Abstract: The article examines budgeting as a tool of enterprise economic management under the constraints of a cost-oriented approach and the increasing importance of value-based concepts. It is established that most theoretical and applied approaches to budgeting focus on the planning and control of costs, revenues, and cash flows generated within operating activities. It is demonstrated that even the investment component, formalized in the form of capital expenditure budgets, is subsequently integrated into the system of operational indicators through depreciation and asset maintenance costs, which limits the ability to assess the efficiency of capital utilization as an independent object of management. It is substantiated that such a logic of budgeting does not ensure the consideration of capital costs, which determine the minimum required rate of return for enterprise activities. As a result, a gap arises between the achievement of budget targets and the creation of economic value, which reduces the analytical value of budgeting within the system of managerial decisionmaking.

The article proposes an approach to expanding the object of budgeting by integrating capital costs into the planning and control process. It is proven that the inclusion of relevant parameters allows the traditional system of budget indicators to be supplemented with an assessment of the enterprise’s ability to generate returns sufficient to cover the cost of attracted financial resources. This contributes to the alignment of operational efficiency with value-based performance and enhances the validity of managerial decisions. The practical significance of the proposed approach lies in its applicability to the formation of internal planning systems at enterprises, particularly in the development of budgets oriented toward achieving target capital return indicators. The proposed provisions can be used to improve controlling tools and enhance the quality of analytical support for managerial decision-making. The obtained results provide a methodological basis for further development of budgeting toward the integration of financial and managerial approaches to performance evaluation.