The island recorded a budget surplus in 2022, reversing a deficit of nearly three quarters of a million dollars in 2021
The Government of St. Eustatius has 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 by the tiny Dutch Caribbean island 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, STUCO – 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.
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 optimise our financial management. The administrative organisation and internal control system will undergo further optimisation in 2023. Our focus remains on implementing sustainable improvements and delivering maximum financial results for Statia in 2023.”
St. Eustatius, also known as Statia, is an 8.1 square mile island located less than 40 miles southeast of St. Maarten and about 17 miles northwest of St. Kitts.
The capital is Oranjestad. The island has a rich history as a trading hub and a supporter of the American Revolution.
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