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With $343 Million in the Bank, TCI could run 303 Days on Cash Reserves

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Deandrea Hamilton

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#TurksandCaicos, December 21, 2023 – The Turks and Caicos Islands has so much money in the bank that it could run for ten months without any new income.  It is an enviable position and a curious analogy conjured up by E. Jay Saunders, the Minister of Finance, Investment and Trade.

Saunders is quick to explain, it is the very healthy financial state of the TCI which has bolstered his confidence to support a cumulative tens of millions of dollars in business write-offs, social help, offsets to inflation, duty exemptions, housing incentives, stimulus payouts, investment inducements and salary and pension increases among other efforts.

In another colossal announcement, the Minister during his second Budget Supplementary for the 2023-2024 fiscal period, last week Wednesday, announced the country has hundreds of millions of dollars in the bank.

“And Mr. Speaker, as of 31st of October 2023, I am happy to say that our cash reserves stood at a robust $343.0 million,” said Saunders in laying the Supplementary Appropriations Bill on December 13.

That figure is over $100 million more than what the minister uncorked in October 2022, when cash reserves stood at $240 million.  At the time, the Finance Minister offered that the Turks and Caicos had sufficient funds to more than meet the UK-set benchmark of having 90 days of operational funds in reserves.

On October 6, 2022 during a House of Assembly session to increase budget spending then, the Deputy Premier had said: “That means that if the TCI economy shuts down today, and our government was unable to generate not even $1 or revenue, we could pay all our bills for up to 212 days.

For reference Mr. Speaker, the UK government requires us to keep a minimum of 90 days’ worth of cash reserves, we’re at 212 days! And Mr. Speaker, my long-term goal is to increase this to 365 days. God forbid, if we ever go into another prolonged lockdown again, one thing is for certain, the TCI will not have to, as the saying goes, “beg, borrow, or steal” to pay its bills.”

Now, $103 million richer in its various savings funds and with at least two quarters of “planned deficits” the Turks and Caicos Islands Government has rolled out a slew of big ticket items including an $18.2 million salary increase for the Public Service including executive government officers like the Attorney General, Permanent Secretaries and Deputy Governor, which is a recurrent expense; a roughly $600,000 salary increase for 20 House of Assembly members, also a recurrent expense and now an additional $10.5 million for a variety of projects.

“I rise to Table the same. And I am doing so under the theme: “Delivering on the Citizen’s Contract: Achieving Social, Economic, and Environmental Progress for All.” Mr. Speaker, specifically, we are seeking an additional issuance of funds from the Consolidated Fund, amounting to $5,788,222.23, and from the Development Fund, an amount of $4,765,850. This revision will elevate our total expenditure to $443.4 million thereby increasing our planned deficit to $25.6 million, which will be funded from our cash reserves,” said Deputy Premier, Saunders.

Also fueling Saunders’ confidence is the earnings performance of the Turks and Caicos Islands, and seriousness said the deputy premier to fulfilling Progressive National Party campaign promises.

“Mr. Speaker, at the heart of this Bill lies our government’s commitment to the sustainable development and prosperity of the Turks and Caicos Islands. It is structured to address areas across our government and our islands that require immediate attention and investment, and it reflects our Government’s foresight and responsiveness to the needs of our people and the demands of our growing economy.”

Saunders, later in his presentation explained, “Mr. Speaker, The utilization of our cash reserves for this deficit is a calculated and responsible decision, considering our reserves stand at a healthy level. As I like to say, this is not by luck, but by design. Mr. Speaker, Our year-to-date aggregate revenue stands at $249.6 million, exceeding our estimates. This performance is mainly attributed to the robust collection of: • import duties, • customs processing fees, and • work permit fees. This is a clear indicator of the robustness of our economy and the effectiveness of our revenue collection mechanisms.”

And yet, the country is still underspending in some critical areas.

“Mr. Speaker, On the expenditure front, we have been prudent and efficient. Our total recurrent expenditures totaled $182.6 million, significantly below our estimates. This underspending is primarily due to vacancies within the Civil Service and lower-than-expected spending on professional and consultancy services.”

