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Cabinet Ministers spending rules relaxed

Providenciales, 02 Mar 2016 – It appears the Chief Financial Officer will remain on in the Turks and Caicos despite that UK bail-out loan being retired; previous information was that the CFO was only to stay on in government up to 2016.

From the Cabinet minutes issued today though, we learn that the Governor not only approved for monies allotted to Development Fund commitments to now be able to be carried over to the new financial year, but that spending up to $75,000 by Government Ministries or Cabinet Ministers would no longer have to be pre-approved by the UK-appointed Chief Financial Officer.

The Cabinet notes say specifically that the Governor approves amendments, “to raise the threshold for expenditure requiring approval by the Chief Financial Officer from $10,000 to $75,000.”


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