| $211 million budget unveiled | | Print | |
| Friday, 30 April 2010 07:30 | |||
 The interim government has unveiled a $211,710,047 budget that predicts a $26.6 million deficit, the lowest shortfall in the last four years. “The financial year 2009-10 was not a dance on roses, and prospects for 2010-11 as I have outlined today are not much brighter,” Permanent Secretary for Finance Delton Jones told the Consultative Forum on Thursday, April 22. “However, it is my sincere belief that the stabilization plan, alongside external funding, will make a huge change for the better.” While the U.K. has not offered any money to deal with budget deficits, the interim government has ongoing discussions with the U.K.’s Foreign and Commonwealth Office (FCO) and the Department for International Development (DIFD), which will visit the country soon to assess the current financial situation, Jones said. The government is also seeking grants from the European Union and loans from the Caribbean Development Bank. Some commercial borrowing will also be required, and the government will consult the public on possible new taxes as recommended in the revenue study prepared by economist Alan Roe. The country currently has a $159 million debt that equals 31 percent of the gross domestic product, but Jones said the target is to reduce that amount over time to just 8 percent. However, he pointed out that the TCI debt is modest compared to other Caribbean countries, such as St. Kitts and Nevis (178%), Antigua (93%) and St. Lucia (70%). “We must all do our part to compensate for years of mismanagement and misappropriation of our national resources,” forum Chairwoman Lillian Misick said. “And I pray that there is enough information now in the public domain … to disabuse anyone of any reasonable doubt about who left us with this financial mess.” “I would like all of us in the Turks and Caicos Islands to embrace this crisis as an opportunity to transition away from a workforce so heavily dependent on government employment, to one that rests on the private enterprise of our proud and innovative people,” she said. “I urge all Turks and Caicos Islanders, especially those who have been and will be affected by any right-sizing of our public service, to ask not what your country can do for you but what you can do for your country and yourself.” The budget for 2010-11 includes $181,929,561 for recurring expenses and $29,780,486 for capital expenses. Revenue last year was down 34 percent, but expenses have been cut in almost all areas for a total reduction of 30 percent, Jones said. Some of those savings include:
Despite tough financial times, the budget includes a number of increases in recurring expenses:
Also included in recurring expenses is $7.5 million for the Special Investigation and Prosecution Team looking into allegations of government corruption leveled in Sir Robin Auld’s final Commission of Inquiry report. Parliament’s Foreign Affairs Committee and Sir Robin have both urged the U.K. to pay for the SIPT investigation to make sure it is done promptly and thoroughly, but no commitment has yet been made. Another $2.5 million is budgeted for civil recovery of the country’s assets that might have been illegally taken, but Jones said the amounts recovered should pay for that eventually. The capital budget, consisting of one-time expenditures, includes money for the long-awaited repair of the breakwater at Salt Cay, police barracks on Provo and South Caicos, classrooms and offices at H.J. Robinson High School, and moving and equipping new attorney general’s offices. Click HERE to read the full budget statement.
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