Local government authorities develop, approve and manage the local budgets, in accordance with the legislation, develop budget forecasts and undertake measures to ensure the sustainability of local budgets over the medium and long term. They submit proposals for preparation of the fiscal and sectoral policies, participate in consultations on intergovernmental relations, manage the budgetary resources and public assets in accordance with the law in force and principles of good governance and perform the financial monitoring of self-managed public institutions, municipal enterprises and commercial companies co-/founded by the local public administration authorities.