News
DP and Min of Finance Speech – Laying of the Estimates – 25 April 2022
HON. E. JAY SAUNDERS
MINISTER OF FINANCE, INVESTMENT & TRADE
Appropriation 2022/2023 Estimates of Revenue and Expenditure and The Constitutional and Statutory Bodies Estimates of Revenue and Expenditure 2022/2023
25th APRIL 2022
Hon. Speaker,
Hon. Premier,
Hon. Members of this House of Assembly,
Strangers in the Gallery,
Persons tuning in via radio and streaming media, and
My fellow Turks and Caicos Islanders.
Good Day,
Mr Speaker, I rise today to table the draft Estimates in this honourable House for subsequent scrutiny by the Appropriations Committee. Our Government’s policies support the theme of:
” An Economy that Works for all: People-Opportunity-Prosperity”
Existing revenue streams will support the expenditure. Our intended Expenditure Envelope – i.e. what our Government intends to spend on Expenses – is $388.9 Million, which is a whopping 20.2% increase over the (unaudited) performance of the last financial year – i.e. FY2021/22.
Mr. Speaker, the unprecedented fiscal performance in the Real Estate sector, and higher than expected performance in the Tourism sectors, during the last financial year, have given our Government the leeway to invest heavily in our flagship priority of Human Capital Development.
The FY2022/23 Budget, which we are bringing to this honorable House today, and will debate next week, includes:
- A retirement plan for public servants,
- Increased salaries for Public Servants,
- Increased investments in Education and infrastructure,
- Continued investments in our first-class Health Care systems,
- Continued investments in our “premium brand” tourism product,
- Continued investments in Good Governance systems and processes,
- Investments in Climate Change resilience, and
- an Operating Surplus of $6.8M.
Expenditure estimates
Mr Speaker, budgeted Expenditure includes:
- Recurrent cost of $326.9M,
- Non-recurrent spending of $12.0M, and
- Proposed Capital Development spending of $50.0 million.
The top ten areas of allocations, in the form of the Classification Of Functions Of Governments (COFOG) are:
Economic Affairs
Mr. Speaker, I am very proud to announce that our Government’s is proposing to spend $103.7M on Economic Affairs this financial year.
This spending will primarily focus on the following 8 areas:
- Infrastructure development,
- Land acquisition,
- Enhancing our tourism product,
- Agriculture and food security development,
- Catastrophic risk insurance,
- Environmental and coastal resources protection,
- Energy and utilities, and
- Media and communication.
Health
Mr. Speaker, the nation’s health continues to be a significant priority of our Government.
For this reason, we have allocated 20% of the expenditure for FY2022/23 on Health Care Delivery. Our focus will be on: policy planning (including include Public Health and Hospital Services), Mental Health support services, Research, Health Emergencies, Dental services, Laboratory services, and Health Promotion and Advocacies.
Public Order and Safety
Mr. Speaker, our Government has earmarked just over $67.3M (17% of the expenditure for this FY) for spending on improving Public Order and the Safety of our residents and visitors.
Mr. Speaker, while we are urging everyone to take an interest in public order and safety, our Government has allocated the 3rd highest portion of the budgeted spending on combating and solving crime, and preventing disturbances.
The Public Order and Safety allocation will provide financial support for the strategic execution of: Policing Services, Legal Services, Disaster Management, Customs and Border protection, Public Prosecution, Fire and Rescue, and Corrective and Rehabilitative services.
General Public Services
Mr. Speaker, an allocation of $62.0M has been made to support the General Public Service operations, including the continuous funding of: the Executive, Legislative, and Financial and Fiscal affairs.
Education
Mr. Speaker, I am very proud to announce that in this financial year, our Government will be making a massive investment, to the tune of $37.5M, in Education. Mr. Speaker, the significant growth in the economy, which I briefly spoke about earlier, has enabled this investment in Human Capital Development, which will support inclusive growth, sustainability, and security, for our people – especially our young people.
Included in the funding for Education are allocations for:
- Early Childhood Education;
- Primary, Secondary and Tertiary education; and
- Scholarships and Grants – particularly for courses at the TCI Community College.
Social Protection
Mr. Speaker, I am equally proud to speak to our Government’s proposed spending for Social Protection this financial year.
Over $21M (5%) is being allocated towards Social Protection. Included in this, $14.6M will be spent on Pensions and Gratuities, which will allow Civil Servants to “live their best lives” post retirement. $5.8M million will be spent on protecting our “disadvantaged” population, and just over $500K will be spent on Gender Equality Programs.
Mr. Speaker, with this budget, our Government will build economic resilience through Human Capital Development, thereby supporting inclusive growth, sustainability, and security.
