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The relevance of the investigated problem is caused by the need for the advancing of participatory budgeting practice in the Russian Federation. Due to insufficient development of theoretical, scientific, and methodological aspects of the participatory budgeting, very few territories in the Russian Federation use this tool effectively. The most important issue to be addressed is increasing the effectiveness of involving of local communities in the process of the rational allocation of budgetary funds. The objective of this paper is to study how participatory budgeting influences the potential of infrastructural development of territories in the Russian Federation. The leading methods of investigation of the problem include analyzing the common practices in certain regions and specifying the different categories of participatory budgeting. Using these methods, the authors consider the participatory budgeting as a process of allocating the budget funds to address the primary local problems, which leads to improving territorial infrastructure development. The results of the given research include updated conceptual basis of participatory budgeting; indicators reflecting the influence of the participatory budgeting on infrastructural development and criteria for its implementation in the municipalities; organizational chart clarifying the methodological aspects of different types of the participatory budgeting; and classification of territorial development mechanisms based on the participatory budgeting models of financing municipal projects. The practical significance of the given research is focused on the development of the practice of the relevant projects financing through the participatory budgeting in the Russian regions by systematizing their conceptual frameworks. Results of the study can be used by regional and municipal authorities to improve the relevant legislation, and by representatives of local communities to increase their participation in the budgeting process. © 2016 Tsurkan et al.