The Institutional Challenges of Integrating Public Investment Management into the System of Strategic Planning for the Development of Territorial Communities and Ways to Overcome Them

Анотація

The presence at the State level of a significant number of strategic planning documents of various types – strategies, programs, plans, conceptions, etc. – leads to the dispersion of limited public financial resources and low efficiency in achieving set goals. At the level of territorial communities, the situation is even more complicated, since the amounts of funding allocated for the implementation of projects to achieve the goals and objectives of development strategies are mostly approximate, not calculated in detail, and without defined sources of funds. As a result, projects remain unimplemented, and public investments are carried out unsystematically. The aim of the study is to identify institutional challenges in integrating public investment management into the system of strategic planning for the development of territorial communities and to find ways to overcome them. The study focuses on both theoretical and practical aspects of examining the problem of strategic planning and public investment management in Ukraine. Analysis of previous research in this field, the current regulatory and legal framework, and the practice of strategic planning and management of public investments in territorial communities has revealed a number of challenges. These lead to public investment management often being regarded as an independent technocratic process, the main goal of which is the preparation and submission of public investment documents in accordance with established procedures and the timeframes of the budget process. Meanwhile, the issues of strategic feasibility of investments and their alignment with territorial development priorities often remain outside of proper attention. Based on the results of the conducted research, in order to increase the efficiency of public investment implementation in the direction of the restoration and development of territorial communities of Ukraine, a number of steps at the legislative and executive levels have been proposed, including: making amendments to the Budget Code of Ukraine and subordinate acts to establish a clear logic of integration between public investment management and strategic planning, in particular by establishing a requirement that investment projects included in the Unified Program of Projects must have a direct reference to a specific action of the action plan for the implementation of the development strategy of the respective territory; reviewing methodological approaches to the development of territorial community development strategies in order to strengthen their project and financial certainty; reviewing approaches to the organization of institutions involved in strategic planning and public investment management at the local level; foreseeing the possibility of creating a single coordination body that will combine the functions of monitoring the implementation of the development strategy and determining investment priorities; ensuring the integration of local investment councils into the system of implementing the development strategies of territorial communities.

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