Based on the Financial Supervision Act Curaçao and Sint Maarten (Act) the Board of financial supervision (Cft) has evaluated the adapted budget 2011 as proposed by the Curaçao government. The Cft finds that after the adaptations, the 2011 budget still complies with the criteria in the Act. This has been informed to the Curaçao government in a letter of March 11th 2011.
Background adapted budget
The Curaçao government, in office as of October 10th, 2011, chose at the end of last year to submit to the Parliament the 2011 budget as drafted by the previous administration. This way the government was able to timely have a 2011 budget that has been adopted by the Parliament. The own managerial accents the new government wished to place in the budget, would then be proposed in the first quarter of 2011 by means of a proposal for a budget adaptation. With the current proposal this objective is now met.
Evaluation by Cft
The Act stipulates that a proposal for an adaptation of the budget should follow the same procedure as the draft budget itself. The proposal for adaptation too, therefore must be evaluated by the Cft based on the criteria in the Act, before it can be submitted to the Parliament. Based on the evaluation, the Board has observed that the budget, also after the adaptation, complies sufficiently with the criteria of the Act. However, the Cft continuously requires attention for the strengthening of the quality of particularly the long term figures. Furthermore the Cft refers to the continuous need for sufficient management and guidance with regard to the execution of the measures that were taken in the past, in order to structurally improve the budget.
The act stipulates that the supplementary budget will have to be submitted to the Cft again for evaluation, as soon as it has been adopted by the Parliament. Cft therefore looks forward to receiving the supplementary budget as adopted by the Parliament.