The research work was done by the IFEM experts on the following topic: “Final evaluation of results of program implementation in the field of improvement of effectiveness of budget expenditures of the Kaluga Region for the period until 2012”. This research work was aimed at analytical and consultative assistance in preparation of recommendations for the development of program of improvement of effectiveness of management of public (regional and municipal) finances in the Kaluga Region for the period until 2018. Progress report was presented to the Ministry of Finance of the Kaluga Region.