Part II

A recurring topic of discussion regarding major political and economic issues in recent years, public funds do not have a very clear legal framework. The applicable regulations repeatedly define the concept of “public funds,” implicitly establishing a criterion for identifying them, namely the budget from which they are allocated. However, this criterion is vague, and its strict application makes it at least uncertain whether certain sums—which are either not included in public budgets or are entrusted to private individuals pursuant to legal provisions—can be classified as public funds. The study proposes two alternative criteria for identifying public funds, designed to cover all categories of situations, including those in which public funds are administered by private entities. The main criterion proposed is that of the assets in which the funds are held, according to which amounts held as assets by legal entities governed by public law constitute public funds. The economic perspective, which uses the budget as a reference point, is thus replaced by a legal perspective centered on assets—a well-established concept. To supplement this main criterion, the criterion of the funds’ express and mandatory purpose will also be applied, which will allow for the identification of publicly funded assets managed by private entities.