St. Maarten Government approves, sends Cft, Donner 420 million guilder budget

POSTED: 04/13/11 12:08 PM

St. Maarten – Finance Minister Hiro Shigemoto announced Tuesday that the Council of Ministers (COM) has approved a balanced 2011 budget and he expects a positive advice from the Committee for Financial Supervision (Cft). The expected positive advice from the Cft is based on indications received after the draft national budget of country St. Maarten was sent to the CFT to be scrutinized.

“I do believe the approved budget by COM complies with the Kingdom Law on Financial Supervision. We have not had any additional increases in taxes or fees. The budget is a lean one and will require heightened liquidity controls before expenditures are made. The budget was also sent to Minister Donner and the Cft well before the deadline,” Shigemoto said on Tuesday.

The 420, 916, 597 guilder budget is 23, 526, 328 guilders less than the one that was approved by parliament in December 2010. The amount at that time was 444, 442, 925 guilders. Parliament will now have to meet in the coming weeks to approve the new budget which must first go to the Council of Advice.

“I am very pleased that Government and the CFT have been able to reach this point with an approved balanced budget.  There has been minimal impact on projects that will be executed in 2011. There hasn’t been any impact on the service level aspect of the budget. Department heads will have to ensure with the existing staffing levels, everybody works in an efficient manner.  Thirdly, our countries national reserves remain intact. We did not have to draw on those and in the future they could be used for incidental expenses if necessary. I would like to thank the staff of the Ministry of Finance and those from the Finance Department for their hard work and efforts put into the process of getting a balanced budget for the country,” Shigemoto said.

In order to balance the 2011 budget and comply with the financial regulations, the Council of Ministers had to reduce personnel costs across all seven ministries with respect to the filling of vacancies. People will only be hired based on the plans of approach which refers to the Ministry of Justice, the Civil Registry Department, the Department of Finance, and the Ministry of Public Housing, Spatial Planning, Environment and Infrastructure.

Some of the reductions that the Council of Ministers approved in order to balance the 2011 budget according to the financial regulations are travel allowances for personnel 500,000; consultants 1.4 million guilders; Rental of properties and spaces 1.8 million guilders; Legal and other advice 568, 000 guilders; projects and other activities 670, 000 guilders; Back pay 14.7 million; Depreciation 2.7 million guilders; Interests costs for pre-financing and re-financing of projects 500,000 guilders; and unforeseen costs 598,000 guilders.

Did you like this? Share it:
St. Maarten Government approves, sends Cft, Donner 420 million guilder budget by

Comments are closed.