The Sverdlovsk regional government met on Oct. 28 to draft the 2015 regional budget, which is due to increase to more than $3 billion.
The budget takes into account the Sverdlovsk region’s socio-economic development, the Russian government, trends in world market prices for ferrous and nonferrous metals, and the region’s energy performance and development of the past year.
Experts formed the budget through a baseline that includes the growth rate of gross regional production, the index of workers’ salaries, the growing investments in the region and the repairs needed for roads.
The budget has two branches: moderately optimistic and basic.
The moderately optimistic branch presumes the political and economic situations of the world will remain relatively stable. It also hopes for increased demands and prices for the commodities produced in the Middle Urals.
Basic accounts for the past political and economic occurrences. Sanctions and falling prices of metals and hydrocarbons are included in this category.
The 2015 regional budget revenues add up to more than $3 billion. The estimated deficit is less than 20 percent.
Experts estimate that in 2016 and 2017, budget revenues will increase and decrease the deficit. They predict 2016 will be over $500 million and 2017 will be over $300 million.