That however may change given the raised wages in the public sector, following a Pay and Grading review which has boosted by impressive margins salaries for teachers, health care workers and domestic security personnel.

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Beaches Turks & Caicos welcomes record 111 interns in 2026 summer programme

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Beaches Turks and Caicos Hotel Manager Ghislain Boutoulle was on hand to welcome the over 100 interns at the orientation session recently

PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos Resort has launched its 2026 Summer Internship Programme with a record-breaking cohort of 111 high school and tertiary-level students, marking the largest intake in recent years.

The six-week programme, which runs from July 6 to August 14, 2026, is designed to give young Turks and Caicos Islanders hands-on exposure to the hospitality industry across a wide range of departments.

Human Resources Recruitment Specialist Fitzroy Virgo highlighted the programme’s growing significance, “this is the largest cohort we have had in recent times. We currently have 111 participants with a waiting list of almost another 100. We are happy that we have been able to attract some of the brightest and best young minds in the Turks and Caicos Islands as we have interns from Providenciales, North and South Caicos Islands.”

Virgo also noted that the programme goes beyond technical training, incorporating soft skills workshops in financial literacy, customer service, résumé writing and brand and image management.

General Manager Deryk Meany praised the human resources and training teams for the programme’s sustained growth. “The success of this programme has allowed us to grow each year as we continue to build a conducive learning environment for aspiring professionals in the hospitality industry throughout the Turks and Caicos Islands,” Meany said.

He noted that many of this year’s interns were first introduced to Beaches through educational tours facilitated by the Sandals Foundation. “We are excited to provide training in the various areas but more importantly to train them in the soft skills areas that will allow them to be more marketable after they experience this internship programme.”

Among the interns is Maranatha Academy fifth form student Vernae Handfield, who has set her sights on the culinary arts. “My dream is to explore the culinary world and to be a Michelin chef in the future — hence my reason for wanting to start my experience here at the largest resort in the Turks and Caicos Islands,” Handfield shared. “I’m looking forward to learning from all these experts who have many years of experience in the different cuisines.”

For others, the programme offers a bridge between classroom theory and real-world application. Keiser University accounting major Sean Astwood II said the opportunity is perfectly aligned with his academic goals. “I want to be able to put into practice my theoretical knowledge into the field of accounting and eventually auditing. Getting the opportunity here at Beaches Turks and Caicos Resort is the perfect environment for me to start to build my skills. I’m grateful for this experience to be immersed into this dynamic working environment.”

The programme has also fostered a culture of return, with several interns participating for multiple consecutive years — a testament to the quality and lasting impact of the experience. As Beaches Turks and Caicos continues to expand its community engagement through hospitality education, the 2026 cohort stands as a powerful reflection of the resort’s commitment to developing local talent and strengthening the Turks and Caicos Islands’ hospitality workforce for years to come.

Photo Insert: A section of the audience at the Beaches Turks and Caicos 2026 summer internship programme at the Caribbean Village conference room

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Multi-Agency Operation Targets Illegal Occupation of Crown land in Blue Hills  

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Providenciales, Turks and Caicos Islands, July 9, 2026- The Crown Land Unit, with coordination and support from the Informal Settlements Unit (ISU), conducted a multi-agency enforcement exercise in the Blue Hills area off Tom Lightbourne Road and opposite the dump on Thursday, July 2, 2026, as part of the Government’s ongoing efforts to protect Crown land from illegal occupation and encroachment.

The operation brought together representatives from the Crown Land Unit, the ISU, the Planning Department and the Royal Turks and Caicos Islands Police Force who provided security for the exercise. Following a briefing, inspections were carried out across a number of parcels of Crown land where illegal structures and other unauthorised uses had been identified.

During the exercise, officers served a total of eleven (11) Letters of Illegal Occupation to occupied structures, while six (6) Section 22 Notices of Unauthorised Occupation were issued in accordance with the provisions of the Crown Land Act. In addition to illegally constructed buildings, notices were also issued in relation to the unauthorised placement of vehicles, boats and a jet ski on Crown land. Where occupants were not present, notices were affixed to the relevant structures or locations.

