Budget deficit is a multidimensional notion. It can be simplistically treated by an overstatement of public expenditures on revenue received by the State. At the same time, it is an important indicator for assessing condition of public finances and financial stability of the State. In 2014, Republic of Moldova signed the Association Agreement with European Union, which, among other things, pledged to implement European best practices for managing public finances and combating tax evasion. At first glance, dynamics of the state budget deficit shows successes of central authorities of Republic of Moldova in this field. In reality, the situation is much more important, with some important issues being identified, as well as ways to optimize public finance management. This article aims to present these aspects, with certain conclusions being made at the safress.