Environmental Protection
Mr. Speaker, the world just celebrated Earth Day – with aim to preserve and conserve planet Earth and its biodiversity – on the 22nd April 2022, and I am proud to say that our Government is doing its part, and we will continue to do so this financial year through the $7.7M (2% of our allocated spending) that we are allocating towards Environmental Protection. The spending priorities in this area will be on: Fisheries and Marine Resource Management, Public and Environmental Protection, and Waste Management.
Housing and Community Amenities
Our Government is allocating $3.8M to be spent on:
- Water Undertaking,
- Housing,
- Community Renewal, and
- District Administrations.
Defence
Mr. Speaker, our Government is committed to bolstering our security and defenses, and we will do so this financial year with over $2.7M being spent on the National Security Secretariat and the Contingent Forces. In addition, we are allocsting $1.5M for vessels and motor vehicles for our defense personnel.
Recreation, Culture and Religion
Finally, Mr. Speaker, we have allocated $4.3M towards spending Recreation, Culture and Religion.
PUBLIC SECTOR INVESTMENT PROGRAMME
Mr. Speaker, the Public Sector Investment Programme for FY2022/23 is approximately $50M, which includes approximately $16M ongoing projects and $32M new projects.
The new projects being funded in the PSIP for fiscal year 2022-2025 are aligned to the priority areas set out in the FSPS for 2022-2026. Noteworthy are the allocations for the following:
- Law Enforcement, Border Control and Security = $8M,
- Continued spending on Digitization and E-Governance = $2M,
- Education = $6.4M,
- Water Undertaking, Prison and Fire Services = $6M,
- Infrastructure development throughout the Islands = $21M,
- Tourism = $1.7M, and
- Health = $1.2M.
Financing the expenditure
Mr. Speaker, our total Expenditure package is $388.9M and Recurrent Revenues account for 99 percent of total Revenues.
Mr. Speaker, I would like to now speak to our plan to finance the expenditure envelope.
Our Government plan to fund all the investments geared towards building Economic Resilience, Human Capital Development to support inclusive growth, Sustainability, and Security through existing revenue streams. We will also tighten our enforcement and compliance mechanisms to ensure that we hit our targets.
Mr. Speaker, our total revenue package is $395.7M, which is a 1.0% increase over the (unaudited) performance of the last financial year.
Like the rest of the world Mr. Speaker, our country is experiencing an increase in inflation caused by global supply chain issues and the fallout from the war between Russia and Ukraine.
To mitigate the impact of these economic shocks on our people, our Government has provided US$15M in direct assistance through reductions in the “Fuel Tax” and Customs Processing Fee (CPF). It is hoped that this relief will ease the burden on citizens and residents alike.
Mr. Speaker, I am extremely proud to announce that (the unaudited) Revenues for FY2021/22 have surpassed the pre-covid-19 pandemic fiscal year output. The unprecedented performance indicates that the Revenue Agency’s commitment to the revenue compliance programme, and our vigilant and coherent revenue strategy is working.
The major revenue Economic classifications – i.e. Revenue Earners – are:
- Accommodation Tax = $90,518,829
- Import Duties = $89,309,012
- Stamp Duty on Land Transactions = $80,000,000
- Work Permit and Other Immigration Fees = $32,178,209
- Other Customs Duties = $30,252,168
- Fuel Tax = $7,821,524
Mr. Speaker, FY2021/22 has illustrated that whilst our economy is volatile, it is uniquely positioned to bounce back from perils to achieve financial buoyancy.
Mr. Speaker, the strong revenue performance in FY2021/22 was due to strong performance in the tourism and real estate sectors, and the robust compliance program employed by the Revenue and Customs Departments.
Mr. Speaker, a robust and sustainable revenue system requires restructuring the current revenue system, which will lead to the creation of a modern revenue management system with the right balance between revenue initiatives and cost containment.
Mr. Speaker, our Government is committed to ensuring that our tax system is a modernized, stable, and reliable source, where revenue collection will be optimal. Mr. Speaker, a well-functioning revenue system is a condition for sustainability, and it should be neutral, efficient, effective, simple, and fair.
Mr. Speaker, our Government is working in collaboration with CARTAC to introduce a Revenue Authority, which we expect to be operationalized in the next 12 to 18 months.
Mr. Speaker, during the Budget debates, my colleagues and I will discuss further the allocations by Ministry.
Mr. Speaker our Government Top Priority Initiatives are:
1.0 Investment in Digitization and E-Governance
The Government will continue to strategically focus on the sustainable modernization of the public sector service delivery. The Government will spend approximately $2.3M over the next three years.
2.0 Investment in Tourism Development
$8.0M has been allocated towards enhancing the tourist product, including developing a Destination Management Office (DMO).
