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The aim of the article is to disclose theoretical and applied approaches to assessing the budgetary component of the financial security of the region. It is proposed to consider the financial security of the region as a state that reflects the financial capacity of the territory to ensure the potential for development by balancing financial resources, taking into account existential risks, threats and dangers. An approach to assessing the budgetary security of the region has been developed on the example of the Lviv region. It is noted that the revenue part was formed at the expense of tax, non-tax revenues, income from capital transactions and official transfers, which consisted of subsidies and subventions. In the structure of tax revenues, the largest share was occupied by taxes on income, profit, rent and payment for the use of water, subsoil, and other natural resources. Non-tax revenues were formed at the expense of own revenues of budgetary institutions and income from property, administration of fees and payments, income from non-commercial economic activities. Transfers in the form of subsidies and subventions came from public administration bodies to the local budget, among which subventions prevailed in targeted areas of use, aimed at supporting the needs of the State functioning under martial law, health care institutions and measures, educational needs, road repairs, etc. It is proved that the independence of budgets is possible only if there are sufficient own revenue sources. From the standpoint of observing the financial security of the region and taking into account international experience, an approach is recommended, according to which the share of own revenues in the budgets of self-government bodies should be at least 40%. It is substantiated that for 2018–2022 most of the expenditures of the regional budget of the Lviv region were directed to the socio-cultural sphere (education, health care, social protection and social security). Further research will be aimed at developing a comprehensive methodology for assessing the financial security of a region in the context of certain components and calculating an integral indicator of its level.