Tourist sector to be taken out of St. Maarten budget for 2013



MONDAY, 12 NOVEMBER 2012

~ Funds to be managed by STA ~

PHILIPSBURG--Tourism expenditures and revenues for 2013 are slated to be removed from the draft 2013 budget, lowering the budget total by some NAf. 13 million and helping government achieve a new balanced budget with the assistance of the Committee for Financial Supervision CFT.

Finance Minister Roland Tuitt said government was working with the CFT on "a solution for us to come up with a new draft budget, including all the negative factors that are hanging outside there."

One of the factors "holding back the budget" is a pending advice from the Corporate Governance Council (CGC) on the removal of the tourism sector and its related projects from the draft budget and placing them in still-to-be finalised St. Maarten Tourism Authority (STA).

Tuitt said if all systems were in place, the STA should be up and running by January 1.
Government hopes to have this new budget finalised by this month's end, with submission to the CFT by early December.
The first draft budget had stood at about NAf. 444 million. The second draft budget figure will be less.