The main purpose of the study, the results of which are reflected in this article, is the theoretical and methodological substantiation of possibilities to build a regional balance model of financial flows consistent with the principles of the construction of the System of National Accounts (SNA). The paper summarizes the international experience of building regional accounts in the SNA as well as reflects the advantages and disadvantages of the existing techniques for constructing Social Accounting Matrix. The authors have proposed an approach to build the regional balance model of financial flows, which is based on the disaggregated tables of the formation, distribution and use of the added value of territory in the framework of institutional sectors of SNA (corporations, public administration, households). Within the problem resolution of the transition of value added from industries to sectors, the authors have offered an approach to the accounting of development, distribution and use of value added within the institutional sectors of the territories. The methods of calculation are based on the publicly available information base of statistics agencies and federal services. The authors provide the scheme of the interrelations of the indicators of the regional balance model of financial flows. It allows to coordinate mutually the movement of regional resources by the sectors of «corporation», «public administration» and «households» among themselves, and cash flows of the region — by the sectors and directions of use. As a result, they form a single account of the formation and distribution of territorial financial resources, which is a regional balance model of financial flows. This matrix shows the distribution of financial resources by income sources and sectors, where the components of the formation (compensation, taxes and gross profit), distribution (transfers and payments) and use (final consumption, accumulation) of value added are mutually linked by sectors (corporations, public administration, households) on the principle of double entry. The balancing indicators of financial resources movement are the balance of net lending/borrowing of institutional sectors, which shows the excess of (lack of) financial resources of individual sectors in their use.

The growing interest in the development of the Russian Federation’s Arctic territories affect s variou s aspect s o f space exploration, including technological, legal, geopolitical, social and economic aspects. At the same time, when studying the Arctic’s economic development, little attention is paid to the issues of financial efficiency and imbalance of the various territories development, especially in the context of municipalities. Therefore, this study aims to develop a methodology for assessing the formation of the value added in the territories belonging to the Russian Federation’s Arctic belt, based on the International System of National Accounts (SNA). This system enables both the comparisons within the Russian Federation and between different countries. The paper summarizes the Russian and international practice in developing a methodology for calculating the value added in the local-level territories (municipalities) as close to the SNA methodology as possible. Based on the author’s model for building the System of Territorial Accounts, taking into account special features of the financial development of Arctic municipalities’, I have developed an original method for calculating the value added in the local territories. That method is based on using regional accounts tables for generating income by type of economic activity and including taxes on products (excise duties and mineral extraction tax) into income composition. The calculations for all Arctic municipalities for the period from 2013 to 2016 resulted in the main conclusions for the Russian Federation’s regions. I have revealed that almost half of the Gross Value Added of the Russian Federation’s Arctic Zone is formed in the municipalities of the Yamalo-Nenets Autonomous Okrug. The territory of Krasnoyarsk Krai is in second place, and municipalities of Murmansk oblast are in third place (exactly 10 %). The Republic of Komi, Sakha and Nenets Autonomous Okrug contribute to Gross Domestic Product (GDP) by about 7 %. In general, according to the presented data, in 2016 the municipalities formed value added in the amount of 4,272.3 billion rubles, which is about 5 % of Russia’s GDP. At the same time, the share of paid taxes on products is much higher and amounted to almost a quarter of all the Russian budget’s revenues, or more than 687 billion rubles. The study’s results can be applied by federal and regional governments, as well as local authorities in the Arctic territories when making management decisions on the development of Arctic’s municipalities, taking into account their influence on the formation and distribution of the value added in the territories.