| Governor announces cuts in public service, govt spending | | Print | |
| Written by Richard Green/richard@fptci.com | |||
| Thursday, 24 February 2011 13:51 | |||
 The new Turks and Caicos Islands budget for 2011-12 is aiming to make 25-percent cuts in spending for public service, statutory bodies and government rents by budget year 2012-13, His Excellency the Gov. Gordon Wetherell announced today (Feb. 24). The interim government will also be introducing a new, more targeted system of student support, and eliminating all non-essential expenditure and improving financial management and reporting, the governor said. Those budgetary steps were revealed in an announcement that the U.K. government’s $260 million in loan guarantees for five years centered on funding from Scotiabank is in place to refinance existing and new government debt. The support package “is a vital step for the Turks and Caicos Islands, because it buys us the time we need to tackle the dire fiscal legacy the interim government inherited,” Wetherell said. “Tackling the severe and structural fiscal problems will not be easy. “We must make significant changes to get us on course for a fiscal surplus in the fiscal year 2012-13. This is a key milestone to reach before a date for elections can be set.” The U.K. government will retain control over TCI government finances with a chief financial officer chosen by the Department for International Development until the TCI government emerges from its financial crisis, the governor said. Already on the job is CFO Caroline Gardner. Getting public finance back on its feet will also require “raising revenues through the introduction of new revenue streams, changes to existing streams, and improved collection and enforcement,” the governor said. A European Union-funded government revenue study is underway that is initially proposing temporary taxes for two years on electricity, water, and banking and insurance services, followed by the introduction of value added taxes in 2013-14. After the consultation on the revenue proposals is complete, the proposals will be revised and presented to the Consultative Forum and governor’s Advisory Council before the governor makes a final decision. “It is now up to all of us to take this great opportunity to forge a better future for the Turks and Caicos Islands,” the governor said. “I am confident that the people of TCI will rise to the challenge.” Click here to read the governor's statement Cliick here to read the revenue study presentation Click here to read a list of frequently asked questions and answers
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