| Quarterly budget statement shows surplus | | Print | |
| Thursday, 02 August 2012 17:33 | |||
|
Steady, prudent progress towards restoring the nation’s finances is the key message from the Turks and Caicos Islands government’s first quarterly financial statement of 2012-13 published July 30. Government recorded an $8.2 million surplus from April 1 April-June 30. Total revenue for the period stood at $49.2 million versus recurrent expenditure of $35.3 million, non-recurrent expenditure of $4.2 million, capital contributions of $1.8 million and debt payments of $300,000, resulting in a net revenue account surplus of $8.2 million. Revenue was $1.9 million (4%) below budget, but $7.5 million (18%) ahead of the same period last year. Recurrent expenditure of $35.3 million was $1.3 million under budget, but $1.3 million above last year. “We regarded this year’s budget as something of breakthrough as it was the first in a long time that indicated that a return to surplus was possible by the end of this year,” said Permanent Secretary of Finance Anya Williams. “The figures from the first quarter indicate that we are making good progress to achieve this.” “We are satisfied that by and large this government’s budget is achieving what it set out to do. We must continue this stable, sensible progress. “The accommodation tax shortfall of $900,000 can be largely attributed to the firefighter strike in April, which closed the Providenciales Airport for two days, along with the norovirus outbreak which caused some resorts to stop taking new bookings for a time. The apparent shortfall in business registration shortfall is explained by license fees for 2012 being prepaid in March 2012 and falling into the previous financial year. “In addition to recurrent revenues of $49.2 million being collected during the first quarter, $7.5 million was also received from the Provo Water sale. These funds were transferred to the national debt repayment sinking fund. A further $6 million was received from the U.K. government towards meeting the SIPT/Civil Recovery costs for financial year 2011-12.” Click here to read the full budget report
|
Related Articles
Entertainment: Your Island Guide
|
Top things to do in April Top things to do in April 1. From Golfing to More... |
|
Valentine’s Day Cup 2013 model sailboat races The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More... |
|
Lime and Tourist Board announce weekly Fish Fry The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More... |
|
Turks & Caicos Reef Fun to host dazzling evening The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More... |
|
Fashion Glam at Regent Palms The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More... |
Latest Community News
|
Cholera Clinical Management Training Held in the TCI Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More... |
|
Illegal Haitian immigrants Intercepted Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More... |
|
Ministry of Health Reminding public about sanitation Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More... |
|
Scholarship applications now being accepted The Ministry of Education has announced that they are now accepting applications for scholarships More... |
|
History and traditions stay alive at the 13th annual boat races in Middle Caicos The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More... |