Government unveils $424.3m budget – Aims to achieve social, economic, and environmental progress for all

BY OLIVIA ROSE

The Turks and Caicos Islands Government has unveiled a colossal $424.3 million draft national budget for the 2023/2024 fiscal year, aimed at “achieving social, economic, and environmental progress for all”.

Minister of Finance Investment & Trade Hon Erwin Saunders, who recently laid the draft Estimates of Revenue and Expenditure for Financial Year 2023/2024 on the table of the House for review by the Appropriations Committee, emphasised that the national budget is designed to make real impacts that complement the programmes and initiatives outlined in the “Citizens’ Contract”.

Speaking in the House of Assembly on Wednesday, April 26,

2023, Saunders presented what he termed a “sophomore budget”.

The $424.3m budget is made up of Recurrent Expenditure of $348.1m, Non-Recurrent Expenditure of $11.8m, and Proposed Capital Development Expenditure of $64.4m.

He further explained that Total Expenditure of $424.3m is 18% higher than the (unaudited) actuals of financial year FY2022/23 ($359.5m), while Capital Development Expenditure of $64.4m is a whopping 254% higher than the (unaudited) actuals of financial year FY2022/23 ($18.2 m).

Saunders told the House of Assembly that existing revenue streams will support 98.4% of the aforementioned planned Expenditure.

“The remaining 1.6% - i.e. the projected Operating Deficit of $6.6m – will be funded from Cash Reserves”, he added.

The budget debate is expected to get underway on the 16th of May 2023.

Economic Affairs

As it relates to the territory’s Economic Affairs for FY23/24, the Government is proposing to spend $88.9m (21% of the budgeted expenditure).

This will see monies being spent on Infrastructure development such as land acquisition, tourism product enhancement, agriculture, catastrophic risk insurance, environmental and coastal resources, energy and utilities, and communications, the Finance Minister informed.

Public Order And Safety

Saunders further revealed that the government is earmarking $86.6m (20% of the budgeted expenditure) for spending on improving public order and the safety of residents and visitors.

This includes police services, law courts, AG Chambers, Director of Public Prosecution, judicial administration, and the labour tribunal, public order, customs and border protection, immigration, and repatriations, prisons, correctional, and rehabilitation services and fire and rescue.

HEALTH

A whopping $84.6m (20% of the expenditure for FY2022/23) is allocated for Health Care Delivery. He said: “The nation's health continues to be a significant priority of our government. To this end, monies will be spent on public health and hospital services, mental health, research, health emergencies, dental, laboratory services, promotion of healthy lifestyles, and policy planning.

General Public Services

Additionally, 17% of the budgeted expenditure which amounts to $69.9m has been allocated to support the general public service

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