Budget Amendment 2023 submitted to Parliament
GREAT BAY, Sint Maarten— The Ministry Finance has submitted the amended budget for the year 2023 to the Parliament, outlining key adjustments that reflect the evolving economic landscape.
The amended budget for 2023 shows an increase in revenue amounting to NAf 23 million, paired with a corresponding rise in expenses totaling NAf 22 million. Consequently, this adjustment is anticipated to yield a positive result of NAf 1 million over the year 2023. Multiyear budgets have also been updated, projecting positive outcomes starting in the year 2024.
The notable increase in revenue for 2023 is attributed to a substantial increase in taxes by NAf 11 million and an additional NAf 10 million from various revenue streams. Notably, a detailed assessment of actual figures prompted an adjustment of NAf 14 million in profit tax to align with real numbers. Moreover, a surge in other income is mainly attributed to anticipated external funds from entities like Temporary Work Organization and EU, earmarked for specific projects.
On the contrary, increased expenses for 2023 are a result of aligning budgeted medical costs with actual expenses, leading to a NAf 5 million increase. Additionally, there is a NAf 8 million rise in costs associated with goods and services, coupled with a NAf 16 million increase in material expenses. The inclusion of retroactive payments for Justice workers, a result of amendments to the justice function book, is a significant factor contributing to the expense surge. This retroactive payment is factored into both the 2023 budget and multiyear budgets.
Looking towards the future, the Ministry of Finance has already initiated the process for Budget 2024, currently under review by the Council of Advice. Once finalized, it will return to the Government, subsequently making its way to the Governor and Parliament for debate. A detailed breakdown of the budget amendments will be presented by the Minister of Finance during the parliamentary session.