CJ Politics

Turks and Caicos Islands Reports Revenue Surplus for First Half of 2012

By: Caribbean Journal Staff - October 29, 2012

Above: the Turks and Caicos (Photo: TCIT)

By the Caribbean Journal staff

The Turks and Caicos Islands government is reporting an overall revenue surplus of $5.72 million for the first half of 2012, an improvement of $10 million over the same period in 2011.

Recurrent revenues for the second quarter stood at $53.2 million versus recurrent expenditure of $37.3 million, according to the government, a recurrent surplus of $15.9 million.

That surplus was then used to fund non-recurrent expenditures of $6.6 million, capital contributions of $1.8 million, debt payments of $7.3 million and Herzog planned repayments of $0.5 million.

That resulted in an overall net revenue account deficit of -$0.4 million for the quarter.

“This report continues the government’s commitment to the transparency reporting of its finances,” said Anya Williams, deputy governor and head of the TCIG Civl Service.

She said the data provided information about the steps she said the government was taking to deliver a fiscal surplus in the financial year ending in March 2013.

That is a requirement of the government’s 2012/2013 budget.

“As this report shows, although things are improving, significant challenges remain and continuing tight cost control will be required to deliver the budgeted revenue surplus,” she said.

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