ASSESSING FISCAL CAPACITY THROUGH STAKEHOLDER SATISFACTION IN PUBLIC FUNDING

Amid the current crisis, the growing influence of negative factors threatens the fiscal capacity of regions, potentially undermining budgetary policy and the effective realization of individual, public, and national interests. The need to anticipate and mitigate potential risks underscores the importance of developing a sound system for assessing regional fiscal capacity, which defines the purpose of this study. The research offers a comparative analysis of methodological approaches to diagnosing fiscal capacity, including the selection of indicators and threshold values. A new methodology for evaluating fiscal capacity is proposed, supported by a system of indicators classified according to the interests of public funding recipients and differentiated by levels of fiscal capacity (region; business; local population). An algorithm for calculating the aggregate index of fiscal capacity is proposed. Applying this methodology, the study classifies Russia's Arctic regions by their fiscal capacity, highlights regional disparities, and identifies risks associated with different levels of fiscal performance. The novelty of this research lies in substantiating a methodology for assessing regional fiscal capacity through the lens of stakeholder satisfaction, encompassing regional authorities, businesses, and the population. The methodology is tested using data from the Russian Arctic, revealing problems that threaten fiscal sustainability and stakeholder interests. Future research will focus on formulating recommendations to ensure a balanced alignment of stakeholder interests within the fiscal system.