Despite the change in the taxation system, primarily aimed at reducing the tax burden on citizens, in connection with the reduction of the personal income tax rate to 13 percent, the region ensured the execution of local budgets at 112.6 percent. This was reported by the head of the main finance department of the Volyn Regional State Administration, Vasyl Hrom. The consolidated budgets of all levels and cities of regional significance were executed. The state budget in the first quarter fully settled the equalization grant and it was transferred to the local budgets of the region — 76.6 million hryvnias, which in the structure of the revenue part of the consolidated budget amounts to 61 percent. In terms of own revenues, the budgets were executed at 124.5 percent; 9.6 million hryvnias were additionally received above the budget assignments. The indicated figures are significantly higher than in the first quarter of 2003 — 4.6 million hryvnias more in taxes and fees was received into the revenues of local budgets of all levels, which amounts to 10.4 percent.