APRIL 19TH, 2019 – APRIL 26TH, 2019
VOLUME 15 - NO. 15
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$306 MILLION IN REVENUE FORECAST by Hayden Boyce Publisher & Editor-in-Chief
T
he Turks and Caicos Islands Government is expecting to collect $305.9million in revenue during this 2019 to 2020 financial year. This, according to Premier and Minister of Finance, Hon. Sharlene Robinson, is about $26.2million or 9.3 percent greater than the approved estimates for the previous 2018-19 financial year, but 12.3 percent lower than the unaudited performance. The Premier gave the forecast in the House of Assembly on April 16th, 2019, while laying the Estimates of Revenue and Expenditure for the financial year 2019-20 (Consolidated Fund) and the Estimates for the SelfFinancing Statutory Bodies for the same period. “Given our commitment to the future generation to remain economical independent, we continue to forecast a fiscal surplus – a position many countries are struggling to achieve. The primary surplus is estimated at $11.5million, from which, $6.3million will be transferred to reduce our enviable debt portfolio of $9.4million,” the Premier reported. She said that import and other Customs-related duties are forecast to contribute $114.4million or 38 percent of revenue, while accommodation tax at $69.4million, will account for 23 percent of the receipts. Work permits and other immigration fees are forecast at just above $30million, while stamp duty on land transactions, which the Premier said is “very difficult to forecast”, is expected to generate approximately -$28million or 9.2 percent of revenue. Vehicle and driver’s licences are expected to yield $5.4million; fuel tax, $10.5million; seaport departure tax,
Grace Bay Resorts raise over $60,000 for TCI’s Hope Autism Classroom
T
he Grace Bay Resorts Foundation certainly exceeded their expectations as they raised just over $60,000 at this year’s Gala in aid of the Hope Autism Classroom. The event was hosted at Point Grace
$3.6million; excess revenue, $7million; Airport’s Authority, $3million; Financial Services Commission (FSC), $3.5million and Telecommunication’s Commission, $500,000. Donor partners, collectively will contribute approximately $612,000, the Premier added. EXPENDITURE
Resort on Saturday, April 13th. Pictured from left to right are: Hope Foundation founder, Almando Rigby; Actress and autism awareness advocate, Kim Fields; President of the Hope Foundation Maxia
to reinstate staff increments – only this time, we are ensuring that there is value for money and it is being reinstated using a performance/merit-based system. I would like to thank Her Excellency Deputy Governor (Anya Williams) and her team, for their hard work in making this possible.” TOP TEN AREAS OF SPENDING
In terms of expenditure, the Premier said that $96.7million or just about 32.8 percent of the revenues will be allocated to staff costs, with a further $6million allocated to pensions and gratuities. She added: “(For) Civil Servants have weathered-the-storm, it’s payback time. Over $2million has been allocated
The top ten or areas of spending in the budget are: 1.HEALTH - $79.9million or 27.1 percent of total expenditure for the Ministry of Health, Agriculture and Human Services; $75.2m of recurrent expenses and 4.7million in Capital Expenditure. This
Rigby; Grace Bay Resorts Foundation Director, Johnna Messam; Mark Durliat, CEO and Owner of Grace Bay Resorts, Ryan Peete and Actress and autism awareness advocate Holly Robinson. (See pages 24 & 25 for more photographs).
is inclusive of the $33.0m allocation to the NHIP. 2.EDUCATION - $42.5million or 14.4 percent of total expenditure for the Ministry of Education, Youth and Library and Social Services. $35.6 million of recurrent expenses and $6.8 m in Capital Expenditure. 3.POLICING - $30.6million or 10.4 percent of total expenditure for the Royal Turks and Caicos Islands Police Force. That is $26.2 million for recurrent expenses and extraordinary costs for the ongoing corruption trials and 4.4 m for Capital expenses.
Conserve Energy & Save!
Continued on page 2
Install energy-efficient compact fluorescent or LED bulbs. They give off less heat and use as much as 75% less energy than incandescent bulbs. Further information and energy conservation tips are available on our website: www.fortistci.com
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