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MONDAY, MAY 31, 2021

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Tax increases ‘have to come’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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CCOUNTANTS have warned new and/ or increased taxes “have to come” if The Bahamas is to slash its near$10bn debt, as they branded the Budget “no game changer” for the nation’s economic crisis. Craig A “Tony” Gomez, the Baker Tilly Gomez managing partner, told Tribune Business that while the government’s 2021-2022 fiscal plan “don’t set off any alarm bells” for Bahamian businesses and consumers it had merely postponed the inevitability of certain tax hikes in years to come to pay for the debt blowout sparked by COVID-19 and Hurricane Dorian. While the Minnis administration was correct not to endanger the post-COVID recovery by avoiding any across-the-board increase in VAT or other taxes, he added that it was alarming that the national debt is forecast to increase by almost $4bn in just five years. Warning that The Bahamas has “a history of falling short” with its revenue forecasts, resulting in greater-than-predicted

• Accountants warn: Budget ‘no game changer’ • Govt ‘history of falling short’ over revenue • Service must match public sector wage rise

CRAIG A “TONY” GOMEZ

KENDRICK CHRISTIE

deficits, Mr Gomez added that it was critical that taxpayers see value for every dollar spent by the government such as the planned $100m public health sector upgrades. And, with the total civil service wage bill forecast to increase by some $11.5m to $670.935m in the upcoming 2021-2022 fiscal year, he argued that it was vital Bahamians see something in return via an “improvement in service across every sphere of the government”. Mr Gomez was backed by Kendrick Christie, the Crowe Bahamas accountant and partner, who branded the government’s fiscal plans as “a transition budget” that did not go far enough in

containing spending. While backing many of the budget measures unveiled by the government, he asserted that there was “not enough to go the distance” when it came to generating sufficient gross domestic product (GDP) growth to pull The Bahamas out of its post-COVID slump. Describing the Budget as “straightforward”, as the Minnis administration sought to balance multiple competing priorities, Mr Gomez indicated that the decision to leave new and/ or existing major revenue sources well alone had only delayed the inevitability of increases for at least one more year. “I don’t think there’s

Business licence ‘not fit’ to realise digital ambitions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TECHNOLOGY entrepreneur has warned the business licence process is “not fit” for the government’s digitisation ambitions given a frustrating “five-plus months” trying to obtain approval. Brent Burrows II, in a widely circulated posting on Facebook, exposed the disconnect between the government’s technology and “ease of doing business” rhetoric and the reality faced by many budding entrepreneurs by describing the latter as “the exact opposite” of its ambitions.

Detailing his frustrations, which will likely be familiar to many in the private sector, Mr Burrows wrote: “How many brilliant ideas by young Bahamian entrepreneurs go unrealised due to government red tape and antiquated processes? “I don’t normally come on Facebook to vent, but I’m over it. I’m now going on five months-plus in my venture to form a company and obtain a business licence for a web-based business. Doing so with no connections and no grease.” Mr Burrows, the e-commerce head and brand strategist at CBS Bahamas

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Marinas chief raises clearance concerns

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Association of Bahamas Marinas (ABM) president is predicting the industry will have been “at 70 percent” of pre-COVID levels over the Memorial Day weekend as he urged government to ease vessel clearance. Peter Maury told Tribune Business that his marina and others were trying to “work through all the issues” relating to the processing of boat permit applications

and the payment of fees via Customs’ Click2Clear website, which he described as “far more complicated than necessary”. “Right now I have a couple of boats that are having trouble with paperwork and stuff,” he revealed. “It’s a long process. My thing is that someone from the government needs to go on there and clear a yacht with a family of five to six people and a couple of crew. Eight people.”

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a lot of alarm, and alarm bells, that immediately go off,” he told this newspaper. “I think for the most part people were looking for VAT increases and also possibly the introduction of personal income taxes. None of those items have appeared at this point in time. I think the government has done great in not increasing VAT. “But, from a financial perspective, we know the picture this budget paints indicates it’s not long in the near future, with the deficit running as high as $951.8m...... It has to come. There will be increased taxes or even a personal income tax.” Mr Gomez’s comments contrast sharply with those of Marlon Johnson, the Ministry of Finance’s acting financial secretary, who last week told a post-budget press conference that the “reflation” of the Bahamian economy post-COVID as tourism returned and more industries re-opened would “obviate” the need for new and/or increased taxes.

