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FOURTH QUARTER FINANCIAL REPORT 2015/2016

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TCIG delivered another solid quarter, resulting in an overall fiscal position that was more favourable than the original and revised estimates for the year. This was largely due to the extraordinary returns in areas such as Import Duties, Hotel& Restaurant Tax and Stamp Duty on Land Transactions; while appropriate legislative compliance measures continued to be enforced, as well as emphasis continued on adherence to both the Public Finance Management and the Public Procurement Ordinances.
Fourth Quarter results recorded a surplus $10.3 million resulting in a total surplus of $68.6 million for the year ended March 31, 2016.
Recurrent Revenues for the fourth quarter totaled $70.7 million. Total Recurrent Revenues for the year of $259.8 million, recorded a favourable variance of 12% ($27.9 million) against the budgeted amount, while realizing a growth of 5% when compared to the previous year. The variances are attributable largely to the following items:

Growth in Import Duties which totaled $67.3 million at the end of the fourth quarter; up 12% from the budgeted amount.
Strong Performance in the Real estate sector with Stamp duties on Land Transactions, totaling $26.9 million for the year, being 45% above budget.
Favourable results from the Hospitality sector, recording $58. 2 million at year end for Hotel & Restaurant Tax.

Recurrent expenditure made up somewhat for previously shortfalls during the fourth quarter, being up 33% ($14.0 million) from the budgeted amount. Full year expenditure however, was 6% ($11.8 million) below budget, while recording a growth of 14% over last year’s outturn.

The total amount spent on capital projects at the end of the fourth quarter was $11.6 million representing a $14.8 million or 56% shortfall from the budgeted amount of $26.4 million. This $14.8 million however, will be retained in the Development Fund to cover the cost of projects that were deemed committed as of March 31, 2016.

Major projects during the year included:

$2.2 million spent on Long Bay High School Phase 2
$2.0 million Spent on Repairs to the Causeway Bridge
$0.5 million spent on repairs to the Wellness Centre on the island of Grand Turk
$0.5 million spent in on various Carnival infrastructure projects
$0.4 million spent on Glass Shack road development

TCIG’s total outstanding debt as of March 31, 2016, was $44.3 million; including $28.0 million borrowed from Royal Bank of Canada during February as part of a refinancing arrangement and a $5.0 million Policy Based Loan received from the Caribbean Development bank during March.

“With the help of our taxpayers, vendors, civil servants and lenders we have managed to advance many of our projects that focused on infrastructure within the islands and the education sector, while delivering a budget surplus for FY 15/16. However, TCI we must not become complacent, there is still much work ahead of us, as we continue our work in ensuring sustained economic stability and also the continual improvement of the standard of living of all residents of our islands” stated the Hon. C Washington Misick.

Click here to read the entire report.

Bahamas News

Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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Bahamas News

CWS Supports Transforming Spaces with Premium Products and Unique Cocktails

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CWS brand representative for Bottega and Excellsior wines posing with attendees enjoying glasses of Bottega Gold Prosecco at the National Art Gallery of The Bahamas.

NASSAU, Bahamas — Caribbean Wines and Spirits (CWS), The Bahamas’ premier wine and spirits distributor is thrilled to once again lend its support to Transforming Spaces (TS).

CWS is a proud historical partner of the annual art week which highlights Bahamian art and art spaces. Under this year’s theme, “Chasing Light” Transforming Spaces and Caribbean Wines & Spirits created a memorable art experience.

To mark 21 years of the upliftment and exposure of culture and Bahamian art, CWS offered award winning wines St. Francis, Rebellious, Bottega and Excellsior; premium spirits, Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka, along with the newly added Coors Light Beer from its portfolio.

To kickstart the annual art week, CWS delighted attendees with a tasting of globally renowned Bottega Wines at TS’ Poetry Jam, held at ICE Bahamas. Throughout the event, Bottega brand representatives shared tasting notes, ideal pairings, and insights into the brand’s portfolio.

During the highly anticipated Saturday and Sunday tours, CWS showcased its premium products at select art galleries.

Attendees enjoyed Rebellious and St. Francis wines at The Current: Baha Mar Art Gallery and Museum, Bottega and Excellsior wines at the National Art Gallery of The Bahamas, Coors Light beer at the University of The Bahamas Pro Gallery and hand-crafted Schweppes mixes featuring Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka at CAB Gallery & Studio.

Throughout the two-day tour, CWS product specialists enriched the experience by providing a deeper appreciation for their exceptional beverage portfolio.

Members of the Transforming Spaces Committee expressed their appreciation towards CWS’ support after another successful art week.

“Transforming Spaces is deeply grateful for the continued support of Caribbean Wines & Spirits over the years. Their partnership has become such an important part of the TS experience, helping us create welcoming and vibrant moments for our audiences across the tour weekend. From signature wines and cocktail bars to refreshments at gallery stops and pop-up events, their contribution brings an added sense of hospitality, celebration, and connection to the journey through Bahamian contemporary art.” — TS2026 Committee.

Caribbean Wines & Spirits is proud to partner with Transforming Spaces in supporting and elevating the voices and works of Bahamian artists and looks forward to strengthening this partnership for years to come.

To learn more about CWS’ involvement in the community, follow on social media @caribbeanwinesandspirits or visit the website at www.cwsbahamas.com today.

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Government

Government Outlines New Healthcare Vision as Interhealth Exit Accelerates Reform  

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By Magnetic Media Newsroom

 

PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands Government says the breakdown of its relationship with InterHealth Canada presents an opportunity to reshape healthcare delivery, with plans to expand local medical services, strengthen primary care and reduce dependence on overseas treatment.

During a national briefing following InterHealth Canada’s notice terminating its hospital contract, Premier Charles Washington Misick acknowledged publicly for the first time that Government and InterHealth had been negotiating an exit from the arrangement for more than a year after what he described as an “irretrievably broken down” relationship.

Despite the contractual dispute, Misick and Health Minister Kyle Knowles stressed that healthcare services will continue uninterrupted during the transition.

“Allow us to do our job,” Knowles appealed, assuring residents that Government is actively managing the transition and safeguarding patient care.

The Premier outlined what amounts to a broader healthcare transformation built around four connected levels of care: strengthened community-based primary healthcare; expanded polyclinic services; enhanced hospital-based secondary care with greater specialist capacity; and overseas tertiary treatment only for cases that cannot be managed locally.

Among the proposals are the long-discussed establishment of intensive care units, expanded use of currently unfinished hospital space, recruitment of more resident specialist physicians and stronger contract management to oversee future healthcare agreements.

Knowles said the new polyclinic model will broaden services available outside the hospitals, including dentistry, ophthalmology, laboratory services, diagnostic imaging, gynaecology and preventative screening, helping to reduce pressure on emergency departments while improving early intervention.

Misick also acknowledged that while the hospital system significantly improved healthcare access after opening in 2010, Government believes further reform is necessary to improve affordability, sustainability and the range of services available within the Turks and Caicos Islands.

The briefing marked the Government’s most comprehensive explanation to date of its plans beyond the InterHealth contract, signalling that officials now see the transition as an opportunity to redesign healthcare delivery rather than simply replace one operator with another.

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