News

$485 Million Budget for TCI; Figures Revealed for 2024-2025

Published

4 weeks ago

April 19, 2024

Deandrea Hamilton

Dana Malcolm

Staff Writer

#TurksandCaicos, April 19, 2024 – The PNP Administration is using their final budgetary allocation, an all-time high of $485 million to do ‘More in ‘24 ’ according to Washington Misick, TCI Premier and Finance Minister, when he opened the 2024/25 budget debates on April 16.

A people-focused budget is what Misick says the PNP has created for residents with tackling cost of living as its ‘number one priority.’Citing the expanding economy with rates over 12 percent and the possibility of a revised A Economy rating he said:

”The one thing that keeps me up at night is the constant quest for ways to help our people, especially those in the middle-income bracket and those below the poverty line. Our macroeconomic success must translate to human and social development. It must mean well organized and functioning communities where modern amenities are available and it must mean a better life for all.”

The Premier cited this determination as the reason for denying the recent FortisTCI application for an electricity rate increase and lowered fuel taxes.

In the Construction realm, Misick maintained the government was leveraging its power to deliver for residents as well while criticizing the PDM for allowing wealthy contractors to slide without paying maximum taxes

“Everywhere you turn there’s a new building going up— because of the splitting of purchase contracts for land and construction by foreign wealthy individuals, which the former administration supported, the government is earning less from stamp duty but I promise that will change,” The. Premier said

Misick revealed that the PNP had removed tax holidays, allowing more money to flow into the country from large developments.

Misick doubled down on his administration’s commitment to social welfare programs highlighting the over $6 million increase in welfare since the start of their tenure. For retirees, a 20 percent increase has been granted and the pension fund now has $21 million as of March 31, 2024.

”Fairness to us is supporting people out of poverty not trapping them in a cycle of dependence,” he maintained.

In terms of figures many remained unchanged from the draft budget tabled two weeks earlier. Revenue remained at $452 million while expenditure went up to $389 million.

The GDP of the country grew by 13.7 percent in 2023 and is projected to grow by 4 percent in 2024, and the TCI is now listed as a ‘positive’ economy up from a ‘stable’ rating.

TCIG only managed to spend 29 million out of the 57 million that was budgeted for capital projects which the premier blamed on the drawn-out procurement process, outdated laws, and insufficient resources. He maintained that the government is spending 300,000 in this financial year to review the procurement process. Optimistically TCIG again budgeted $63 million for capital projects this year.

The $485 million budget for 2024/25 was split into 10 main parts.

$117.4 million – Public Service (Offices of Governor, House of Assembly, Ministries etc.)
$ 90.5 million – Health
$86.5 million – Economic Affairs (Environmental and Coastal Resources, Media, Energy and Utilities, Infrastructure Development including land acquisition, Tourism Product Enhancement, Agriculture, and Catastrophic Risk Insurance)
$71.6 million – Public Order and Safety ( $39.0 million will go towards Police Services, $20.9 million to the Judiciary, $19.2 million for Customs and Border Protection, Immigration, and Repatriations, $7.7 million for Prisons, and $1.5 million has been allocated for Fire and Rescue.)
$58.7 million – Education (Special Needs, Community College, Primary, Secondary and Daycare)
$27.0 million – Social Protection
$18.8 million – Estate Management, Housing and Community Amenities
$9.6 million Defense (National Security Secretariat, Military, Disaster Management)
$3.1 million – Environmental Protection
$1.3 million – Culture

The Premier also broke down a list of priority initiatives encapsulated in the allocation, they included:

$157.3 million for staff costs, around $30.7 million compared to the previous year.
$6 million for the Community Enhancement Projects/Works Programme across all islands.
$3.7 million for the Border Force
$3.5 million for the pay and grading exercise of statutory bodies.
$3.1 million for the Senior Citizens’ Financial Assistance Programme.
$1.5 million was added to Social Welfare allocations for a total of $10.1 million.
$1.4 million to cover an increase of 20 percent for pensioners and former legislators.
$900,000 for MSME Investment, which includes funding for training programs, technical assistance, and opportunities for business development.
$ 300,000 for the Prison Reforms and the Juvenile Intervention and Diversionary Programme to review the prison resourcing model within the Department of Correctional Services.
$ 800,000 for additional staff enhancement of the growth and capability of the TCI Regiment to strengthen the islands’ security against illicit activities.

As for how the Turks and Caicos will afford all of this, revenue is expected to be $465 million leaving the country in a deficit of $19 million. Misick admitted, though, that it was unlikely that the deficit would come to fruition.

The top ten earners are expected to be:

$119.6 million – Accommodation Tax
$112.5 million – Import Duties
$54.2 million – Other Receipts
$50 million – Stamp Duty on Land Transactions
$42.9 million – Work Permit
$38.8million – Other Customs Duties
$11 million – Excess Revenue from Ports and Sea Travel Taxes –
$10.9million – Fuel Tax
$7.9 million – Vehicles and Driver’s License Fees
$7.3 million – Business and Banking Related Receipts

Misick maintained that the PNP is delivering for the people, and the budget would provide ‘More in ‘24’, he said:

”If you recall, when we came to office in 2021, I made it clear that this is “The People’s Term” We have never wavered from that commitment. We have used the People’s Contract as our guidepost to ensure that we deliver on the promise—Our budget is designed to give our people opportunities and change their lives for the better.”

Related Topics:#magneticmedianews #tci2024budget #tcibudgetdebate #washingtonmisick

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News

InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group

Published

2 days ago

May 14, 2024

Deandrea Hamilton

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.

Crime

Male Charged with Robbery

Published

3 days ago

May 13, 2024

Deandrea Hamilton

#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.

Crime

Dock Yard Male Charged

Published

3 days ago

May 13, 2024

Deandrea Hamilton

#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 05^th, 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 02^nd, 2024, along South Dock Road.