The finance building of the public entity St. Eustatius.
ST. EUSTATIUS--The St. Eustatius government has reached a major milestone in its financial management. For the first time since becoming a special municipality of the Netherlands in 2010, the island has received an approved audit opinion on its annual financial statements.
The external auditor officially confirmed that the 2024 financial statements are both accurate and lawful.
“This success is the result of hard work over the past two years to strengthen the island’s financial systems,” the government said in a press release last Friday.
In 2023, with support from the Dutch Ministry of Home Affairs and Kingdom Relations, the St. Eustatius government launched a project to improve how government finances are managed and controlled. To carry out this work, a steering group and a working group were set up on June 5, 2023, and the international accountancy firm Ernst and Young (EY) was brought in to provide expert guidance.
“In simple terms, it focused on making sure that government financial procedures are clear, well-documented and properly followed,” the government said.
June 2023 was also the same month that the Island Council regained the authority to manage its own budget. That power had been taken away in 2018 during an administrative intervention by the Dutch government, based on a report outlining gross neglect by local officials.
“Thanks to the commitment and professionalism of the Finance Department, the government was able to prepare strong financial reports for both 2023 and 2024. While the 2023 statements were mostly accurate, a full audit opinion including legal compliance became possible in 2024,” it was stated in the press release.
In January, the Island Council adopted a new law called the Framework of Standards and Audit Protocol, which took effect retroactively from January 1, 2024. This made it possible for the external auditor to assess both the accuracy and lawfulness of the 2024 financial statements.
“This approved audit opinion is more than just a technical accomplishment. It builds trust and shows that the government is managing public money responsibly. From now on, the Island Council and Executive Council can work with all stakeholders whether on the island or abroad using verified and reliable financial information,” the government said.
