Government In Record-Breaking Revenue Haul

(-13.1%)

• FY2013/14 to FY2014/15: $44.9 million (21.6%)

• FY2014/15 to FY2015/16: $12.4 million (4.9%)

• FY2015/16 to FY2016/17: $1.9 million (0.7%)

• FY2016/17 to FY2017/18: $15.7 million (5.9%)

• FY2017/18 to FY2018/19: $35.2 million (12.4%)

• FY2018/19 to FY2019/20: -$3.1 million (-1.0%)

• FY2019/20 to FY2020/21: -$112.2 million (-35.6%)

• FY2020/21 to FY2021/22: $196.0 million (96.6%)

• FY2021/22 to FY2022/23: $14.4 million (3.6%).

COVID-19 pandemic years (2020 - 2022),” Saunders further pointed out.

Regarding government services and capital project spending, he gave the following:

• FY2011/12 to FY2012/13: spending declined by -$19.0 million (-9.4%),

• FY2012/13 to FY2013/14: spending increased by $2.1 million (1.1%),

• FY2013/14 to FY2014/15: spending increased by an additional $900 thousand (0.5%),

• FY2014/15 to FY2015/16: spending increased by a substantial $25 million (13.7%),

• FY2015/16 to FY2016/17: spending increased by an additional $23.2 million (11.1%),

The Washington Misick-led Progressive National Party (PNP) administration is growing over the situation that under their watch, revenue has skyrocketed. Finance Minister Hon. E. Jay Saunders told the House of Assembly that since his government assumed the reins of power just over two years ago, the national revenue has increased by an earth-shattering $105.2 million per year. This was achieved, Minister Saunders crowed, without the imposition of any new taxes on the populace.

“As I prepared this budget presentation, I delved into the Turks & Caicos Islands Government’s financials spanning 12 fiscal years – from Financial Year 2011/12 to Financial Year 2022/23 – and four administrations - the Interim Government, Hon. Dr. Rufus Ewing’s administration, Hon. Sharlene Cartwright-Robinson’s administration, and our current administration.

“I will first speak to the revenue trends, over this period, annual revenues ranged from $174.2 million in Financial Year 2011/12 to $413.2 million in Financial Year 2022/23 – a remarkable growth of $239 million in 12 years, averaging about $20 million per year, especially considering the hurricane and COVID-19 pandemic years,” Minster Saunders said.

Listing the achievement of each year from Financial Year 2012/2013 to Financial Years 2021/22 and 2023/24, Saunders provided the following breakdown:

• FY2011/12 to FY2012/13: $65.2 million (37.5%)

• FY2012/13 to FY2013/14: -$31.4 million

“Our highest year-over-year revenue growth was in Financial Year 2021/22, during the period of this good government of the people, with $196.0 million in growth, and total revenue of $398.8 million,” Saunders boasted.

He continued: “Conversely, our lowest year was Financial Year 2020/21, with a decline of $112.2 million in total revenues. During the one full year of data that I have for the Interim Government, national revenues grew by $65.2 million.

“Under Hon. Dr. Rufus Ewing’s administration, national revenues averaged a growth rate of $7.0 million per year.

“In contrast, during Hon. Sharlene Cartwright-Robinson’s administration, national revenues fell by an average of -$16.1 million per year.

“As for our current administration, in just over two financial years, we have increased national revenues by an astounding average of $105.2 million per year – and without imposing any new taxes.

“This exemplifies our commitment to: “Delivering on The Citizen’s Contract (manifesto): Achieving Social, Economic, and Environmental Progress for All.” He pointed out that the more money a government earns, the more it can spend on its people.

“…And as you will see, that is exactly what our good government of the people is doing,” he bragged.

He continued: “Total yearly expenditures ranged from $203.6 million in Financial Year 2011/12 to $360.0 million in Financial Year 2022/23 – a significant growth of $156.4 million over 12 years, with an average growth of approximately $13 million per year, despite the impact of hurricanes Irma and Maria (2017), and the

• FY2016/17 to FY2017/18: spending increased again by an additional $2.8 million (1.2%),

• FY2017/18 to FY2018/19: spending increased again by an additional $10.6 million (4.5%),

• FY2018/19 to FY2019/20: spending increased again by an additional $23.0 million (9.4%),

• FY2019/20 to FY2020/21: spending increased again by another $21.5 million (8.0%),

• FY2020/21 to FY2021/22: spending soared by a massive $36.4 million (12.6%),

• FY2021/22 to FY2022/23: our good government increased spending by another $33.7 million (10.4%).

“For reference, the highest spending year on record for a government investing in its people was FY2022/23, during this administration, with $360.0 million spent. The lowest year was FY2013/14, with $182.4 million spent.

“Under the Interim Government, spending was cut by $19.1 million. Hon. Dr. Rufus Ewing’s administration, on the other hand, increased spending by an average of $11.8 million per year. Hon. Sharlene Cartwright-Robinson’s administration also increased spending, but by an average of $14.5 million per year,” Saunders pointed out.

He said the Washington Misick administration has outperformed its predecessors since the interim administration with an average annual increase in spending of $35.1 million over the period of FY2021/22 to FY2022/23.

“That’s money invested in our people, and that’s ‘delivering on The Citizen’s Contract: Achieving Social, Economic, and Environmental Progress for All’,” he continued.