The Government of the Turks and Caicos Islands reminds the public that occupying or otherwise using Crown land without lawful authority is an offence under the Crown Land Act. These inspections and enforcement activities form part of a sustained programme aimed at safeguarding public lands, discouraging unlawful development and ensuring that Crown land is managed in the best interests of the people of the Turks and Caicos Islands.

The Crown Land Unit will continue to work closely with its partner agencies to identify and address instances of illegal occupation across the Islands. Persons occupying Crown land without authorisation are encouraged to comply with all notices issued and to seek guidance from the relevant authorities where necessary.

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Beaches Turks & Caicos Opens Team Members State of the Art Welcome Centre  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos has officially unveiled its newly constructed Team Member Welcome Centre, marking a significant milestone in the resort’s ongoing Beaches 2.0 transformation.

The new facility, introduced as part of phase one of the development, is designed to centralize essential services and amenities for team members while elevating comfort, convenience and overall workplace satisfaction. The space now houses a state-of-the-art cafeteria, a multimedia training room, the human resources department, expanded locker and changing facilities and an automated banking machine- creating a comprehensive, one-stop hub for team members.

Speaking at the opening, General Manager Deryk Meany emphasized the broader vision behind the investment and its alignment with the brand’s evolution.

“This is one more step in Beaches 2.0 being consistent, providing personalized service and taking it to the next level for our team members to be comfortable. I want my team to know that this resort is the most ideal place to work and we are invested in their comfort and wellbeing” Meany stated.

The initiative reflects a growing recognition within the hospitality sector that employee experience is connected to guest satisfaction. Beaches Turks and Caicos has prioritized modern infrastructure and staff focused amenities to strengthen team engagement while reinforcing its reputation as a leading employer in the Turks and Caicos Islands.

Regional Managing Director James McAnally described the Welcome Centre as a space for employees’ well-being and operational excellence.

“This project is a long-term plan that was designed to provide comfort for every team member,” McAnally said. “The new dining space can rival fine dining restaurants on the island. We have provided the best for our team and we want them to enjoy the amenities as we continue to enhance the family atmosphere at Beaches Turks and Caicos.”

The restaurant which is a standout feature of the new facility, offers a modern dining experience with upgraded seating, contemporary finishes and an enhanced menu selection. Designed with both functionality and aesthetics in mind, the space reflects the resort’s commitment to quality for its team.

In addition to dining, the multimedia training room introduces advanced learning capabilities, supporting ongoing team development through interactive and technology-driven training sessions. The inclusion of human resources within the same complex further streamlines comprehensive space for staff related services, while the expanded locker and changing areas address a conducive working facilities space for the team.

Long-serving team member Carlton Salmon praised the development, noting its impact on morale and daily operations.

“This place is simply amazing,” Salmon shared.

“The style and design are similar to the new Treasure Beach Village. This is Beaches 2.0. Every team member has given positive ratings for not only the food, but the one-stop shop idea.”

The Welcome Centre’s opening signals more than just a physical upgrade. It shows that Beaches Turks and Caicos continues to position itself as a forward-thinking leader in Caribbean hospitality.

As phase one comes to fruition, anticipation is already building for future enhancements under the Beaches 2.0 initiative, which aims to further integrate innovation, community support and elevated service standards across the resort.

 

PHOTO CAPTION: The official ribbon cutting at the Welcome Centre has (l-r) Curtis Lee, Hotel Manager,  Phildreka Campbell, Learning and Development Manager,  Patricia Talbot, Restaurant Manager,  Javain Campbell,  Diamond team member, James McAnally, Regional Managing Director,  Deryk Meany,  General Manager,  Owenta Coleby, Human Resources Manager,  Tanya Swann,  Executive Assistant Manager Treasure Beach Village, and Dr Anya Malcolm-Gibbs, Director of Special Education Needs Services

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