The concept of sustainable development is an important basis for the formation of strategies of territorial communities as the main autonomous territorial entities, the role of which in the formation of the economy of Ukraine has significantly increased in connection with the decentralization reforms. A significant problem in the development of strategies for the development of territorial communities, on the one hand, is the lack of scientifically based approaches to determining the main directions of development, and on the other hand, the lack of consideration of the concept of sustainable development. The purpose of this study was to develop scientifically based methodological principles for the formation of a strategy for the development of territorial communities and modeling the effectiveness of the use of its financial resources. A set of indicators characterizing the sustainable development of territorial communities according to their socio-economic component has been determined (a total of 10 indicators have been selected). Indicators are calculated for 52 territorial communities. Based on data clustering methodologies, all communities were divided into 3 clusters, each of which has its own unique characteristics. This became the methodological basis for the formation of strategies for the development of territorial communities. An economic-mathematical model was built on the basis of correlation-regression analysis, which allows determining the influence of a complex of factors on the effectiveness of the use of financial resources of the community, which allows developing development strategies.