Government revenue for the Turks and Caicos once again, outpaced government expenses as another massive surplus is reported by TCIG. A media release revealed that the surplus showed a 12% better than budgeted performance and that the growth came largely from increases in Import Duties, Hotel & Restaurant Tax and Stamp Duty on Land Transactions.
The surplus for the 2015-2016 fiscal year is $68.6 million and often this news reaps bitter sweet reaction from the public.
During the PDM public meeting last night, the surplus was again blasted by the Opposition; the Member from Wheeland said too much is left undone to brag about surpluses. “But with all of the surplus that they claim we have, we can’t get simple things done in our communities. We can’t get roads, we can’t get community centers, we can’t get work for our people, we can’t even get supplies for government offices! But we have surplus….”
Still, Finance Minister Washington Missick explains that it is all about first things first, “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.”
Magnetic Media has published that full report online.