Willemstad:--- During its visit to Curaçao, the Board of financial supervision for Curaçao and Sint Maarten (Cft) indicated that the new government is facing the challenge of having to combine budgetary balance with the need to promote economic growth. For several years now Curaçao has complied with the standard of a balanced budget, but up till now, the 2017 budget execution is lagging behind compared to the forecast. The new government will need to take the necessary steps to prevent a budget deficit over 2017. The challenges are the insufficient tax revenues, keeping the social funds balanced and the strengthening of the financial management. In addition, extra attention is requested for the risks associated with specific projects such as the financial situation of Insel Air. Hopes are that potential investments in the refinery and the construction of the second mega pier can give an important boost to the economy and thus to government revenues. In addition, the economy can be enhanced with the improvement of the investment conditions and the quality of education.

Probably balanced 2016 budget
The expenditures over the full year of 2016 were higher, whilst on the other hand, the revenues remained below the expectations as reflected in the fourth progress report of same year. This was revealed in the first progress report of 2017. These final figures of 2016 show a provisional deficit of ANG 30.8 million (0.5% GDP). Curaçao, however, expects dividend income from government companies, which will balance out the budgetary year 2016. Cft emphasizes the importance of a structural dividend policy for public companies, which takes into account the financial position of the companies while leaving sufficient room for necessary investments. Cft furthermore warns for a policy that relies on incidental revenue in order to offset the budget.

Execution 2017 budget under pressure
The balance of expenses and revenues over the first quarter is ANG 41.3 million lower than was previously expected. The revenue of, in particular, the wage tax is unsatisfactory. Also, the premium income of the SVB is lower than foreseen. The swing fund, which is utilized to counterbalance setbacks in the social funds, threatens to drop below the legal minimum. In contrast, government expenditure is higher than was forecast. The Cft chairman: “The new government should take the necessary steps to diverge an imminent deficit by the end of 2017”. Furthermore, Cft advises the new government to actively keep an eye on the transition to the HNO and to deploy a renewed business case based on the evaluation report. In addition, the budget should take into account a situation in which Insel Air cannot repay the loan granted to it. Finally, the Cft addresses the liquidity position and the resilience capital, which should both be strengthened.

Improvement financial management
An important challenge remains the strengthening of the financial management. The objective of obtaining an qualified auditors’ report shortly is ambitious and will require a great deal of governmental attention. Cft applauds the government's intent to strengthen the financial functions of the ministries with financial controllers and internal auditors. The Cft requests the government to ensure that the initiated strengthening process of the tax office will not stagnate. In addition, Cft urges for the annual accounts of 2014 and 2015 to be adopted soon and to optimize the accountability process in its entirety.

Last visit current chairman
Besides discussing the results for the first quarter, this visit also about bidding farewell to current chairman Age Bakker as of July 1, 2017, and making acquaintance with the coming president Raymond Gradus. The departing chairman looks back on a successful cooperation with Curaçao. Age Bakker about his period with the Cft: "In recent years Curaçao has taken solid steps towards achieving sustainable public finances, thereby largely complying with statutory standards. I am pleased that the new government has indicated that it will continue giving priority to sustainable public finances. Cft shall see to it." As usual during the visits of the Board to Curaçao, meetings were held with the Governor, the Minister of Finance, the Council of Ministers and the financial committee of Parliament.

PHILIPSBURG:--- UTS has committed its financial support to the second Dutch Caribbean Women’s Soccer Cup. The three-day event will be held on June 23rd-25th 2017 at the Raoul Illidge Sports Complex. The company will be supporting the organizing committee, Oualichi Women's Soccer Association, with an amount of $ 1,000.

The Dutch Caribbean Women’s Soccer Cup is a regional soccer event which highlights the importance of competition, female comradery, and team spirit. Visiting teams from Aruba, Curacao, and Bonaire are invited to participate in this sports and development oriented endeavor. “We are happy to be able to support soccer, in particular, female soccer, as more and more of our local girls and young women is taking an interest in competitive sports such as soccer,” says UTS Marketing & Communications Officer, Ivy Lambert. “When presented with projects or proposals that encourage excellence in sports or academics, we are happy to put our support behind such initiatives. Of course, our available funds are not unlimited, but we do take our responsibility as a corporate citizen very seriously and try to optimize the ways in which we are able to contribute. We wish all the participants much success and, of course, fun during the tournament.” Lambert continues.

St. Maarten will take on Bonaire in the opening game due to take place on Friday, June 23rd. Next, on Saturday, the host team St.Maarten will play against Aruba. On the last event day, Sunday 26th will be the St.Maarten versus Curacao match. All game competitions will begin at 8:00 pm and advance tickets for the entire weekend are on sale for the price of USD $10.00. During the event, advance tickets holders will get the chance to win raffled sponsored prizes.

PHILIPSBURG:--- While observing the 100th birthday celebration of Lions Club International, the St. Maarten Lions Club inducted 3 new members into the club. The new Lions that were inducted are Lion Linnette Gibbs and Lion Kevin Mills both sponsored by Lion Jennifer Johnson. The other new Lion is Lion John Schaminee who was sponsored by PDG Lion Claudius "Tony" Buncamper PMJF. Lion John is the widower of the late Lion Chantal Schaminee who passed away last July.

PHILIPSBURG:--- The students of the Dr. Martin Luther King Jr. Primary School on Wednesday morning participated in a musical and awards day celebration.

Students recapped the life values of Peace, Responsibility, Love, Cooperation, Dependability, Tolerance, Respect, Honesty and Unity which they learned over this school year during the monthly assembly.

"We continue to strongly promote the development of our students social-emotionally as well as their overall academic performance," said School Manager Stuart Johnson.

The students also showcased and highlighted several local musical icons such as King Beau Beau, Calypso Barbara, The Mighty Dow and King Vers.

"It was surely a moment of true pride to see our students being recognized for their hard work and commitment over this school year," Johnson said.

Students received awards in Language Arts, Mathematics, Dutch Language, Music, Sports, Most Helpful, Most Improved and the Principal's Award.

"I encourage all of you students to continue to reach your maximum God-given potential and a special thank you to all my staff who made this event possible," concluded Johnson.

The Dr. Martin Luther King Jr. Primary School is a public education school located in the district of Dutch Quarter.