The complex task of completing audited Turks and Caicos Islands Government (TCIG) accounts from financial year 2007/08 until 2010/11 concluded today with the submission of a report to His Excellency The Governor by the Audit Office in Grand Turk today, Tue, 23 Oct 2012.
The long awaited Audit Report and Financial Statements of TCIG for the periods ending 31st March 2008 through March 31st, 2011 had been delayed due to the chaotic state of the previous accounts and the breakdown of the public financial management systems in the past. Hurricane Ike also played a part in the loss of certain documentation.
The report demonstrates TCIG’s improved financial position from an overall cash position of -$5.7m in 2007/08 to $19.9m in 2010/11, despite decreases in revenues in 2009/10 due to losses in the real estate and customs sectors. These decreases were compensated for by positive reductions in discretionary expenditures mostly associated with the former Premier’s office detailed in the report: hosting and entertainment, security, rental of buildings, subventions and other expenses.
“The reasons for the delay in this report were undoubtedly the disordered state of the public finances inherited from the previous elected Government,” said Governor Ric Todd. “I appreciate that these Financial Statements are being issued during an election campaign, but this is the first time that they have been made available to me and I do not wish to withhold the information any longer than necessary. They accurately assesses how taxpayer’s money was spent over the last 2.5 years of the last elected Government and the first 18 months of the Interim Administration.
“The most important message from the report is that the financial management and systems of the Turks and Caicos Islands have improved beyond all recognition in recent times. Effectively we have spent the past two years clearing the outstanding expenditures of the previous period, and then implementing reforms to prevent these excesses occurring again. This will be of tremendous value to the incoming elected Government providing them with timely and accurate financial information which will allow them to make their spending plans on the strongest possible basis.”
