra-budgetary funds are able to respond flexibly to new challenges and threats. The significance of changes to the legal framework governing the use of monetary resources of state extra-budgetary funds may require amendments to federal legislation, including the Budget Code of the Russian Federation, since such changes cannot be implemented exclusively at the level of subordinate rule making.

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