VOLUME 14 ISSUE 28

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JULY 14TH, 2018 – JULY 21ST, 2018

Website: www.suntci.com

VOLUME 14 - NO. 28

Email: sun@suntci.com

Tel: (649) 348-6838

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Fax: (649) 941-3281

www.facebook.com/tcisun

FORTIS SHOCKS TCI by Hayden Boyce Publisher & Editor-in-Chief

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Many residents of Turks and Caicos Islands have expressed shock over a request from power company Fortis TCI to increase rates. The request which was formally made to the Turks and Caicos Islands Government on Wednesday, July11th, 2018, has electrified debate country-wide and on social media, indicating that Fortis and the general public are poles apart on the timing of the increase. Fortis filed a rate variation application under Section 34 of the Electricity Ordinance, which proposed an average rate increase of 6.8%. Residential customers with an average monthly consumption of 500 kWh would see an increase of approximately $8 per month on their electricity bills. The company said the rate variation application seeks to restore the company to a stable financial position following the

impact of the 2017 hurricanes. The financial impact on FortisTCI of Hurricanes Irma and Maria is estimated at $42 million. “We were resolved that the country not miss the 2017 2018 tourist season. FortisTCI, along with its parent company Fortis Inc and with the support of numerous local and international partners, responded quickly and worked to restore electricity in less than 60 days,” FortisTCI President & CEO Eddinton Powell said. Mr. Powell added, “It is beneficial to all stakeholders for the utility to return to a stable financial position. This will allow the company to effectively respond to storms when they hit our islands again. It is also important for us to maintain a high service quality and reliability, to ensure that the Turks and Caicos Islands remains attractive to investors that value first-rate electricity services. We believe this rate variation application is reasonable and warranted.” Continued on page 2

FortisTCI President & CEO Eddinton Powell

Premier Hon. Sharlene Cartwright-Robinson

2018 TO 2019 BUDGET AT A GLANCE Premier and Minister of Finance, Trade and Investment, Hon. Sharlene Cartwright-Robinson, delivered the 2018 to 2019 budget in the House of Assembly in Grand Turk, on July 10th, 2018, under the theme “Consolidating the Gains, Expanding the Hope and Empowering Our People” •The top ten or areas of spending in the budget are: 1.$76.5m or 26.4% of total expenditure for the Ministry of Health, Agriculture and Human Services and $73.4 million of recurrent expenses. This is inclusive of the $33.1m allocation to the NHIP. 2.$43.7m or 15.0% of total expenditure for the Ministry of Education, Youth and Library Services. $13.4 million in Capital Expenditure. 3.$31.7m or 10.7% of the total

budget for the Ministry of Infrastructure, 8.$8.6m or 3.0% for the Ministry Housing and Planning. That is $17.5 of Tourism, Environment, Heritage million for recurrent expenses and $14.2 and Culture. With recurrent budget allocation of $7.2 million. Capital million for Capital expenses. 4.$27.8m or 9.6% of total expenditure is $1.4 million. expenditure for the Royal Turks and 9.There will be a $9.1m or Caicos Islands Police Force. That is 3.2% of the total budget for the judicial 25.0 million for recurrent expenses and administration. Allocation for the SIPT legal aid programme is $5.4 million. 2.8 million for Capital expenses. 5.$19.7m or 6.8% for the 10.Finally, there will be Ministry of Finance, Trade and $6.9m or 2.4% of the total budget for Investment; the Attorney General’s Chambers. 6.$14.5m or 5.0% - can Recurrent expenses will account for be announced for the Ministry of $6.4 million. Capital Expenditure for Home Affairs, Transportation and the AGC is $500,000. Communications including 12 new staff Within the proposed budget for the Prison and two for the Road there will also be: •$23.1m for pensions and Safety. There are 8 new officers for the gratuities, transfer to the National Social Department. 7.$11.0m or 3.7% for the Office Wealth Fund, Contingency fund and of the Deputy Premier and Ministry of Debt Servicing. Border Control and Employment. •$7.0 m for the Governor’s Office

•$3.1m for the House of Assembly •$3.2m for the Premier’s Office and District Administration •$2.5m for the Deputy Governor’s Office •$1.6m for the Director of Public Prosecutions REVENUE The expenditure budget will be funded from existing revenue streams and cash reserves. •Total expenditure is $279.6m oRecurrent Revenue - $273.1m oEU Grant - $3.8m o and Capital Receipts - $2.7m •Accommodation Tax - $62.5m – 22% of Revenue •Import Duties – $70.7m – 25.3% of Revenue •Customs Processing Fees – $30.0m 10.8% of Revenue

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Conserve Energy & Save! To save on your energy costs, set your AC thermostat to 78 degrees or as high as comfort permits. Further information and nergy conservation tips are available on our website: www.fortistci.com

www.fortistci.com | 649-946-4313


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