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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.

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DEPARTMENT OF TOURISM REGULATIONS INTRODUCES “RATE YOUR RIDE” SYSTEM FOR TOURISTS VISITING THE TURKS AND CAICOS ISLANDS

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FROM THE MINISTRY OF TOURISM

 

Providenciales, Turks and Caicos Islands, 27th March, 2024 – Providenciales, Turks and Caicos Islands: The Department of Tourism Regulations is proud to unveil the “Rate Your Ride” system, a new initiative designed to enhance the vacation experience for tourists exploring our picturesque islands.

The “Rate Your Ride” system empowers tourists to provide valuable feedback on the quality of transportation services they receive while visiting the Turks and Caicos Islands. Through an easy-to-use online form, tourists can rate factors such as cleanliness, comfort, safety, and professionalism of drivers, helping us to assure the highest quality of service standards across all modes of transportation.

By participating in the “Rate Your Ride” system, tourists play a crucial role in shaping the future of transportation services in the Turks and Caicos Islands. Their feedback will enable us to identify areas for improvement and ensure that every visitor enjoys safe, comfortable, and convenient travel throughout their stay in the Turks and Caicos.

The code will also be publicly accessible through the cooperation of volunteer drivers who will make the rating code available in their vehicles. Flyers and stickers displaying the code will be distributed at hotels, resorts and airports. The mandated display of these codes is expected to align with the rollout of our tourism regulations in 2025.

For more information about the “Rate Your Ride” system and other initiatives by the Department of Tourism Regulations, please visit gov.tc/tourismregulations/or contact us via telephone at 946-4970 and email at tourismregulations@gov.tc.

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THE DEPARTMENT OF BEHAVIOURAL HEALTH SERVICES CONDEMNS RECORDING OF PERSONS WHO ARE IN CRISIS

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FROM THE MINISTRY OF HEALTH AND HUMAN SERVICES

 

Providenciales, Turks and Caicos Islands, 27th March 2024– The Department of Behavioral Health Services is appealing to the general public to refrain from recording and circulating videos of persons who may appear to be experiencing a mental health crisis. Anyone can experience a mental health crisis at some point in their life. According to the World Health Organization, 1 in 4 people will experience a mental health problem in any given year. Persons may struggle with very common conditions such as Anxiety and Depression or be diagnosed with more serious conditions like Bipolar Disorder or Psychosis.

“There are a lot of misunderstandings about various mental health conditions and how they may manifest. In addition, there are a number of negative perceptions and misconceptions that society exhibits towards people with mental health problems. However, just as we would show care and concern for someone diagnosed with Cancer, or any other physical illness, in the same way, we need to be as caring and helpful to persons with mental illnesses”– stated Director of the Department of Behavioral Health Services, Dr. Alicia Malcolm.

The Department is urging the public to call the following numbers if you see someone who appears to be experiencing a mental health crisis:

338-5473/338-3616: Providenciales, North or Middle Caicos

338-3614/338-3612: Grand Turk, South Caicos, Salt Cay

338-6301: Nights and Weekends

If someone is putting themselves or someone else in immediate, serious risk of harm, call 911.

The Department of Behavioral Health services is here to help and provides the following services which are free and confidential:

Location of above services:

o             Sam Harvey Building, Down Town, Providenciales,

o             Primary Health Care Department, Cheshire Hall Medical Center, Providenciales 

o             Department of Behavioural Health, Duncombe Alley, Grand Turk

 

Let’s all do our part in creating a community where people with mental health problems feel respected, supported and cared for. 

For additional information, please visit the Ministry of Health’s Facebook page on https://www.facebook.com/tciministryofhealth/ or the Department of Behavioral Health Services Faceebook on https://www.facebook.com/TCIDBHS/.

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Breaking Ground: TCI Could Lead in Regional Communication Standards

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Cardiff, Wales, United Kingdom, 27th March 2024: The PR, marketing, and communications sector is poised for potential growth and could lead the Caribbean region in terms of industry standards says Damian Wilson. Wilson’s suggestion comes after the release of a new research report into the current trends and future direction of the sector as a possible emerging industry in the Turks & Caicos Islands (TCI).

Wilson is the report’s author, which conveys the findings of research which he initiated. “One of the key research results is the considerable optimism by industry practitioners and government alike, with persons seeing growth potential. I believe that we can become regional leaders in this field. I believe that one of the initiatives that could be used to do this is by establishing a ‘TCI Centre of Communications Excellence’ within the TCI Community College. Such an institute would be dedicated to communication and media innovation with a particular focus on digital communications and ICT,” says Wilson.

He further explained, “I believe that the PR, marketing, and communications sector, like much of the country, is at a crossroads and could have an even greater impact on our socio-economic fabric. Some may have concerns about our small size, but I believe this makes us far more agile than our neighbours. All in all, any potential growth must be underpinned by new investments, professional development, and a strategy to integrate the sector into the broader economy.”

Wilson also said that he sees his research as a first step in understanding our own industry sectors in the TCI and would love to see more profound research and analysis conducted. He’s hoping that the report will spark discussion along those lines. The report is entitled ‘Current Trends and Future Direction: A Preliminary Report on the PR, Marketing, and Communications Sector in the Turks & Caicos Islands’. Anyone wanting a copy of the report can contact Damian Wilson via his email, damian.wilson.pr@gmail.com.

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