Предизвикателства пред дълговото бюджетиране в българските общини
The Chalenges ahead of Debt Funding of Bulgarian Municipalities

Summary/Abstract: The main aim of this paper is to investigate the debt funding of the Bulgarian municipalities as an area of the municipality finance, requiring decision-making based on modern methodology. Those decisions are exceeding the traditional one year planning horizon. With the introduction of the multy-year models for budgeting and analyses of the capacity of municipalities’ debt issue it is allowed to consider with the unique characteristics of the municipality debt-issuer. Such approach enlarges the capabilities in front of the municipal financial management. Therefore it is confirmed that Bulgarian municipalities are able to maximize the effects of absorption of operating programs funds through development of the capacity of co-finance, including debt issue. Such policy could be introduced in borders, guarantying acceptable debt services under the conditions of various, multiyear scenarios for the development of the local community under the condition of fiscal decentralization.

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