МІСЦЕВІ БЮДЖЕТИ ЯК ІНСТРУМЕНТ РЕАЛІЗАЦІЇ ФІНАНСОВОЇ ПОЛІТИКИ ДЕРЖАВИ

The article examines local budgets as an important tool for implementing the financial policy of the state in the context of decentralization, transformation of the budget system and military challenges. The economic essence of local budgets, their functional purpose and role in ensuring the financial viability of territorial communities and the implementation of socio-economic development at the local level are revealed. The scientific approaches to determining the place of local finance in the system of public finance are generalized and their importance as a tool for redistributing financial resources between the levels of the budget system is substantiated The study analyzes the dynamics of redistribution of gross domestic product through budget revenues, including transfers, in 2020-2024, determines the share of local budget revenues and expenditures in Ukraine's GDP, and assesses the level of dependence of local budgets on intergovernmental transfers. It is established that under martial law, the centralization of financial resources has increased, while local budgets retain a significant role in financing public services and maintaining the socio-economic stability of the territories. The key problems of the functioning of local budgets are identified, in particular, the limited own revenue base, uneven financial capacity of communities and dependence on state support. The author substantiates the directions of improving the efficiency of budget management, which include expanding the tax potential of communities, improving the mechanisms of interbudgetary regulation, digitalizing revenue administration and applying incentive tools for the development of the local economy. It is proved that strengthening the financial autonomy of the local level is a prerequisite for improving the effectiveness of the state financial policy and ensuring sustainable development of territories