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GOWON BOWE

MARLON JOHNSON

‘Walk and chew gum’: Subsidies, debt cost $938m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas “must walk and chew gum” on its fiscal and economic revival, a leading banker has warned, with $938.5m - one third of government spending - taken up by debt and subsidy costs. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, compared the public finances to “a turnaround situation” with a private company, adding that the government needed to both invest to stimulate future growth while reducing its debt levels and associated interest costs at the same time. He spoke out after a deeper dive into the budget revealed that the $512.5m the government is due to pay in interest costs on its existing debt in the upcoming 2021-2022 fiscal year,

together with $426m in taxpayer subsidies to stateowned enterprises (SOEs), will account for one-third or $1 out of every $3 - of the $2.826bn spent on recurrent expenditure. Adding in the $742m forecast spending on civil service wages, salaries and allowances, and some $1.68bn or 59.5 percent of the government’s 2021-2022 budget will be accounted for by just three line items - wages, debt servicing costs and subsidies to struggling SOEs. Assessing the task facing The Bahamas, Mr Bowe told Tribune Business: “It’s about saying how do we make this the most dynamic Budget that helps us to get back to financial stability but also allows us to grow. “It’s like a turnaround situation with a company. You have to walk and chew gum

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Third-party risks are key danger BY DEREK SMITH

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ASED on the past 15 months, corporate leaders must adopt a new approach to third-party risk management in response to growing business, information technology (IT) and security concerns, which have continued to shift in unpredictable ways. No matter the company’s size or industry, managing thirdparty risk is important. If you factor in existing or pending regulations in certain industries, the potential cost of inaction becomes very high. Today’s complex enterprises, resource constraints and a fear of the unknown are no longer

valid reasons to delay taking an integrated approach to managing third-party risks. Directors and management must consider the following questions at a minimum: 1. Is our governance framework taking the

THE TRIBUNE intelligent risks that are aligned with our institutional goals and strategy? 2. Are our employees’ skill-sets effectively aligned with their roles and responsibilities? 3. Are our processes siloed or integrated across the business? 4. Is our technology used in making business decisions? 5. What services can our business not afford to lose? EY in its publication, Third party risk management (TPRM): COVID-19 impact on third party resilience, said: “The interconnected landscape of today’s business environment poses a serious risk of disruption that can result in significant loss of revenue. “Organisations need to evaluate the ability of their critical offshore presence and third-parties to continuously support critical functions such as IT, human resources, payroll, financial reporting, cyber security and others.”

Given the above, and to ensure the establishment of a resilient third-party management framework, I would like to offer the following suggestions to assist your business. Internal identification of third-party risks To begin organising your risks, you need to document what data is at risk as well as what data is shared with your third-party vendors. Additionally, cyber security risk, compliance risk, reputational risk, financial risk and operational risk must all be at the forefront for strategic consideration. Business assets should be itemised based on value and assessed accordingly. Also, you should implement a third-party assessment during the onboarding and monitoring process in order to understand business vulnerabilities. External identification of third-party risks You should evaluate the scope of the potential impact of risks from third

parties, and define what needs to be covered in contractual obligations. Using data directly collected from third parties, businesses can examine third party policies and procedures with respect to their control environment, including policy, process and capability. It is imperative that all stakeholders take time to assess what is at stake and the importance of the data. Monitoring and annual reviews By analysing various internal and external data sources, and generating dashboards and metrics, a business can identify new and emerging issues within its third-party portfolio and help mitigate risks. Third-party portfolio risk assessment should be executed at least annually. Conclusion In short, establishing, implementing and embedding a comprehensive third-party risk management framework is crucial to managing and mitigating

risks involved with third parties. The key to brand resilience is to ensure a consistent and holistic approach is deployed that considers all thirdparty relationships and the accompanying risk considerations. If your third-party vendor is compromised, it is very likely that your business will suffer negative exposure. NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at a local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned more than 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Raising concerns on procurement reform

BY DANIEL FERGUSON THE Government of the Bahamas, almost one year after introducing the Public Procurement Bill to Parliament, finally passed the same on March 15, 2021. However, according to officials at the Ministry of Finance, the Act is not to come into effect until September 2021. This is the second administration to pass such a Bill, as the previous administration passed the Financial Administration and Audit Act 2013, which never came into effect. This new Public Procurement Bill 2021 is designed to establish a Public Procurement Department, and provide a legal framework for the regulation, modernisation and transformation of government procurement in order to promote value and efficiency in the

use of public funds, while overseeing the conduct of procurement in a fair and transparent manner. However, what I find to be surprising is that some time in March this year, eight school bus service contracts held by vendors in Central Andros were brought to an end by the Ministry of Education while other vendors were awarded the contracts. Despite the Public Procurement Bill being passed in Parliament on March 15, one would have thought Ministry of Education officials would have at least engaged in “best practices” by requesting proposals for this service via the print media and the government’s e-procurement system. However, as the election nears, Bahamians may find that more and more contracts will be awarded according to political motivations, bypassing a proper tender process. This has been the practice of every successive government. Is the September deadline a deliberate attempt by the government to award contracts to their supporters using the funds from a new budget (2021-2022) prior to an early election?

