News
TCI: Slightly Bigger Budget: $342.9 Million Nat’l Spending for New Fiscal Year
#TurksandCaicos, June 6, 2021 – Covid-19 devastated the Turks and Caicos islands because the jurisdiction is so heavily dependent upon travel and tourism as its economic lifeblood; the Premier Washington Misick did not need to state it but the fact was a preamble to his 2021-2022 Budget Address on June 29 which would aim to illustrate how TCI absorbed the hit, learned from the hit and to where it can pivot because of the hit.
“Mr. Speaker, it has been a tough period as we have dealt with the ravages of COVID. There have been suffering and death. We mourn the loss of each person and send condolences to their loved ones. I ask that we stand and observe a moment of silence not only for those who died from COVID but all the souls we lost in recent times.
May their souls rest in peace and light perpetual shine upon them.
Hon Speaker, this is the first budget in my administration that is just about four months old. My team and I have hit the ground running. In fact, less than two weeks after taking office, we were already delivering for the people. That is what we intend to do throughout this term.”
Several training campuses are earmarked including one for Hospitality and at least four financial institutions are being built up including the long-touted Credit Union.
“Institutions such as a Development Finance Institution, a Credit Union, a Partial Credit Guarantee Fund are all intended to work in concert to achieve economic prosperity, societal well-being and reduce income inequality,” said the Premier who shared more on the concept.
“$250 thousand dollars will facilitate the creation of a Credit Union to encourage and expand access to affordable banking, insurance, and financial services for all.”
On the new training campus for uniformed officers, he said: “Two million dollars is being spent to acquire property, develop the framework and programs for the training of law enforcement personnel. This is a priority. This National Security Training Academy will provide ongoing training for Police Officers, the Military, Customs, and Immigration Officers. It will facilitate recruitment and training of the best candidates our country has to offer and rebuild a positive image of these various bodies.”
When hurricane Ike compounded by the Global Financial Crisis of 2008 took its toll on the Turks and Caicos, it was a 19.8 per cent blow said the Finance Minister in reflecting on previous tough times … Premier and Finance Minister Hon Washington Misick said the Coronavirus Pandemic resulted in 35.8 per cent losses in government revenue.
Hotel and Restaurant Tax was down a staggering 73 per cent after TCI was shut off from the world between March and July. No hotels meant less need for imports, particularly food and drinks and so import duties were down 34 per cent and customs processing fees dipped by 38 per cent.
The two border taxes account for 60 per cent of governments revenue, said the premier in the address.
“Mr. Speaker, COVID has been devastating to us – a Tourism reliant country. In FY 20/21, overall Government Revenues declined by $112.9 million or 35.8 -percent compared to Financial Year (FY) 19/20. This decline stemmed from a 73.0- percent fall in hotel & restaurant tax, a 44.6 – percent fall in imports and a 38.1- percent fall in customs processing fees. Import duties and Customs Processing Fees (CPF) are the largest revenue generators and combined account for 60 percent of the TCIG Revenue.”
A projected deficit of $100 million was missed; the actual was 88.7 million which, said Hon Misick, was funded from TCIG cash reserves.
“Coupled with the loss of revenues Mr. Speaker, a demand was placed on the country’s finances with the compulsory health measures to protect life. Resources had to be redirected and our reserves had to be used to pay for testing, additional bed capacity, respiratory and oxygen generating equipment and treating COVID-19 patients. There was also more than the usual expenditure on cleaning, sanitization, and personal protective supplies.”
The new budget is only two per cent more than last budget year; $342.9 million is the projected spending. Revenue for the upcoming budget year is pegged, conservatively at $274.5 million, he said.
“The Estimated expenditure is $342.9m. This is a 2 percent increase over last year and 9 percent over the rollforward Estimates. “
Itemised were: $304.2 is for recurrent expenditure – the day to day expenses such as wages, goods, and services; $11.7m for non-recurrent expenditure; and $27.0m in capital development.
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.
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.
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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