1. TREASURY OF THE RUSSIAN FEDERATION

2. PAYMENT MODEL OF THE TREASURY SYSTEM
Account with the central bank
Cash pooling model (as in Germany)
The largest system in Europe
83 regions,
9 time zones,
system based on satellite communications (2 satellites)

3. PAYMENT MODEL OF THE TREASURY SYSTEM
Free funds of the regions used to be transferred to Moscow to the Single Treasury Account.
This is now done by the central bank.
Nowadays these transactions are conducted in real time.

4. TREASURY OF THE RUSSIAN FEDERATION
Independent body of the Federation
Reports to the Ministry of Finance
Treasury policy maker is the Ministry of Finance.

5. REGULATION
1. Administrate regulation – Decree of the Minister of Finance, public document.
2. Technological documentation, around 200 rules.
3. Internal control system, monthly operation assessment.

6. Electronic budget
Coordination of activities in that area is regulated at the Government level (IT implementation commission).
The Ministry of Finance manages the activities.
The group includes the representatives of all departments of the Ministry of Finance and the Treasury.

7. Technical issues
Payment system
Federal and local part

8. MANAGEMENT ISSUES
Issue of responsibility
Policies
Internal management

9. Reform DESIGN Cash or accrual principle? Issue of property recognition
Both systems should be preserved
Issue of property recognition
Audit is irreplaceable in this process

10. ReformS The main issue - FMIS introduction
The reform examples provided by the World Bank to be adjusted to the country's interest.
Take into account the resources at the dosposal of the country and avoid being overly ambitious.
The reform should be a result of good coordination of several institutions involved.
Propose the possibility of introducing the best corporate governance practices. Performance-based compensation.