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Sidewalks are being built across the length and breadth of New Providence. Roads have been paved, the Governor General’s residence is being renovated, the Ministry of Works is being repainted, and additions are being made to certain clinics. I can go on. I have yet to see an advertisement requesting proposals for these works in the print media or on the e-procurement site. What is even more interesting is that the Government of the Bahamas in April 2020 made a policy decision, approved by the Cabinet, which states that all government procurement is mandated to be done through the e-procurement supplier registry. This is a portal where vendors can register to receive notices of all government procurement opportunities, which are to be placed there by all government ministries, agencies, departments and state-owned enterprises (SOEs). To-date, more than 180 government buyers within 36 ministries, agencies, departments and state-owned enterprises have been trained in the use

of the e- e-procurement supplier registry. However, despite the government’s mandate, state-owned enterprises such as Bahamas Power & Light (BPL), the Public Hospitals Authority and the Water and Sewage Corporation, along with the Ministry of Education, Ministry of Public Works supplies department, and Public Parks and Beaches Authority have yet to publish one opportunity on the portal. I commend the few officers in the Department of Public Works who have engaged in a competitive bidding process where necessary. However, the department, with one of the largest capital works budgets, is also using selective bidding procedures when there are numerous contractors available for these works, depriving them of an equal opportunity. The business community, armed with this information about the government’s e-procurement policy, should resist any and all invitations from government purchasing officers who are requesting that quotes or bids be sent to them by fax and direct e-mail. Purchasing officers,

as I indicated, are mandated to place their notice for a bid or quote on the e-procurement system. Further, they are to place on the system who was awarded the business opportunity. In doing so, this diminishes the opportunity for vendor quotes or bids to be manipulated and enhances transparency. The government is also lacking in professional procurement human capital to effectively implement the Bill. Why? There are few, if any, highly skilled or trained procurement officers in the public sector. Those who were not forced out have left. Second, the Public Financial Management Act reform project has engaged a foreign consultant, without the support of any local procurement professionals, to implement the Public Procurement Act. It will take this individual at least six months to become familiar with previous consultancy reports, the Public Procurement Act and the e-procurement system, plus the goals and objectives of the reform project within a new environment. This clearly shows that the procurement priorities

determined by the Public Financial Management reform project leadership are not in harmony with the strategic plan provided by a previous international consultant. In my next article I will make recommendations on how The Bahamas ought to strive for a more open government, and how this process will benefit public procurement. NB: Daniel Ferguson, a retired chief petty officer with the Royal Bahamas Defence Force (RBDF), is a former procurement officer in the Ministry Health and Ministry of Finance, and former component co-ordinator for the InterAmerican Development Bank (IDB) sponsored public financial management reform project, in particular the public procurement reform. He led the drafting team for the development of the Public Procurement Bill 2021, and public procurement regulations. He is a chartered member of the Chartered Institute of Procurement and Supply, with over 25 years of experience in public procurement.

DIGITAL PROVIDER TEAMS WITH FOOD DELIVERY APP A DIGITAL payments provider says its clients will be able to use their electronic wallets from tomorrow to pay for doorstep food deliveries by a prominent local App. Island Pay, in a statement, said that starting from June 1, 2021, New Providence clients can use its electronic wallet to have food delivered to their doorsteps through its partnership with Bahama Eats, a local on-demand food delivery app. This partnership will enable customers to use their Island Pay wallet to have food delivered through the Bahama Eats app. Customers can download the Bahama Eats app via Google Play or the App store, create an account and make their purchases. Gershwin Greene, cofounder of Bahama Eats, branded the partnership with Island Pay as “revolutionary” since customers can use their digital wallets to pay in regular currency or Sand Dollars. Jeffrey Beckles, Island Pay’s managing director, said: “This partnership is particularly exciting because now we have more than

SHANNON HANNA, left, Island Pay deputy general manager, and Jeffrey Beckles, far right, Island Pay managing director, celebrate the launch of the company’s partnership with co-founder of Bahama Eats, Gershwin Greene. 22,000 Bahamians using our wallets, and in addition to being able to make purchases in two currencies, they now have an extraordinary feature right at their fingertips which will allows them to save time, track expenses and manage their finances more effectively. “Our payments solutions are secure, easy-to-use and provide the wallet holder with great flexibility right on their phones. And our wallets are already Sand Dollar integrated, which makes it much easier for consumers to conduct their business transactions.”

