Volume 8 Issue 8

Page 1

VOLUME 8 No. 08

FEBRUARY 24TH - MARCH 2ND, 2012

$1

DEFICIT JUMPS FROM

$15M TO $20M Website: www.suntci.com

Email: sun@suntci.com

BY HAYDEN BOYCE PUBLISHER AND EDITOR-IN-CHIEF

The economy of the Turks and Caicos Islands continues to experience serious struggles, with the deficit increasing from $15million in the second quarter (July to September 2011) to $20million in the third quarter (October to December 2011) and the Interim Government admitting that they will likely end the financial year at an increased deficit position of $38 million. The $5million increase in the deficit was highlighted in the third-quarter financial statements which were released by the Interim Government on Thursday February 23rd. At the end of December 2011 TCIG recorded a recurrent deficit of $19.9m, which was $7.4m higher than budget, but $33.5m less than the same period last year. A review of the second-quarter figures by The SUN showed that at the end of September 2011 revenue and expenditure showed a deficit of $14.9m, $7.6m higher than the budgeted deficit of $7.3m. However, at the same point last year, the deficit was $35.3m. Government revenue at the end of December was $118.5million, which was up $2.3million or 2% on budget and $33million on last year, but total expenditure stood at $138.4million which was $9.7million or 7.5% above what was budgeted, but halfmillion dollars below last year. CONTINUED ON PAGE 2

Tel: 649-946-8542

Fax: 649-941-3281

Interim Government says it will get higher

A member of the audience displays a sign while Governor Ric Todd addresses the audience a the Providenciales Town Hall meeting on February 21, 2012

LARGE HOTELS TO PAY 30 PERCENT TCI BANK DEPOSITORS MORE FOR ELECTRICITY WANT ANSWERS - PAGE 5

SEE GSAT PAPER ON PAGE 26

www. twitter.com/suntci

LILLIAN BOYCE STEPPING STONES COLUMN

- PAGE 8

- PAGE 9


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