Island is spending more

July 18, 2008 11:08 AM

In May of this year, the island territory of Curacao has spent 13.7 guilders more than was budgeted. This appears from this month’s financial report of the island territory. The government assumed a disbursement of 74.8 millions for that month, but the actual spending was 88.5 millions, a difference of 18.3 percent.

The government has considered a deficit of 7.9 millions in May, but due to extra expenses, it became 22.1 millions at the end; a difference of 14.2 millions. Up till May inclusive, the government allowed for a deficit of 43.9 millions on the budget and managed to limit the deficit to 1.9 millions.
The extra spending of 13.7 millions are caused by more interest payments (8.3 millions), transfers (4.3 millions), and pension premium payments (2.7 millions). On the other hand, less money was spent on salaries (1 million) and capital (1.7 millions).

The government has considered 66.9 millions in revenue in May, but received 500.000 guilders less, due to less profit-, income-, and property tax received (4.6, 2.2, and 1.6 millions).
The overview also shows that the total debt of the island was 2.9 milliard guilders per May 31; an increase of 5.1 million guilders compared with April. This is caused by the increase of the short-term debts with 8.1 million and a decrease of the long-term debts with 3 millions.

(Source: National newspaper Amigoe)

July 12, 2008