News

FOURTH QUARTER FINANCIAL REPORT 2015/2016

Published

10 years ago

May 20, 2016

TCIG delivered another solid quarter, resulting in an overall fiscal position that was more favourable than the original and revised estimates for the year. This was largely due to the extraordinary returns in areas such as Import Duties, Hotel& Restaurant Tax and Stamp Duty on Land Transactions; while appropriate legislative compliance measures continued to be enforced, as well as emphasis continued on adherence to both the Public Finance Management and the Public Procurement Ordinances.
Fourth Quarter results recorded a surplus $10.3 million resulting in a total surplus of $68.6 million for the year ended March 31, 2016.
Recurrent Revenues for the fourth quarter totaled $70.7 million. Total Recurrent Revenues for the year of $259.8 million, recorded a favourable variance of 12% ($27.9 million) against the budgeted amount, while realizing a growth of 5% when compared to the previous year. The variances are attributable largely to the following items:

Growth in Import Duties which totaled $67.3 million at the end of the fourth quarter; up 12% from the budgeted amount.
Strong Performance in the Real estate sector with Stamp duties on Land Transactions, totaling $26.9 million for the year, being 45% above budget.
Favourable results from the Hospitality sector, recording $58. 2 million at year end for Hotel & Restaurant Tax.

Recurrent expenditure made up somewhat for previously shortfalls during the fourth quarter, being up 33% ($14.0 million) from the budgeted amount. Full year expenditure however, was 6% ($11.8 million) below budget, while recording a growth of 14% over last year’s outturn.

The total amount spent on capital projects at the end of the fourth quarter was $11.6 million representing a $14.8 million or 56% shortfall from the budgeted amount of $26.4 million. This $14.8 million however, will be retained in the Development Fund to cover the cost of projects that were deemed committed as of March 31, 2016.

Major projects during the year included:

$2.2 million spent on Long Bay High School Phase 2
$2.0 million Spent on Repairs to the Causeway Bridge
$0.5 million spent on repairs to the Wellness Centre on the island of Grand Turk
$0.5 million spent in on various Carnival infrastructure projects
$0.4 million spent on Glass Shack road development

TCIG’s total outstanding debt as of March 31, 2016, was $44.3 million; including $28.0 million borrowed from Royal Bank of Canada during February as part of a refinancing arrangement and a $5.0 million Policy Based Loan received from the Caribbean Development bank during March.

“With the help of our taxpayers, vendors, civil servants and lenders we have managed to advance many of our projects that focused on infrastructure within the islands and the education sector, while delivering a budget surplus for FY 15/16. However, TCI we must not become complacent, there is still much work ahead of us, as we continue our work in ensuring sustained economic stability and also the continual improvement of the standard of living of all residents of our islands” stated the Hon. C Washington Misick.

Click here to read the entire report.

Related Topics:budget financial fiscal government Tci

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News

Flow TCI powers Inter-High Track and Field Championships

Published

3 days ago

March 5, 2026

Deandrea Hamilton

Providenciales, Turks and Caicos Islands (March 5, 2026) – As the Turks and Caicos sporting community celebrates the spirit of youth athleticism, leading telecoms provider, Flow is highlighting the transformative power of connectivity following the successful conclusion of the 2026 Inter-High Track and Field Championships held at the Turks and Caicos Islands National Stadium from February 26 to 28.

As the Official Media Sponsor for the event, Flow provided livestreaming services that premiered across social media and on Flow TV’s Channel 111. This ensured that families and fans throughout the Turks and Caicos Islands could witness every record-breaking moment. To keep the event running at top speed, Flow also provided broadband services throughout the venue, maintaining seamless connectivity throughout the games.

“Our long-standing partnership with the Turks and Caicos Islands Sports Commission is a shared promise to invest in the next generation. Over the years we have worked together to create opportunities for young people to train, compete and grow,” said Joanne Missick, Country Manager, Flow Turks and Caicos Islands.

“We make this investment because sport develops more than athletes. It’s a long-term investment for us in our people, pride and possibility, and it’s a partnership we hold close because advancing our youth advances the entire nation.”

The commitment to the Games extended directly to the track, where Flow served as the headline sponsor for the 200-meter category. Spanning seven races, the partnership culminated during the official medal ceremony with the company presenting winners with Flow merchandise bags.

Off the track, Flow mobilised engagement through the interactive sales booth. The site became a hub for activity, featuring Spin the Wheel promotions and gift certificate giveaways during Q&A intermissions, ensuring the energy of the crowd remained high.

