The general lack of financial resources is common to all levels of the Russian Federation budget. In this connection, it is necessary to find ways to increase revenues, including municipal budget. The study concludes that the most preferred form of lending for the region is budget, as opposed to commercial. In addition, the problem is not the amount of debt in the region, and the large share of short-term loans that require annual refinancing. It should be noted that in the current circumstances, when inflation continues to grow, and the key rate of the Central Bank remains very high, investors are extremely reluctant even to short securities with a maturity of approximately one year and require a significant premium for the primary placement. Entering the market even with the paper, the duration of which is reduced as much as possible through aggressive depreciation, does not seem an optimal solution, and the cost of debt to the budget of the region will be too high. It is emphasized that it is necessary to conduct tighter fiscal policies, without increasing the share of debt with respect to part of budgets. It is noted that the problem in the Russian economy is not in the size of the debt, and in its “short” structure, that is, in a large fraction of short-term loans that require annual refinancing. The share of expenses on repayment and servicing of the debt to 2017 in regions on average increase by three times. It is important that some regions have already announced fiscal adjustment, reducing maintenance costs of public authorities and public sector institutions. However, it is noted that regions experiencing the problems with lack of funds, the costs are reduced as much as possible. In addition, savings in the public sector in the form of layoffs or pay cuts carries not only benefits but also hidden risks for the region due to reduced revenues from personal income tax.