Mr Beckles added: “This partnership is indicative of several things – that we have very gifted Bahamians doing some amazingly innovative things right here at home; that we have our fingers on the pulse of the digital transformation needs of consumers and businesses; and that we can work collaboratively to meet the evolving needs of the Bahamian consumer. “We often think about ease of doing business in the foreign context only, but partnerships like this are having a positive impact on domestic ease of doing

business and that is a great thing. The future is bright, and we are looking forward to working with many more SMEs as they innovate to serve their customers better.” Mr. Greene added: “We are proud to partner with Island Pay to utilise its proprietary financial technology, giving thousands of Island Pay wallet holders the opportunity to pay for their favourite restaurant brands with a touch of a button. We believe this is another step in the right direction for transforming the digital landscape in this country.”

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Monday, May 31, 2021, PAGE 3

Govt targets $3m travel visa surplus By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is aiming to generate a net $3m surplus from the COVID-19 health travel visa scheme in the upcoming fiscal year, with one Cabinet minister saying: “We have to live within our means.” Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business yesterday that ministries and departments must “come up with extra revenue to compensate” if they want to spend beyond their budget allocations in the 2021-2022 fiscal year. He spoke after a detailed examination of the government’s budget revealed that some $37m has been allocated to the Ministry of Tourism and Aviation during the 12 months to end-June 2022 to cover the costs associated with vetting, processing and approving health travel visas, which all tourists whether fully vaccinated or not - must obtain to enter The Bahamas. However, the $37m cost, much of which goes to financing COVIDrelated insurance for visitors, is forecast to be exceeded by the $40m in revenue that the government will earn from health travel visa fees paid by tourists as well as returning Bahamians and residents.

DIONISIO D’AGUILAR These costs are projected to shrink to $17m in the 2022-2023 fiscal year, with no expenditure forecast for health travel visas in the 2023-2024 fiscal year an indication of when the believes both the COVID19 pandemic and their usefulness will come to an end. Still, the budget is projecting that health travel visas will earn $22.32m, or a net $5.32m, in the 2022-2023 fiscal year as their use starts to wind down in line with the continued COVID-19 vaccination roll-out in key source markets such as the US. Meanwhile, the Ministry of Tourism’s 2021-2022 spending allocations further exposed the devastation that the pandemic has inflicted on Bahamasair and other aviation-related state-owned enterprises (SOEs), with Mr D’Aguilar admitting these interests have been “hammered” by COVID-19. Bahamasair, which was initially granted just a $19m subsidy for the 12-months

Real estate tax breaks not a difference maker By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A REALTOR believes that the government’s VAT waivers/discounts on southern Family Island real estate sales will have minimal impact unless accompanied by access and infrastructure upgrades. David Morley, Morley Real Estate’s president, told Tribune Business that waiving the VAT for Bahamians on property transactions worth less than $500,000, and

discounting it for foreigners, will not have the desired effect by itself unless other challenges are addressed. “The thing with the southern islands is the issue of accessibility of goods and services,” he said, recalling how his father was advised not to invest in Sir Franklyn Wilson’s South Eleuthera with “guns blazing” due to the need to take a phase approach to infrastructure build-out. Mr Morley added: “Development in the

to end-June 2021, had already sucked up $52.494m - more than two-and-a-half times’ this sum - in just the first nine months of the current fiscal year. While the slow tourism revival and gradual re-opening of domestic and international air travel will slow this cash burn rate, the national flag carrier has been consuming almost $6m a month in taxpayer support, with the figures to end-March 2021 placing on track to suck around $70m out of the hard-pressed Public Treasury. Both the Airport Authority and Nassau Flight Services are in a similar, though less expensive, situation. The Airport Authority is on track to require more than double its original $4.942m subsidy for the full 2020-2021 budget year, having eaten up $8.996m in taxpayer funds in the nine months to end-March due to the loss of aviation and passenger traffic at COVID’s height. As for Nassau Flight Services, it had already consumer more than four times’ its original $1.46m subsidy at the same point, requiring $6.099m in taxpayer subsidies to compensate for the loss of its airline clients with a quarter of the fiscal year to go. “Anything that relies on user fees for much of its revenue got hammered,” Mr D’Aguilar conceded. “Not reflected [in the