Looking ahead, Flow is preparing to carry this momentum into the upcoming Inter-Primary Track and Field Championships, continuing its investment in the next generation of sporting talent in the Turks and Caicos Islands.

News

Police Commissioner Honoured with Distinguished Civic Service Award at TCHTA Star Awards

Published

3 days ago

March 5, 2026

Deandrea Hamilton

Providenciales, Turks and Caicos Islands – Commissioner of Police Fitz Bailey has been recognised for his contribution to national security and the tourism industry, receiving the Distinguished Civic Service Award at the Turks and Caicos Hotel and Tourism Association’s Star Awards held on February 19, 2026 at Beaches Turks and Caicos.

The annual awards ceremony is the premier recognition event for the territory’s hospitality sector, bringing together industry leaders, executives and frontline professionals to celebrate excellence and the individuals whose work strengthens the destination’s global reputation.

Commissioner Bailey was honoured for his strategic leadership in the fight against crime and the measurable reductions in major offences, efforts widely credited with improving public confidence and reinforcing the Turks and Caicos Islands’ standing as a safe and competitive tourism jurisdiction.

In accepting the award, the Commissioner dedicated the recognition to the officers and staff of the Royal Turks and Caicos Islands Police Force, praising their commitment and professionalism in what he described as a collective national effort to make the islands more secure.

The TCHTA Star Awards spotlight the link between public safety and tourism performance, acknowledging that a stable and safe environment is essential to visitor confidence, investment and the continued growth of the sector.

This year’s ceremony featured high-energy hosting by Super P the Entertainer, with Omega serving as awards announcer, as the industry gathered to honour the people and partnerships that continue to elevate the Turks and Caicos brand.

Health

TCI Hospital Celebrates Successful “Heart Strong TCI” Initiative During Heart Month

Published

5 days ago

March 2, 2026

Deandrea Hamilton

(Providenciales – Monday, March 2, 2026) TCI Hospital proudly announces the successful achievement of its Heart Strong TCI initiative, a comprehensive Heart Month campaign focused on raising awareness and strengthening cardiovascular disease prevention efforts across the Turks and Caicos Islands.

Heart disease remains the leading cause of death in the Turks and Caicos Islands, highlighting the critical need for sustained public education, risk-factor reduction, and early intervention. The Heart Strong TCI initiative was designed to actively engage the community through education, outreach, and physical activity.

Key Activities Included:

Educational Training Sessions

Healthcare professionals conducted structured sessions addressing hypertension, diabetes, cholesterol management, nutrition, exercise, smoking cessation, and the early warning signs of heart disease.

House Call Talk Show Feature

A dedicated Heart Month episode of the hospital’s House Call program provided expert discussion on cardiovascular risk factors and prevention strategies, empowering viewers with practical, evidence-based guidance.

Red Fridays Awareness Campaign

Throughout the month, staff wore red every Friday to increase visibility around heart disease awareness and reinforce the campaign’s message within the community.

Heart Strong 5K Walk/Run

In collaboration with the Rotary Club, TCI Hospital hosted a community-wide 5K walk/run to promote physical activity as a cornerstone of heart health. The walk/run also provided an opportunity for community screening.

Digital Health Education Campaign

To expand its reach, TCI Hospital also shared ongoing heart health education tips and prevention messages across its social media platforms, including Facebook, LinkedIn, and Instagram. These posts provided actionable guidance on diet, exercise, blood pressure control, and lifestyle modification, and encouraging community members to learn CPR.

Heart Strong TCI: A Continuous Commitment

While Heart Month has officially ended, Heart Strong TCI represents an ongoing institutional commitment to cardiovascular disease prevention and awareness. TCI Hospital will continue to prioritize:

Community-based education initiatives
Preventative screening and early detection programs
Lifestyle and wellness promotion
Strategic partnerships that advance public health outcomes

“Heart Strong TCI is not limited to a single month,” CEO, Dr. Denise Braithwaite-Tennant. “Cardiovascular disease prevention requires sustained effort. We remain committed to promoting healthy hearts across the Turks and Caicos Islands year-round.”

For more information about cardiovascular health services or upcoming screening initiatives, please contact TCI Hospital at 649-941-2800 in Providenciales, 649-941-2900 in Grand Turk or email us at info@interhealthcanada.tc

About TCI Hospital

TCI Hospital is dedicated to delivering high-quality healthcare services to the people of the Turks and Caicos Islands, with a strong emphasis on prevention, education, and community wellness.