Medvedev says additional income of regions is yet to be found

Additional sources to provide income of up to 1 trillion rubles for regional budgets are yet to be found, Russian President Dmitry Medvedev said at a session of the State Council, RIA Novosti reports.

A package of bills on specification of redistribution of authority and budget resources from the federal center to regions and municipalities will be introduced to the parliament in the next few months. Implementation of the initiative will start in 2013 and may take up to 3-5 years.

Medvedev says that redistribution of taxes and lifting of certain federal benefits may bring extra income. He clarified that additional income sources may be found through redistribution of authorities. The funds will be used to finance new authorities of regions and municipalities and constituents that lack income sources.