3.0 Investment in Law Enforcement, Border Control and Security
The Government has prioritized funding for the TCI Regiment to increase its reserve complement by 20 officers, and funding for 12 marine officers in the Royal Turks and Caicos Islands Police Force (RT&CIPF) and 10 Immigration Officers. In addition, the Government has agreed to bolster the operating expenses of the RT&CIPF to enhance intelligence gathering and investigations by $1.4M.
4.0 Civil and Public Service
Following consultation between the Civil Service Association (CSA) and the Deputy Governor’s Office to identify a suitable retirement benefits package, the Government has allocated approximately $9.0M to facilitate a contributory pension scheme and increase the basic salary for Civil Servants.
Staff costs include a 4.0 percent direct salary increase for Civil Servants. A further 6 percent allocation is made for employees and employees’ contribution to the newly formed contributory pension scheme. The Government has made provision for introducing the new schemes with no impact on the salary of public servants.
The estimates continue to support the payment of biennial performance-based increments.
5.0 Human Capital Development
The Government’s flagship priority is Human Capital Development. Our Government is increasing allocation for tertiary education for the Scholarship Fund and the Community College. Over $10.2M is allocated, an additional $1.5M (15%) in this FY to increase the number of international and local scholarships awarded annually. Effective September, access to the Community College for Belongers and BOTC citizens will become free.
6.0 Increased Access to Secondary Education
Our Government will upgrade the Clement Howell and Louise Garland-Thomas high schools to senior high schools offering 1st to 5th form education. We have allocated the necessary resources to facilitate the upgrade.
7.0 Social Welfare
An additional $1.65M is being made available to enhance social welfare. The allocation will accommodate an increase in monthly payments to indigents.
8.0 Statistical Surveys
Approximately $800K is allocated to facilitate the institutional improvements in the national statistical system as outlined in our Government’s manifesto, particularly the transformation of the Central Statistics Organization (CSO) into a National Statistics Institute. The aim is to improve the regulatory framework for the coordination and governance of the National Statistics Institute. A national census will be conducted in the financial year.
9.0 Environmental Health and Emergency Medical Services
Our Government has allocated resources to facilitate 12 port health officers to enact the International Health Regulations of 2005. It is a national approach to standardise the functions and activities in delivering port health services.
In addition, a second ambulance base with appropriate staffing is funded for Providenciales.
10.0 Investment in Government Communication and Protocol
Funding is available to formulate a Communication Directorate to manage the overarching government communications and support citizenship engagement.
11.0 Illegal Settlement
$2.0M has been allocated to address unlawful settlements and a further $2.0M to offset existing arbitration legal costs.
Subvention Support
Mr. Speaker, in this budget our Government will continue to support subvention to the National Health Insurance Plan (NHIP) with $34.6M. It will cover the treatment abroad programme, utility charges for the two major hospitals, and health care costs for the juvenile and the indigent population. This is in addition to approximately $39M projected to be received in Contribution Income.
Allocation for the repayment costs for the two major hospitals are $22.8M.
Other subvention allocation for Statutory and Constitutional Bodies is $27.5M (7.0%) of recurrent expenditure. Increases in FY2022/23 over FY2021/22 are:
- Destination Management Organization – $1.M,
- Gaming – 700K,
- Integrity Commission – 500K,
- Invest TCI – 500K,
- Community College – 1.2M,
- National Trust – 100K,
- Sports Commission – 300K.
Mr. Speaker our Government will also continue to support:
- Tertiary education scholarships for civil servants to reduce the number of imported skills into the Country with $250K allocated.
- Curriculum development at all levels, including Adult education courses designed to address the findings of the skills audit, increase skills, and address skills shortage:
- Government grants to MSME businesses to encourage and support innovation = $700K,
- Property acquisition – $ 10.0M,
- Contingency Funding – $5.0M,
- Maintenance of government infrastructure – $2.5M,
- Environmental remedial work programmes -$1.0M,
- CDB Conference – $1.0M,
- Trade shows – $250K,
- Legal fees for airport expansions – $250K,
- Faith-based organisations – $250K,
- Beach Access – $600K,
- Maintenance for DECR Parks – $650K.
- Fiscal prudence and Good Governance.
Mr. Speaker, thank you.
Hon. E. Jay Saunders
Minister of Finance, Investment & Trade
February is National Self- Check Month and family medicine physician at Cleveland Clinic, OH, John Hanicak, MD, highlights why at home self-checks are extremely important when it comes to not just early cancer detection but identifying other illnesses too and offers tips on what to look out for.
“Sometimes I look at them as sort of like your check engine light on the car, just like there would be a red flashing light that tells you that
there’s something wrong with a car and prompts you to bring that in and get serviced. Your body does the same thing. It gives you warning signs to look into that symptom a little bit further,” said Hanicak.