budget] is any funding that the Nassau Airport Development Company may need but we’re hoping that does not materialise.” Tribune Business reported last week that the government has pledged to “take whatever action is necessary” to prevent Nassau Airport Development Company (NAD) defaulting on its $480m debt as it remains in breach of a key investor term. The Lynden Pindling International Airport (LPIA) operator, in its just-released 2020 annual report, revealed that the Minnis administration gave a November 25, 2020, commitment to holders of more than $365m of its debt securities that it will provide whatever financial support is necessary to ensure NAD continues meeting its financial obligations. With the absence of passengers drying up its revenue streams, NAD fell into breach of its debt service coverage ratio that requires it to maintain a 1.3:1 ratio as part of the terms that induced investors to help finance LPIA’s $409m-plus redevelopment more than a decade ago. NAD’s annual report reveals that this breach is expected to persist through at least end-September 2021, but it has secured an agreement from its senior debt holders to waive this condition until end-June

southern islands won’t happen overnight, but I understand what the government is trying to do. They are trying to encourage people to move to these less populated areas. However, there is nothing there for people to go to and it’s going to take time to get a development up and running on those islands. “A lot of people are not prepared to give up their comfort and access to services to move to a remote island. But when it happens it’s going to be a domino effect. Someone with a development will go down there, and there will be a couple of other people

who follow and it will takeoff from there.” Heather LightbournPeterson, broker at Coldwell Banker Lightbourn Realty, said of the budget’s tax breaks: “We’re really excited to see him [the prime minister] offering that incentive to stimulate the economy on the southern islands. I also think that offering incentives like this will encourage different entities to look into expanding to those islands.”

2022 in the hope this will provide sufficient breathing room for both the tourism industry to rebound and to rebuild its finances. NAD’s financials indicate that the government’s commitment letter, promising to support the airport operator financially if necessary, was critical to securing the debt service coverage ratio waiver given that both developments occurred on the same day. And this, in turn, was vital to ensure NAD was treated as a “going concern” for accounting purposes. The government, though, is forecasting that all its aviation-related assets will begin to recover from the pandemic during the upcoming fiscal year. Bahamasair’s subsidy, while 57.9 percent higher than the prior year’s at $30m, is still much reduced compared to the level of financial support required this fiscal year, while those for Nassau Flight Services and the Airport Authority have been held at 2020-2021 levels. “It depends on the speed and pace of the rebound,” Mr D’Aguilar acknowledged, when asked if the government will contain subsidies at that level. “They’re all based on user fees. If you don’t have the users then you don’t get the revenue, and your cost structures are basically fixed. “Bahamasair, in a good year, probably loses $25m.

Right now that [$30m] is our best guess on how we feel the rebound is going to happen. It’s always subject to change based on vaccination rates.” As at March 31, 2021, the Ministry of Tourism and Aviation had exceeded its full-year 2020-2021 budget allocation of $106.058m by spending some $111.835m with the fiscal year’s final quarter still to go. The hike in the upcoming fiscal year’s $140.575m total spend is being driven largely by the health travel visa’s costs. Mr D’Aguilar, arguing that the ministry would be on target if not for aviation-related subsidies, also pointed to the $14m-plus reduction in funding to the Civil Aviation Authority in the upcoming fiscal year due to the imposition of the country’s new overflight fee regime. Elsewhere, the Ministry of Tourism and Aviation had spent less than one-third of its 20202021 promotional and marketing budget by endMarch. This has been held at the same near-$28m level for the upcoming fiscal year, and Mr D’Aguilar said: “We can always do with more, but the reality is we don’t have more. “It is what it is. What’s been allocated to tourism, we have to live within our means. If we want to spend more we have to come up with alternative revenues to compensate for that.”

