Budget is a plan for the consolidation and use of financial resources for tasks and functions delegated to the bodies of public administration, administration of the Autonomous Republic of Crimea and local self-government bodies in the respective budget period (art. 2 of the Budget Code).
The budget comprises revenues and expenses compose budget funds.Budget revenues are all tax revenues and other revenues which are irreversibly transferred to the budget and are collected in accordance to the legislation of Ukraine (including transfer payments, fees for administrative services, own revenues of public institutions), re-payment of loans to the budget, revenues from state (local) loans, revenues from the privatization of state property (for the state budget), return of budget funds from deposits, revenue from the sale/redemption of stocks.
Budget expenses are funds utilized for the implementation of programmes and measures included in the respective budget, loans granted from the budget, debt re-payment and transfer of budget funds to deposit accounts as well as the purchase of stocks.
The budget system of Ukraine consists of the state budget and local budgets.The budget legislation includes regulations on budgetary relations in Ukraine: the Constitution of Ukraine, the Budget Code, Law on the state budget, other laws regulating budgetary relations as per art. 1 of the Budget Code, regulations of the Cabinet of Ministers adopted on the basis and in line with the Budget Code and other laws of Ukraine, regulations of the bodies of executive power adopted on the basis and in line with the Budget Code, decisions on local budgets as well as decisions of the bodies of the Autonomous Republic of Crimea, local state administrations and local self-government bodies adopted according to the Budget Code.
The Ministry of Finance of Ukraine elaborates the draft law on the state budget of Ukraine for the respective year, a forecast for the figures of the consolidated budget of Ukraine, secures the execution of the state budget, controls compliance with the budget legislation at every stage of the budget process in terms of the state budget and the local budgets.