Legal regulations for information responsibilities of municipalities as a part of a public budgetary system

93 Resumé Legal regulations for information responsibilities of municipalities as a part of a public budgetary system Budgets of local governments are very important parts of public budgetary system. In the Czech Republic through that municipalities' budgets large amount of taxes income and subsidies are distributed not only from state budget, but also from other providers of financial support (districts' budgets, European Union funds etc.). For this reason, it is essential that the government, Ministry of Finance and other providers check how the municipalities manage these resources. Basic information about the process of managing budgets, and their particular parts, supply statements with suitable data, in suitable form and created at the right time. Reports are the first step in the process of ensuring effective management of public finance. From their data governing bodies can gain a view of future development of financial management or evaluate the history of not only financial management and payments made, among other criteria To check this, analysis of variances are used. This information helps to support effective management of public finance, to prevent infliction of damages and also to provide information to the general public about the kinds and amount of costs of local authorities. The formal..