Annual accounts handling scheduled for November

POSTED: 10/24/11 2:20 AM

St. Maarten – The 2010 annual account of the former Island Territory is expected to be handled by the Council of Ministers after November 17. The General Audit Chamber has been informed about this.
In a press release issued by the finance Ministry yesterday, Minister Shigemoto explained that the decision to cover the annual account for 2010 up to October 9 has caused a delay in submitting it to the Audit Chamber. The Ministry missed the September 1 deadline, and informed the Audit Chamber about this in a letter dated October 17. The letter mentioned that the Board for Financial Supervision Cft agrees with the approach.
The period of October 10 until the end of last year will be included in the 2011 annual account.
“Splitting 2010 into two accounts was the subject of much deliberation before we could come to a solution. “Considering that we have limited resources, this process took longer than we had anticipated. The 2010 annual account could not be finalized or submitted before there was a solution on how to deal with the complication of becoming a country on the 10th day of the 10th month,” Minister Shigemoto said.
“The financial administration of country Sint Maarten had to be developed for the transition of Island Territory to country status. Besides this, we had the challenge of getting an approved 2011 national country budget that took approximately nine months and this of course affected the timely compilation of the national budget for 2012.
“Having said this, I put this down to growing pains from the transition of island to country and building a country from scratch within the space of a year. Curacao had everything already in place from the former Netherlands Antilles and St. Maarten did not have that luxury. All in all, I believe we have done very well with the limited resources we had, and we are all working diligently to make sure that we meet future constitutionally due deadlines with quality products,” Shigemoto said. “Next year we will meet the constitutional due date of having the annual account submitted before September 1. As I stated a week ago, the entire process is expected to be completed within a month. The Council of Ministers is expected to discuss the draft 2010 annual accounts after November 17. Then it will be sent to the Council of Advice, the General Audit Chamber and the Cft.
“Once these bodies have given their advice the accounts will be sent to parliament for further handling. Preparations will immediately start to prepare the extended 2010-2011 annual accounts.”

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