Philipsburg: --- Commissioner of Finance Roy Marlin yesterday distributed the booklet for the 2009 budget to the media, which he said, is ready. Already St. Maarten has submitted the quarterly figures to the CFT, which Marlin said is acceptable. Marlin who would no longer be part of the executive council now that the Democratic Party has lost its majority said that there is 61 million guilders as reserve in the government coffers and he hopes there would not be a spending spree when the new government takes office. The finance commissioner said that over the years they managed to build up the cash money that would be at government's disposal. Marlin said even though he fully believes that every responsible government should have at least six months of its operating cost set aside they have come along way.
The finance commissioner said when the Democratic Party took office in 1999 the coffers of the island government were depleted and they were forced to ask the banks to give them overdrafts so that they can at least pay their monthly bills. He said this took a lot of work on the part of the island government to constantly convince these banks to assist them at the end of each month to make ends meet in shouldering their operating costs. He said the monthly operating cost stands at about 22 millions guilders monthly. He said he sincerely hoped that this money would not be depleted now that there would be a change in government. Marlin said during the early 90"s there was monies in the government coffers but by the end of that term the monies disappeared and the governor had to intervene and manage finances of government.
Marlin said based on the amount of monies they were able to build up showed that there is a sound financial management in place and the CFT is satisfied with the island's performance.
Even though the monies in the bank is not enough or what it should be government no longer has to constantly be looking at overdrafts Marlin said. Furthermore, St. Maarten he said can now borrow monies via the CFT while the finance department is busy preparing the documents for the pre-financed projects that stands at 28 million guilders. The projects he said involves Back Street 1 and 2, Festival City and others. He said that right now they are working together with the CFT and the Central Bank to spread the financing for the projects a bit longer with a lower interest rate of about 4%.
Marlin further explained that it is important he give clarity to the people regarding the budget and the amount of monies that would be at the disposal of the new executive council.