News
With $343 Million in the Bank, TCI could run 303 Days on Cash Reserves
Deandrea Hamilton
Editor
#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.
Bahamas News
Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday
Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.
Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries
and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.
According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.
The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.
Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.
However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.
The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.
PHOTO CREDIT: Bahamas Brass Band
News
BermudAir Launches New York Area’s First Nonstop Service to South Caicos, Now Just a 3.5 Hour Flight from Newark
Twice-Weekly Nonstop Flights Begin December 20 with Fares from $347 One Way, Creating Direct Access to Salterra Resort & Spa
– New Route Expands BermudAir’s Winter Turks & Caicos Network –
[New York, NY – August 20, 2026] – BermudAir, the leading premium leisure carrier to Bermuda and the Caribbean, today announced it will introduce nonstop flights to South Caicos from Newark this winter. The route places one of the Caribbean’s most secluded island destinations just 3.5 hours from the New York area for the first time.
The new service starts on December 20, 2026, operating on Sundays and Thursdays, and will be the only nonstop service to the destination
from the New York area. This seasonal service will operate through April 25, 2027. Fares start at $347 one way ($773 roundtrip) and go on sale today.
The new South Caicos route creates gives travelers two distinct luxury resort options, with direct access to Salterra, A Luxury Collection Resort & Spa, recently named the No. 1 resort in Turks and Caicos by Condé Nast Traveler.
Set across 85 beachfront acres with a 3,000-foot private white-sand beach, Salterra brings a full luxury resort experience to an island still defined by its historic salinas, pristine waters, bonefishing flats and uninhabited cays. Upon landing at South Caicos International Airport (XSC), guests are approximately 10 minutes from the resort.
While flights go on sale today, the airline’s BermudAir Holidays vacation-packaging division will offer curated travel to South Caicos from next month, featuring flights, hotels and authentic island experiences, with bundled discounts and value-added perks, making it even easier to explore the destination.
Previously BermudAir announced seven new routes to Providenciales in Turks and Caicos, from Newark (EWR), Boston (BOS), Baltimore-Washington (BWI), Raleigh-Durham (RDU), Fort Lauderdale (FLL), St Petersburg/Tampa (PIE) and Toronto (YYZ) which will all start in December except for Fort Lauderdale which begins October 26.
Expanded Winter Season
- To South Caicos:
- Twice-weekly nonstop from Newark (Sundays and Thursdays) from December 20 through April 25, 2027.
- To Turks and Caicos:
- Weekly nonstop from Newark (Saturdays) and one weekly direct service (Thursdays) from December 19 through April 29, 2027;
- Weekly nonstop service from Boston (Saturdays), from December 19 through May 1, 2027;
- Weekly nonstop service from Baltimore-Washington (Thursdays), from December 24 through April 29, 2027;
- Twice-weekly nonstop service from Raleigh-Durham (Thursdays and Sundays), from December 20 through May 2, 2027;
- Thrice-weekly service from Fort Lauderdale (Mondays, Wednesdays and Fridays), from October 26 through May 3, 2027;
- Twice-weekly nonstop service from St Petersburg/Tampa (Mondays and Thursdays), from December 21 through May 3, 2027; and
- Weekly nonstop service from Toronto (Saturdays), from December 19 through May 1, 2027.
“We’re thrilled to continue expanding our Caribbean network as the premium leisure carrier from North America,” said Adam Scott, Founder and CEO of BermudAir. “Now New Yorkers can fly nonstop to two distinct sides of the Turks and Caicos Islands — Providenciales and the secluded island of South Caicos, home to the exquisite Salterra and Sailrock South Caicos resorts.”
The airline consistently earns Net Promoter Scores of 70+, one of the highest ratings in the airline industry. All flights will be operated on comfortable Embraer E190 aircraft, offering passengers the airline’s signature warm service and authentic island hospitality.
“South Caicos has always felt worlds away, and that is part of its magic,” said Michael Tibbetts, Founder and CEO of Salterra. “Beginning this winter, guests can fly nonstop from Newark in 3.5 hours, land at one of the newest international airports in the region and be at Salterra minutes later. This route makes a long weekend escape and an extended stay to one of the Caribbean’s most unspoiled islands remarkably easy, without changing the sense of discovery that makes South Caicos so special.”
For more information or to book flights, visit www.flybermudair.com. Salterra will offer dedicated stay packages timed to BermudAir’s Thursday and Sunday nonstop service. To book a stay at Salterra, A Luxury Collection Resort & Spa, visit www.salterra.com
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.
The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive
showcase at the Kendal G. L. Isaacs Gymnasium. Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.
During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.
During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.
CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.
Event organizer, Donald Francois shared his appreciation for CBC’s support.
“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.
Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the
tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.
They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.
After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.
“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.
For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.
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