Parliament Receives the Spring Memorandum for the Year 2024
ORANJESTAD - Recently, the Minister of Finance and Culture, Xiomara Maduro, presented the 'Spring Memorandum 2024' to Parliament.
This memorandum provides Parliament with an early insight into the management changes that have taken place and require Parliament's approval. It is the second time the government has presented a Spring Memorandum to Parliament.
In 2023, the first Spring Memorandum was presented to Parliament. Until 2022, Aruba only had a 'Najaarsnota' or 'End-of-Year Memorandum,' in which Parliament received information midway through the current year about changes in the approved budget. Based on this, the Minister of Finance would submit a Supplementary Budget to Parliament for approval of the changes that had taken place. Since 2023, the Minister of Finance presented a 'Spring Memorandum,' with amendments at the beginning of the year, with a Supplementary Budget to Parliament for approval.
In the Spring Memorandum for the year 2024, the government adjusts the revenues based on the latest economic growth according to the latest forecast by the Directorate of Economic Affairs, which indicates that Aruba's economy will grow by 3% in 2024. The memorandum includes the management changes in each ministry and the adjustments in figures needed to make this possible. Also included in the memorandum is the extra tax revenue earmarked to implement various essential projects. Additionally, there are funds that Aruba receives from the Netherlands to execute projects from the Landspakket, such as the General Practitioner Training, which also needs to be integrated into the 2024 budget.
Meanwhile, the Council of Ministers has agreed to include the proposed changes in the Spring Memorandum for 2024 in a Supplementary Budget, which has been sent to the Advisory Council for advice after the CAFT has given its opinion on it. From there, the legislation will proceed to the Parliament of Aruba for consideration and approval.
The use of a 'Spring Memorandum' in our country's budget cycle provides Parliament with more moments of budget information throughout the year. This way, Parliament can more closely monitor the developments in expenditures and revenues during the year. It helps the Parliament of Aruba in its right of 'budgetary control' and provides more transparency to the public on public funds use.