News
Budget deficit projected by Finance Minister Saunders; new spending to FortisTCI & TCI Police
By Shanieka Smith
Staff Writer
#TurksandCaicos, October 6, 2022 – In his presentation to Parliament, the Deputy Premier and Finance Minister announced a budget deficit which includes FortisTCI and the Royal TCI Police equally sharing $5 million aimed at paying consumers’ electricity bills and beating back deadly crime.
Deputy Premier and Finance Minister of the Turks and Caicos Islands Hon. E. Jay Saunders addressed the Second Supplementary Estimates Expenditure for the financial year 2022-2023 in his speech at the House of Assembly on Monday afternoon. Sanders presented these estimates per standing orders 32, sections 118 and 51 from the TCI constitution.
“Globally, 2022 has been challenging for everyone,” the Deputy Premier said as he started his speech.
He proceeded to discuss proposals from the second supplementary appropriations bill.
Saunders said the estimates propose a revision of the revenue upward by $1.45 million bringing it to a total of $404.2 million. Expenditure will also be increased by $18.4 million.
The governor explained that funding for these revisions will be taken from the country’s cash reserve, which will result in a budget deficit. Although deficit budgets for this financial year are being proposed, “we do plan to return to surplus budgets in the medium term if not before,” Sanders continued and reassured the citizens that this will not become a trend. 
Saunders stated that sustainability ratios are still being met even in deficit, and the islands’ liquid cash reserve is currently at $240 million. This equates to 212 days, which suggests that the Turks and Caicos islands would survive for 212 days if no money was coming in.
“My goal as minister of finance is to extend that to 365 days,” said the Deputy Premier.
He said he believes that these proposed supplementary estimates will not only continue to address inflation in the islands but also provide some relief for the most vulnerable citizens. He mentioned that the surge in crime – addressed earlier by the Premier – is a major issue and the estimates will allow the government to respond “aggressively”.
Rebuilding better after hurricane Fiona is also a priority for the government as too much is being spent on repairs rather than building sustainably. The Deputy Premier said this would be addressed in his next budget speech and throughout the rest of the year.
The Deputy Premier continued by addressing a few of the initiatives to that government funds would be allocated. A sum of $2.5 million will subsidise a portion of FortisTCI bills for the billing period from September to December. Saunders explained that this would assist residential customers while the government aims to find long-term measures to cut electricity costs.
Another 2.5 million will be used to combat the crime surge by way of raising police subsidies, purchasing equipment and increasing staff. Saunders said one outcome is sure from this “it is our victory, not theirs” referring to criminals on the islands.
Other initiatives included a stimulus for residents, hurricane relief, tourism, professional development, and foster care and social welfare benefits.
Jay Saunders closed his speech by encouraging the citizens from Joshua 1:9, “I would like to encourage the good people of the Turks and Caicos islands… despite the trying times that our country is going through, to be strong, to not be frightened or dismayed for the Lord your God is with you wherever you go.”
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.
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