Kralendijk – By means of its revised draft budget for 2027 – which has been adjusted following an earlier decision of the Cft to abstain from issuing judgment – Bonaire has taken a step forward. However, concerns regarding the financial feasibility of the plans still exist, according to a statement of the Board of Financial Supervision of Bonaire, Sint Eustatius and Saba (Cft) issued after a working visit to the island on October 26. The Cft spoke to the Executive Council about the 2027 draft budget and the enhancement of the financial organization.
Cash resources may hinder investments
The Public Entity Bonaire has several projects requiring significant expenditure upcoming. Through 2028, Selibon requires approximately USD 26 million in liquidity support. Furthermore, co-financing contributions are needed for projects under the Regio Deal, housing of educational institutions and infrastructure. It appears that not all these expenses have been incorporated into the financial budget. This also means that it is complicated to adequately assess the liquid resources, which are already limited. These liquid resources are needed to actually execute important investments.
Financial organization: integrated and safeguarded
The Executive Council presented measures to enhance the financial organization, including a gap analysis, a fixed Planning & Control cycle and controllers at the Directorates. The Island Governor also mentioned the gap analysis in his letter to the Secretary of State, as a measure to enhance the organization and executive capacity of the Public Entity. The Cft applauds these developments. In view of the upcoming elections, it is essential to permanently safeguard these improvements, in order for the next Executive Council to continue to build upon them. As an active stakeholder, the Cft will continue to closely monitor these developments.
Tourism
The Cft also spoke to TCB, Bonhata and Stinapa. Tourism represents approximately half of Bonaire’s economy, and is therefore an important pillar for healthy and sustainable public finances. The Cft encourages Bonaire to develop a multiannual vision on tourism, and to link an investment agenda to that vision, in order for the island to remain attractive for future visitors as well. By attracting more tourists from the western hemisphere, tourism spreads and the low-season downturn is reduced, ensuring that revenue remains consistent in the long term as well.
