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.
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.
#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.
#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 05th, 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 02nd, 2024, along South Dock Road.
- One Count: Possession of a Firearm
- One Count: Possession of Ammunition
- One Count: Unlawful Entry
Officers also charged a teenage minor who was in the company of Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY.
The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.
-
Health1 week agoAstraZeneca withdraws COVID vaccines after millions took their jabs
-
Caribbean News7 days agoBelize, Jamaica and St. Vincent and the Grenadines eliminate mother-to-child transmission of HIV and Syphilis
-
TCI News6 days agoEquity in Energy says Bahamas Energy & Transport Minister in legislative roll out
-
TCI News6 days agoFamily of 16 tourist claims negligence in Grand Turk jet ski death; Coroner’s Court hearing evidence
-
TCI News4 days agoAMERICAN MOTHER AND DAUGHTER ALLEGEDLY ARRESTED FOR TWO BULLETS
-
Caribbean News7 days agoMagnetic Media attends Caribbean Media Summit, in focus AI in Journalism
-
world news1 week agoElectricity Access for 600 Million a goal of UN Sustainability Week
-
Bahamas News6 days agoThe Bahamas Successfully Hosts Its Fourth World Athletics Relays