Резюме

Bulgarian financial law theory follows the legal concept of finance. Milcho Kostov develops and substantiates this idea founding and constructing a legal theory of the contemporary system of public finances. Public finances form a system of revenues and expenditures’ accounts, organised and balanced in an authoritative manner. At its centre – its integrative core – stands the state budget, It balances through inter-budgetary relations (non-repayable transfers and interest-free loans) the revenues and expenditures of other components of the public finance system: municipal budgets, budgets of social security funds, accounts for funds from the European Union, state-owned enterprises, state funds and others. In addition to inter-budgetary relations, the fiscal rules under the Public Finance Act also balance revenues and expenditures within the public finance system. Authoritative financial legal regulation plays a de-cisive role in the creation and functioning of the modern public finance sys-tem.