St. Eustatius records better-than-expected fiscal performance over 2022

The Executive Council is satisfied with the financial results and administrative improvements registered over fiscal year 2022. Photo: Government of St. Eustatius. 

ORANJESTAD – The Government of St. Eustatius on Wednesday announced that its financial performance for 2022 exceeded expectations, with a budget surplus of US$1.4 million. This represents a US$2.1 million turnaround from the US$700,000 deficit recorded in 2021.

This improvement owes much to a better-than-projected US$7 million increase in revenue. The major contributing factors included cleaning of balance sheet items, the release of earmarked reserves, and gains from the capital injection into the Statia Utility Company – the electricity and water provider  – for a completed underground electrical cabling project.

In addition, the finance department has successfully resolved several errors pointed out by the auditor in 2022, providing a further boost to the government’s coffers.

Zero errors

Despite the improved performance, the government is striving for zero errors in 2023, said Commissioner Reuben Merkman. “We will continue our efforts to reinforce and optimize our financial management. The administrative organization and internal control system will undergo further optimization in 2023. Our focus remains on implementing sustainable improvements and delivering maximum financial results for Statia in 2023.”

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