By Dana Malcolm
Staff Writer
#TurksandCaicos, May 5, 2023 – The Turks and Caicos Islands Government has presented a $424.3 million budget for the 2023/24 financial year, an increase of $35.4 million from the $388.9 million in the 22/23 budget year which ended on March 30th. The government has underspent again in 2022/23 using only $359 million of the budget. This means the country’s proposed expenditure has jumped 18 percent over last year’s actual spending, said the Deputy Premier.
The Budget was laid in the House of Assembly by E Jay Saunders, Deputy Premier and Finance Minister on Wednesday, April 26th and while the bulk ($340.1 million) goes to recurrent expenditure capital, projects got a total of $64.4 million and $11.8 million was funneled toward non recurrent expenditure .
The unaudited 2023 financials say the Government spent $359.5 million to keep the Turks and Caicos running last year; under the designated budget even considering the three multi-million dollar assistance projects and stimulus plans doled out, alongside heightened spending for crime.
Health has been dethroned for a second year as the Government area with the largest allocation, that goes to Economic Affairs with an $88.9 million allotment followed by Public Order and Safety, which includes policing and border security, at $86.6 million.
Health was third in line with an allocation of $84.6 million; next was General Public Services with a $69.9 million chunk of cash.
Education and Recreation will get $48.9 million, a whopping $11 million increase as the Government begins to provide free college education for all islanders and BOTC students and afterschool programs.
Social Protection which covers welfare grants gets $19.1 million. Housing and Community Amenities, which covers water treatment and delivery was given $18.5 million.
The final three , to round out the top ten were Defense with $3.3 million, Environmental protection with $2.8 million, and Policy and Religion with $1.4 million dollars.
Some big ticket items in this years budget are:
- Funding for the Informal Settlement Unit
- Modernizing E-Gates
- Funding for the TCI National Credit Union
- Implementing a multi employer pension plan
- Funding to the Crown Land recommendations
- Community based rehabilitation programs .
The National Budget was pushed to mid-May because of a series of appearances the Premier could not miss early in the month according to Saunders. It will be debated on May 16th after the Premier returns from King Charles III’s coronation and the Joint Ministerial Council meeting, with fellow Overseas Territories, which concludes on May12th.