Dr. Hanicak said self-checks are going to be a little different for everyone.
However, in general, he recommends looking for anything that may seem abnormal, such as unexplained weight loss, blood in your urine, bumps and bruises that won’t heal, and changes in bowel habits.
For example, if you suddenly start going to the bathroom a lot more than you used to, that could be a sign of something more serious.
He also suggests doing regular skin checks and documenting any moles or spots that start to look different.
“Realize that you are your own person. There’s nobody else in the world exactly like you. You’ve got your own set of ideas, your own family history and your own genetics. Know what is normal for you, and when that changes, that’s the kind of thing that we would be interested in talking about,” said Dr. Hanicak.
Dr. Hanicak notes that self-checks are not meant to replace cancer screenings, as those are just as important to keep up with.
Press Release: Cleveland Clinic
PM: Project delivers on promise and invests in youth, sports and national development
GRAND BAHAMA, The Bahamas — Calling it the fulfillment of a major commitment to the island, Prime Minister Philip Davis led the official groundbreaking for the Grand Bahama Aquatic Centre, a facility the government says will transform sports development and create new opportunities for young athletes.
Speaking at the Grand Bahama Sports Complex on February 12, the Prime Minister said the project represents more than bricks and mortar
— it is an investment in people, national pride and long-term economic activity. The planned complex will feature a modern 50-metre competition pool, designed to meet international standards for training and regional and global swim meets. Davis said the facility will give Bahamian swimmers a home capable of producing world-class performance while also providing a space for community recreation, learn-to-swim programmes and water safety training.
He noted that Grand Bahama has long produced outstanding athletes despite limited infrastructure and said the new centre is intended to correct that imbalance, positioning the island as a hub for aquatic sports and sports tourism.
The Prime Minister also linked the development to the broader national recovery and revitalisation of Grand Bahama, describing the project as part of a strategy to expand opportunities for young people, create jobs during construction and stimulate activity for small businesses once operational.
The Aquatic Centre, he said, stands as proof that promises made to Grand Bahama are being delivered.
The project is expected to support athlete development, attract competitions, and provide a safe, modern environment for residents to access swimming and water-based programmes for generations to come.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, February 15, 2026 – For the better part of three years, Bahamians have been told that major Afreximbank financing would help transform access to capital, rebuild infrastructure and unlock economic growth across the islands. The headline figures are large. The signing ceremonies are high profile. The language is ambitious. What remains far harder to see is the measurable impact in the daily lives of the people those announcements are meant to serve.
The Government’s push to secure up to $100 million from Afreximbank for roughly 200 miles of Family Island roads dates back to 2025. In
its February 11 disclosure, the bank outlined a receivables-discounting facility — a structure that allows a contractor to be paid early once work is completed, certified and invoiced, with the Government settling the bill later. It is not cash placed into the economy upfront. It does not, by itself, build a single mile of road. Every dollar depends on work first being delivered and approved.
The wider framework has been described as support for “climate-resilient and trade-enhancing infrastructure,” a phrase that, in practical terms, should mean projects that lower the cost of doing business, move people and goods faster, and keep the economy functioning. But for communities, that promise becomes real only when the projects are named, the standards are defined and a clear timeline is given for when work will begin — and when it will be finished.
Bahamians have seen this moment before.
In 2023, a $30 million Afreximbank facility for the Bahamas Development Bank was hailed as a breakthrough that would expand access to financing for local enterprise. It worked in one immediate and measurable way: it encouraged businesses to apply. Established, revenue-generating Bahamian companies responded to the call, prepared plans, and entered a process they believed had been capitalised to support growth. The unanswered question is how much of that capital has reached the private sector in a form that allowed those businesses to expand, hire and generate new economic activity.
Because development is not measured in the size of announcements.
It is measured in loans disbursed, projects completed and businesses expanded.
The pattern is becoming difficult to ignore. In June 2024, when Afreximbank held its inaugural Caribbean Annual Meetings in Nassau,
Grand Bahama was presented as the future home of an Afro-Caribbean marketplace said to carry tens of millions of dollars in investment. What was confirmed at that stage was a $1.86 million project-preparation facility — funding for studies and planning to make the development bankable, not construction financing. The larger build-out remains dependent on additional approvals, land acquisition and further capital.
This distinction — between financing announced and financing that produces visible, measurable outcomes — is now at the centre of the national conversation.
Because while the numbers grow larger on paper, entrepreneurs still describe access to capital as out of reach, and communities across the Family Islands are still waiting to see where the work will start.
And in an economy where stalled growth translates into lost opportunity, rising frustration and real social consequences, the gap between promise and delivery is no longer a communications issue.
It is an inability to convert announcements into outcomes.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
