PHILIPSBURG:--- The Council of Ministers approved the downsized budget for the year 2013 on Tuesday during their weekly Council of Ministers' meeting, announced Minister of Finance Martin Hassink during the Council of Ministers' weekly press briefing on Wednesday. Minister Hassink said St. Maarten had to reduce its 2013 budget by 30 million guilders. He said his Ministry replaced that with other income that amounts to 17 million guilders. He further stated that the 2013 budget now stands at 440 million guilders.
Minister Hassink said that all Ministers in the Council of Ministers play a role in the preparation of the budget and it is not the Minister of Finance that has sole responsibility. He said the Ministry of Finance basically plays a facilitating role. He explained that they already met with the CFT but the new draft budget now has to go to the Council of Advice. The Minister of Finance said that he is hopeful that the process for the 2013 budget could be finalized by the end of August since it also has to go back to Parliament after the Council of Advice reviews it and sends their comments to him. He said he wants to be able to spend his time preparing the 2014 budget which has to be submitted by October 2013 to the CFT.
Minister Hassink said that he also submitted the financial statements for 2010 and 2011 to the General Audit Chamber and when they approve it then that too could be handled by the end of August or early September. Minister Hassink also announced that he met with the Minister of Finance of Curacao to discuss the division of assets and liabilities. The Finance Minister said the Ministry of Finance is responsible for 80% of Government's income and they are busy working on a plan to ensure that the incoming revenues of Government stays intact while they are also working on a plan to increase compliance on St. Maarten. One of the things that is necessary is the reorganization of the tax system.
