November 14, 2007
Culturama, Nevis’ premier culture festival since 1974, recorded its first profit in almost 10 years, a feat Minister of Culture in the Nevis Island Administration (NIA) Hon. Hensley Daniel said was achieved through prudent financial management. He made the disclosure on Wednesday November 14, 2007 at a sitting of the Nevis Island Assembly in Charlestown.
“Madame President the financial management of the festival is one of great concern and has been for many years and I seek therefore to report to this Assembly that based on the expenditure and income for Culturama 2007, there is a net profit for Culturama 2007.
“We [Nevis Reformation Party led NIA] have done this by bringing improved management and efficiency to bear on the festival and with our collective engagements, we have been able to turn from red into black. This year the government will not have to find additional money to pay for losses incurred by Culturama 2007,” he said.Mr. Daniel listed the losses made over the last three years and underscored the significance of the 2007 profit to the tax payers of Nevis.
“In 2004 there was a net loss of $104, 212; in 2005 a net los of $132, 740; in 2006 there was a net loss of $95,619. The important issue here Madame President is that Culturama does not have to be subsidised again this year by tax payers because a new government has taken charge of things,” he said.
The Culturama Minister further stated that in 2005, complimentary tickets accounted for $45,000. He said in 2007 there was a 50 percent increase in income between 2006 and 2007.
He said there was a marked increase in the number of street vendors in 2007 which resulted in a significant contribution to the income bracket.
Notwithstanding he thanked all the festival’s sponsors which included the Cable and Wireless St. Kitts Nevis Ltd and TDC who made major financial contributions, participants and organizers and said the business community would be pleased to learn of the profit
“I believe this is what we want to hear when we ask them for sponsorship. I also believe that given the fact that we have turned a loss making festival for more than a decade into some profit in just two years. I believe we will see increased sponsorship. So I would like to thank again all the participants and the organizers and we look forward to a successful Culturama in 2008,” he said.