News

FOURTH QUARTER FINANCIAL REPORT 2015/2016

Published

8 years ago

May 20, 2016

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.

Related Topics:budget financial fiscal government Tci

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News

InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group

Published

4 days ago

May 14, 2024

Deandrea Hamilton

Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

Crime

Male Charged with Robbery

Published

5 days ago

May 13, 2024

Deandrea Hamilton

#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE BRISCO, 30, of Kew Town, Providenciales, was charged with:

One Count: Robbery
One Count: Taking Motor Vehicle Without Authority
One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

Crime

Dock Yard Male Charged

Published

5 days ago

May 13, 2024

Deandrea Hamilton

#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.

The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05^th, 2024.

Mr. SIMON faces the following charges: 

One Count: Robbery;
One Count: Gang Membership
One Count: Possession of a Firearm for the Benefit of a Gang
One Count: Possession of Ammunition for the Benefit of a Gang.

The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.

Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02^nd, 2024, along South Dock Road.