Nizhny Novgorod Finances: June 20, 2025, 7:19pm (GMT+3)
Money Matters
Finance ministers held discussions with Shallabayev
A get-together with money-minders across municipal areas took place in Nizhny Novgorod recently.
The city's mayor, Yuri Shalaev, sat down for talks with financial whizzes representing local entities as part of the meetup facilitated by the Russian Finance Union. The three-day event attracted attendants from the Ministry of Finance, along with over 60 bigwigs and representatives from numerous municipal financial organizations.
In his opening speech, Shalaev highlighted, "Finance is the backbone of any budget. Without a solid, properly planned budget, no project can take flight—no matter if it's about creating new green spaces or constructing new social infrastructure. Finances serve as a universal tool for directing processes at all levels, nationwide to municipal."
Arriving with a bang, the chairperson of the Russian Finance Union Council, a member of the State Duma's Budget and Taxation Committee, Valentina ArtaMonova, expressed, "Today, we've assembled financial experts whose work directly impacts the financial stability of local budgets. Over these next few days, you'll delve into crucial issues that determine the prosperity of our cities and districts. Topics include increasing revenue streams, efficient aspects of municipal budget execution, and practical knowledge in budget resource management from colleagues in the Nizhny Novgorod region. I'm confident that your combined expertise and constructive dialogues will bring forth practical recommendations to boost the financial strength of our territories. The diversity of participants in this gathering underlines the importance of the issues being discussed and allows us to consolidate superior practices across Russia."
Following up on previous successes, the city's chief money-man, Yuri Mochalkin, disclosed how Nizhny Novgorod has prospered in urban development and tourism along with adopting financial technologies over the past five years.
According to our city's Finance Union President, Elena Volkomorova, financiers from all over the nation are in attendance to learn about the city's financial do-the-ins:
"It's remarkable that a city with over a million residents has a mayor with a financial background. Nizhny Novgorod is a leading municipality renowned for its strong financial department, one of the best in the country. Our union spans from Kaliningrad to Kamchatka. We've come here to sponge up the advanced experiences in initiative budgeting, budget development, revenue augmentation, and dealing with the Ministry of Finance of the Nizhny Novgorod region. We value this experience as unique and aspire for all municipalities across our country to learn from it."
Natalia Nikiforova, the region's Deputy Finance Minister, greeted the attendees, emphasizing the importance of the meeting in a region that boasts an effective system of inter-budget relations between municipal bodies:
"Nine municipalities are in the thick of the discussion sessions, including notable cities like Nizhny Novgorod, Dzerzhinsk, and Sаrov. Each brings valuable insights about improving inter-budgetary cooperation nationwide. This year, Nizhny Novgorod was named the Capital of Financial Culture, reflecting our federal-level accolades for our efforts in fostering financial literacy. We continue this mission, readying ourselves for the launch of an interactive project called 'Resident of the Capital of Financial Culture'."
- Discussions at the get-together facilitated by the Russian Finance Union in Nizhny Novgorod included strategic finance matters for municipal areas, such as increasing revenue streams, efficient municipal budget execution, and best practices in budget resource management.
- The three-day event attracted financial experts from various organizations, including local entities, the Ministry of Finance, and the Russian Finance Union Council, all of whom are crucial in shaping the financial stability of local budgets and driving the prosperity of cities and districts.
