UK authorities claim credit for shrinking TCI deficit

| 24/02/2012

Governor-CFO1.jpg(CNS): The government of the Turks and Caicos Islands has reported an increase in revenue of some $118.5 million in the third quarter of this financial and a $33.5 million reduction in the UK territory’s deficit. Although the deficit was $7.4 million higher than the interim government had budgeted for it was down from just under $53.4 million in the same period last year. Hugh McGarel-Groves, the chief financial officer in the government, which is under direct rule from Britain said the measures it had taken were showing real results. TCI is inching towards the surplus which the UK has said is one of the milestones to be achieved before an election can be held.

“The finances of the Turks and Caicos Islands under the Interim Administration are definitely moving in the right direction,” said McGarel-Groves. “This analysis shows that the measures we have introduced are having an effect. I look forward to the end of year figures which will take into account the record high season tourism figures as well as the revenue generation measures announced last November.”

According to the figures government revenue was $118.5m for the nine month period, up $2.3m (2%) against budget forecasts, an increase of $33.0m (39%) on the same period last year. The deficit of $19.9m for this period up $7.4m on the budget forecast is still $33.5m lower the 2010/11 financial year

Governor Ric Todd added that one of the significant milestones was to achieve a surplus by March 2013.

“Not only is this necessary for elections to be held in TCI, but Government finances need to be in the black in this way in order to begin tackling the $189m debt inherited from the previous elected administration,” Todd said. “I firmly believe that tackling this debt in a professional and open way will send a message to the world that the TCI is properly governed once again and is open and ready for business.”

The report also shows that some reductions in government spending will begin to show themselves on the balance sheet. Currently 36% of all government expenditure is on Civil Servants’ pay and workers who are accepted for the Voluntary Severance Scheme will have left by March this year reducing the government wage bill.

The $12m annual SIPT and Civil Recovery expenses have been offset the government claimed by income of $1.2m received at 31 Dec. The top five of the 51 Civil Recovery cases currently underway would alone see $50m returned to the people of the TCI.
See the full report on the TCI finances below

Category: World News

Comments (15)

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  1. Anonymous says:

    This story and the story featuring the UN's call for decolonization on the same page!!?? How did Alanis put it? Isn't it ironic?? 

  2. Anonymous says:

    Sorta kinda suggests the money was not going into the public coffers methinks….

    Could we have some of that scutiny here please…?

  3. Knot S Smart says:

    The CFO from the UK has done an A-1 job of bringing down the TCI  D-E-B-T!

    And soon the people from TCI will be able to V-O-T-E…

    By the way – are the former leaders still in J-A-I-L?

  4. Anonymous says:

    I don't get it!  You need to have a surplus before you can have general elections???  So almost 3 years pass, and you are telling me that there should be no democracy until a dictator takes a country out of debt???  LOL… TCI is looking for a long rule!  🙂

    • so Anonymous says:

      If you could look past your own nose you would see a whole world of things not yet experianced.  Helping a fool does not make him less a fool.

      • aaron says:

        So TCI citizens are fools?  Wow.  Caymanians get prepared to be called fools when they take over your government.

        • Anonymous says:

          Too late.  Look at TCI government.  Now look at CIG.  You would have to be a fool not to see that you are all heading in the same direction for the same reasons.  Get prepared?  More like get used to it!

        • Anonymous says:

          If the cap fits…..

        • so Anonymous says:

          Isn't an exceptable description of a fool one who is soon parted from his/her money?  what was TCI's government doing that got it in trouble?  O.K. now take a deep breath.  Do Caymanians in general know anything about their money other than its going and gone?  Get someone to do the math for you.  How do you feel?

  5. Pit Bull says:

    Well done to the UK.  A wonderful job has been done extricating TCI from a self-made corrupt mess.  Please do not wait so long to intervene in Cayman.

    • Bull Dog says:

      What the hell are you talking about?  How is the UK going to rid TCI's house from corruption when her house is so full of corruption, the MPs can never come to any standing agreement for the benefit of all Britian?!!!  This isn't a milestone.  It is one step forward and two steps back!

    • Anonymous says:

      Before you reach a breathless climax of joy at the UK's "wonderful job", Pit Bull, please reflect on the fact  that all that went very wrong in TCI did so under the supposedly watchful eye of the UK through Her Majesty's Representative on the spot and, of course, the FCO; a point that was (sometimes heatedly) made much of in the UK Parliament at the time the mess spilled embarrassingly out into the open. But I suspect you know that.

      • Anonymous says:

        The FCO played a blind eye whilst corruption was rampant in TCI. This made the situation get out of hand, and they are making the situation in Cayman get out of hand. They are making our local politicians undermine the people and making a mockery out of representative democracy in Cayman.  The UK is the sole power over the Overseas Territories, so they are trying real hard to put the blame on the islanders when they are the ones to blame. Still our Governor is silent. They talk about fixing TCI after they allowed it to sink. Just pathetic! It really disgust me!