Governor Ric Todd has provided an upbeat assessment of the prospects for TCI in 2012 at the final Advisory Council meeting of the year on Grand Turk today, Wed, 14 Dec 2011.
The Governor noted that his comments followed the publication of the TCI Government’s financial position for the second quarter of this financial year, from 01 Jun to 30 Sep 2011. He added that the information provided in this statement further demonstrates the Interim Administration’s commitment to transparency.
Governor Todd said: “We all know that TCI has been through a tough time over the last few years, partly due to the global recession, partly to the problems caused by previous mismanagement. The people of the TCI are still paying the price. This has caused real difficulties. Many individuals and families have found, and indeed are finding, things very hard at this time. The Interim Administration is working hard to try to remedy these problems, to further develop the economy and to improve public services.
“Despite these present difficulties and challenges, there are grounds for growing optimism in 2012. The latest detailed account of the TCIG finances show that our reforms are, can and will have a positive effect. It is encouraging that as we look to control and re-prioritize public spending,
TCIG’s income has risen; in the first half of this year it is up 34% on the same period last year. The financial statement sets out the facts that illustrate that our economy is showing signs of recovery.
“Our increasing revenues support what the hoteliers are already stating – that this looks like being a superb tourist season. Accommodation taxes were up 24% to $17.7m in the three months to September year on year, and that is before we take into account what appears to be developing into a bumper high season over the next few weeks and months. Furthermore, air passenger arrivals are up 15% on last year and we have the recent welcome news of an investment in a $15m second new private jet facility at the airport too.
“Through the milestones, we have a clear way forward set out by Ministers. The good news is that elections can be held before the end of next year if these are met. But as Minister Duncan said last week this remains a challenge. This is a challenge not just for the Governor’s office, the Advisory Council and TCIG – it is something that we must all rise to meet.
But it is definitely achievable. “Returning to fiscal surplus in 2012/13 is perhaps our most challenging milestone. As has been widely covered, our estimates for this year have had to be significantly altered in view of unbudgeted bills from the past and a slower-than-expected rate of public sector reforms. Strong positive action is being taken to combat these factors.
“Furthermore, we recently had the first SIPT led civil recovery agreement for $1.25m. Meanwhile our main civil recovery programme has already won back for the people of TCI some 800 acres of Crown Land, worth $150million, which was misappropriated, and nearly a million dollars in cash. I am confident that more dishonestly acquired land and cash will be returned to its rightful owners, the people of TCI.
“Taking all this together, I think that there are good reasons to be positive about the prospects for TCI in 2012, and on this note, I would like to take this opportunity to wish everyone on these beautiful islands a Merry Christmas and a Happy New Year.”
