The practice of developing state and municipal budgets in Bulgaria began immediately after the Liberation and reflects both the fiscal traditions of the Ottoman Empire and the desire for modernization and Europeanization of Bulgarian financial policy. Historically, various financial decisions have determined the degree of financial decentralization and the financial powers of local authorities, the role of internal control, the functions of financial specialists, tax policy, budget expenditure priorities, and more. Some of these decisions remain valid today, while others have been abandoned as unsuitable. The article provides a historical review of the budgetary practices of the Third Bulgarian Tsardom and a study of stakeholder attitudes towards key elements of modern budgetary policy. The aim of the article is to use the experience of the past to rethink certain decisions for the improvement of municipal budgetary policy. Questions are raised such as whether municipal councilors should receive remuneration for their work, whether financial decentralization should be expanded and deepened, whether it is necessary to introduce program budgeting at the municipal level, what the main sources of investment funds in municipal budgets should be, and others. The results of the survey show that there are old budget practices that are accepted as appropriate for our times, as well as those that are rejected. The opinions of the of mayors and municipal financial specialists and the review of past practices provide an opportunity to seek suitable solutions for improving the budget process in Bulgarian municipalities.