Turks and Caicos Government Reports Revenue Jump, Shrinking Deficit

Above: Turks and Caicos (Photo: TCIT)

By the Caribbean Journal staff

The government of Turks and Caicos reported revenues of $118.5 million in the third quarter of financial year 2011-2012, with a $33.5 million reduction in the territory’s deficit.

While the deficit of $19.9 million for the period, which was $7.4 million higher than budgeted last spring, it was down from just under $53.4 million in the same period last year.

“The finances of the Turks and Caicos Islands under the Interim Administration are definitely moving in the right direction,” said CFO Hugh McGarel-Groves. “This analysis shows that the measures we have introduced are having an effect.”

Governor Ric Todd noted that achieving a budget surplus by March 2013 was a significant milestone for the administration.

“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 $189 million debt inherited from the previous elected administration,” Todd said. “I firmly believe that the 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.”

According to the government’s financial report, 36 percent of all government expenditure was on the payment of civil servants.

For more on the TCI, see Caribbean Journal’s recent interviews with Governor Todd and CFO McGarel-Groves.