Financial mechanisms of cultural development in territorial communities

Culture is an important part of the formation of a person, which is a political tool that affects state formation, at the same time, the sphere of culture is regenerated as a separate branch of the economy and a sphere that influences the development of the country's economy through the creation of quality conditions for recreation, which leads to the improvement of human potential and workforce recovery. Cultural policy at the local level determines the level of spiritual development of the population, therefore, it is necessary to investigate the state of development of the sphere of culture and its financial support in territorial communities in order to determine the main directions of improvement of cultural policy by applying financial mechanisms for the effective development of the sphere of culture in territorial communities. The purpose of the article is to investigate the financial provision of the sphere of culture in territorial communities and the search for new financial mechanisms to provide the population with quality cultural services. The following methods were used in the research: analysis, comparison, abstract-logical, theoretical and generalization. The conducted research showed that decentralization made it possible to develop the sphere of culture for the preservation of cultural heritage, taking into account their innovative actualization, improving the forms of functioning of cultural centers, expanding the areas of activity and applying new financial mechanisms to accumulate financial resources.  In order to improve the economic potential of the development of the sphere of culture, it is necessary to: increase resources for the provision of cultural services, which will contribute to increasing the volume and quality of services; for the accumulation of financial resources, introduce local funds that will contribute to the development of culture; in order to update the professional skills of cultural workers, provide appropriate training; when providing cultural services, form market relations using paid services; to develop an information service with the provision of IT technologies, which will make it possible to increase the rate of provision of cultural services, which in turn will increase the level of economic development.