Cft: Positive financial resultPOSTED: 08/28/13 3:26 PM
First Semiannual financial report Bonaire, St. Eustatius and Saba
St. Maarten – The public entities Bonaire and Saba closed 2012 with a positive result and herewith they have strengthened their reserves. The progress in the area of financial management and the budgeting processes however still shows a mixed image for the three public entities.
For the public entities the first six months of 2013 were dedicated to the drafting of the 2012 annual report, the first execution reports with budget amendments and the carrying out of improvements in the financial management. Bonaire and Saba timely submitted their 2012 annual reports as adopted by the Island Council. St. Eustatius will submit its adopted 2012 annual by mid-September 15th, 2013, the latest. Saba en Bonaire closed the year with a positive result. St. Eustatius is also expected to close the year with a positive result.
The accountant issued an audit declaration withholding an opinion for Bonaire. For the first time for Saba the accountant submitted an audit declaration with an approval of the annual report. This is an impressive achievement and unique in the short history of the public entity. Because the framework of standards has not been stipulated yet, the accountant could not issue a declaration about the financial legitimacy and an opinion was withheld.
The improvements of the budgeting processes as stated in the previous semiannual report did not advance further on Bonaire and St. Eustatius. The Board of Financial supervision concludes this based on the content of the documents submitted by the public entities and the delays in the submission of execution reports, including the corresponding budget amendments.
With regard to financial management there are visible improvements for all three public entities. The improvements are brittle and often dependent on consultants. Despite of the visible improvements, the personnel capacity problem remains a point of concern for the public entities as well as for the Cft.