The Financial Supervision Board issues negative advice on Saba’s draft budget 2022

The Financial Supervision Board advises the Executive Council of Saba not to submit the draft budget for 2022 to the Island Council for adoption if it is not first adjusted on a number of essential points.

Saba expects $12.1 million in income and $13.1 million in expenses next year. The law requires the island to present a balanced budget. The decision of the EC to wipe out the budgeted deficit of 1 million by taking a hold of the general reserves does not receive the approval of the Cft. The reserves are intended to absorb unexpected setbacks and not to cover structural deficits.

In its negative opinion, the Cft ignores the fact that the free allowance that the Public Entity receives, has been insufficient for years to enable them to properly carry out the island tasks.

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