Cft asks again for  annual accounts

POSTED: 09/16/15 10:56 PM

St. Maarten – Financial supervisor Cft has not received a single financial account for the year 2014 from 37 government-owned or subsidized entities; of 25 of these entities, the Cft does not have the annual 2013 accounts either. The Cft has asked Finance Minister Hassink in a letter dated July 24 for the 2014 accounts and pointed out that by law they have to be ready the latest five months after the end of the fiscal year.

“The Cft understands that possibly not all annual accounts are in your possession,” the financial supervisor wrote to Minister Hassink. “If this is the case then the Cft requests that you ask for them, if necessary via the responsible ministers.”

The Cft does not have a single 2014 annual financial account of any of the 37 government-owned or subsidized entities it has listed as an enclosure with its letter. Of just twelve entities the Cft has a 2013 account and of another 12, the most recent annual account is of 2009. Of seven entities, the Cft has annual accounts up to 2012, three dated back to 2010, and one to 2011 and one to 2008.

Among the entities of which the Cft is short on annual accounts are the Harbor Holding Company (most recent account: 2012), Airport Safety Financing Company, Mental Health Foundation, Turning Point, White and Yellow Cross Foundation, Housing Development Foundation and Housing Finance Foundation (all: 2009), Medical Center and Nature Foundation (2010),Laboratory Services (2011), Postal Services and UTS (2012),  and four others with accounts no more recent than 2009: No Kidding with our Kids Foundation, Safe Haven, Philipsburg Jubilee Library and the National Heritage Foundation.

The bureau telecommunication and Post’s most recent annual account dates back to 2010. In the past, the Cft has recommended an investigation into BTP but so far, this has not materialized.

The Cft finds it important to have the annual accounts at its disposal. “Possible risks for the budget will otherwise not become apparent in a timely manner.”

Cft-chairman prof. Dr. Age Bakker notes in his letter that “the majority of government-owned companies hardly hold annual shareholder meetings. Apart from establishing the annual account this meeting offers the opportunity to deal with the dividend policy.” The Cft now proposes to Minister Hassink to include dividend payments in the budget only after the shareholder meeting has approved the dividend proposal. “Then it will also be possible to agree on the moment when the dividend will be paid.”

The Cft wants to address this issue during the assessment of the first amendment to the 2015 budget. The parliament has to approve this amendment before October 31.

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