Summary. The article investigates the main results of Ukrainian classical national scientific school of state (public) funds formation and development in late XIX - early XX century, formed a national soil and under the influence of progressive ideas of global economic trends, including outstanding British, German, French and other economists of the XIX century.

The main focus of the article is given to the formation of the state budget, budget revenues and expenditures, debt management during the market transformation of the national economy, modernizing state institutions of the Russian Empire.

Analyzed real impact of Ukrainian financiers outstanding achievements in public budgeting practice known in the Russian Empire at that time.

The article highlights the relevance, theoretical and practical importance of Ukrainian heritage of the classical school of public finances in the modern Ukrainian science of public finances.

Keywords: public finance, state budget, taxation, national debt, Ukrainian classical school of public finances.