The Turks and Caicos Islands House of Assembly approved the 2016/17 Budget on Tuesday, 22nd March 2016. The expenditure estimates of $252.2 million or 12.2% increase over the previous year, is being funded from existing revenue streams and a $20 million loan from external sources.
Recurrent and non-recurrent expenditure of $ 215.7 million and development fund of $ 36.5 million, will allow for significant investment in critical infrastructure, education, security protection, border control and health care.
Some of the key features of the proposed budget includes:
- Replacement of Sinking Fund with a Sovereign Wealth Fund – a Legacy Fund that will securitize the future development of the TCI
- $5M in direct financing towards the Micro Small and Medium Enterprise (MSME) Incentive Programme
- Expansion of the ranks of the Royal Turks and Caicos Police Force to allow some twenty additional officers
- Increases in all salaries by 2.5 per cent - To complement the re-grading exercise and the reversal of the 10 per cent pay cut that had been applied to Public Sector workers
- The rehabilitation of the HJRHS -$2.2m
- A further, $1m in scholarships for Islanders, including $250,000 to help civil servants complete personal and professional development activities
- $0.5 million to facilitate the payment of ex-gratia awards to qualifying non-pensionable employees whose services were severed during 2012 downsizing exercise.
- Ninety (90) new positions created in 2016
The top ten areas of spending in the budget are:
- $66.5m – a 10.9% increase on last year - for the Ministry of Health, Agriculture and Human Services including $800,000 each for Bottle Creek Community Clinic and Wellness Centre Phase II; Agriculture Development Phase II - $750,000. (24.9% of Total Budget);
- $35.0m – a 4.3% increase - for the Ministry of Education, Youth and Library Services including $2.2 million for the rehabilitation of the HJRHS –$3.0m for renovation work at schools and Long Bay Phase 3. (13.9% of Total Budget)
- $26.8m – a 11.5% increase - is proposed for the Ministry of Infrastructure, Housing and Planning, including $450,000 for the Wheeland Civic and Recreational Centre; $6.7m for road repairs and improvements to include $3.3m for the Light House Road (10.7% of Total Budget).
- $26.0m – a 5.6% over the revised budget - for the Royal Turks and Caicos Islands Police Force including 2 vessels and 20 new recruits (10.3% of Total Budget)
- $25.3m – a 27.3% increase - is for the Ministry of Finance, Trade and Investment including $3.0 million in property acquisitions and $600,000 to carry out Business Transformation. (10.0% of Total Budget)
- $12.2m – a 27.2% increase - can be announced for the Ministry of Home Affairs, Transportation and Communications, including allocation for new fire halls (4.8% of Total Budget)
- $8.3m -23.2% increase- for the Ministry of Tourism, Environment, Heritage and Culture (3.3% of Total Budget)
- $8.0m – marginal decrease of minus 1.4% - for the Ministry of Border Control and Labour (3.2% of Total Budget)
- There will be $7.7m budget for the Judiciary. (3.1% of Total Budget)
- $7.3m - a 36.0% decrease - for the Attorney General’s Chambers including allocation to purchase software for the Lands Division. (2.9% of Total Budget )
- The remaining $69,912,431 or 27.72% of the total Budget will be allocated to the non-ministry departments and grants.
“Mr. Speaker, we must “Continue the Progress” in providing our residents with the tools, skills and environment which they need to support their own successes, their self-actualization and achieve that Prosperity which each and every resident of the Turks and Caicos Island deserves.” said Minister of Finance Washington Misick.
“This Budget represents sustainability; it represents the results of the efforts of TC Islanders over the last three years and seeks to build on their efforts in steering the correct course.”
The Appropriation Bill 2016/17 was assented by Her Excellency the Acting Governor, Anya Williams on 24 March, 2016. It will take effect on 1 April, 2016
The full budget details can be located at: http://www.gov.tc/treasury/index.php/publications/government-financial-reports/11-tcig-annual-budget
For additional information, see the link below for brochure Turks and Caicos Islands Citizen’s Guide to the Budget 2016/17.
http://www.gov.tc/images/Turks_and_Caicos_Islands_Citizens_Guide_to_the_Budget_2016_17.pdf