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PAGE 4, Monday, May 31, 2021

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Family Islands back tax breaks strategy By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUSINESSES in the southern Family Islands say the government appears to “have a lot of money it is throwing around” preelection as they praised its move to designate the area a “special economic zone”. Betty Miller, owner/operator of Hillside Supplies on Long Island, told Tribune Business she was excited at the possibilities that both duty and VAT concessions can bring for both residents and businesses. “We’re very excited. We were waiting for a while but thank God it’s going to be a good help,” she said. She added that the impact on building material costs, in particular, will be a big boost, adding: “A lot of property is selling here. So with the property is selling, I guess people will build. It will be good because a lot of the winter residents are building homes, so this will help them and me very much.” The prime minister, in unveiling last week’s budget, identified Andros and the southern Bahamas as the islands that will be included in the government’s “special economic zone” because their “pace of consistent economic development has

been behind that of the rest of the country”. The islands targeted for import duty and VAT breaks on building materials for homes and businesses include Ragged Island; San Salvador; Rum Cay; Cat Island; Long Island; Mayaguana; Inagua; Crooked Island; Acklins; and Long Cay. The prime minister said: “The designation as a special economic zone also provides concessions on business licenses payable and on real property tax for qualifying individuals. Included in this are concessions and discounts for VAT on conveyances, with zero VAT payable by Bahamians on transactions under $500,000, and with discounted VAT for non-Bahamians under that same threshold. “These concessions will last for two years and are intended to be a catalyst for accelerated economic activity in the southern Islands by prospective investors, as well as Bahamians who may be looking to build or buy a home in those islands.” Allison Mortimer, coowner of J’s Discount in San Salvador said, “This is excellent. I noticed that the government has a lot of money that they are throwing around now.” Ms Mortimer said she

will “wait and see” before deciding whether to pass any tax savings on to her customers, or try to regain some of what she lost during last year’s COVID-19 lockdowns and business closures. Alisette Deleveaux, owner/operator of Sonsette Villas on Crooked Island, said that while she heard about the budget’s duty and VAT concessions, she is uncertain if she will be able to take advantage of them. She added: “It all sounded good to me but I have not recovered from Hurricane Joaqiun, so I haven’t been able to do much of anything for a long time now. I wanted to fix my badly damaged roof and get new furniture, but you need money to get these things so what good is duty free to me when I don’t have the money to buy anything? “Unless I can accumulate some funds to do something, because I don’t think they are going to give us 100 percent of what we need, I am not sure. I just have to think about this a lot, but it sounded really good and encouraging. “When Hurricane Joaquin happened they were giving some duty-free stuff, but that could not help me because I needed the money to go and buy the stuff and then have them come over duty-free.”

Small business owner lacks faith in tax breaks By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A SMALL business owner says his struggles to obtain government assistance in the past mean he has little faith he can access the investment incentives set out in the 2021-2022 Budget. Eric Smith, owner/operator of Zebra EZ Clean & Sanitising, told Tribune Business he is not looking for any help from the government despite the pledges and tax breaks offered in the 2021-2022 budget. He said: “When I asked this government for a small business loan, they never gave me one and I’ve been struggling. So what they are doing right now can’t help me, because if you don’t have any money to buy anything then how is this going to help me?” Voicing frustration over his interactions with the Small Business Development Centre (SBDC), Mr Smith said he applied for loans on four separate occasions over the past two years but was rejected every time. While he did not disclose the reason for the rejections, Mr Smith added: “The SBDC denied me four times. I put in everything they asked me to. I paid up all of my National Insurance and everything. That cost me $4,000. “This government isn’t making any sense. I’ve stopped even listening to the prime minister because the only thing that comes out of his mouth is garbage. I have made up my

mind to just do me and focus on what I have to do and keep God first.” Mr Smith said he recently entered the cleaning business, after selling the vehicles he used to operate a limousine service in the six years prior to 2020 and the pandemic. He added: “I haven’t worked in my limousine service in almost a year, so I took the money that I had and sold two of my cars and started Zebra EZ Clean, because now I do cleaning services for COVID-19 as well as clean furniture. I also detail floors after construction and a lot of churches. “The business goes up and down, but now things are slow. I just thank God for the little that I do have. Even if these duty concessions could help me, the money just isn’t there because I still have to hire staff. Everybody is hurting now. We are going through a pandemic now, and it was rough before then so now it’s even harder to keep your head above water.” The prime minister, in last Wednesday’s budget, promised to “level the playing field” for small and medium-sized Bahamian businesses by giving them access to the same tax breaks and incentives as those enjoyed by foreign investors and larger local companies. “Every Bahamian small business and entrepreneur will be able to apply for and obtain duty-free concessions on all the items needed to start or expand their business, including on the first stock of inventory,”

Dr Hubert Minnis said. “Any Bahamian entrepreneur. Any small business with an annual turnover of less than $5m. Anywhere in the country. You will get the same treatment as the mega resort, or the large manufacturer. We are levelling the playing field.” Renaldo Wright, owner/ operator of Watch This, said he thinks these incentives can help the wider Bahamas if businesses “use the break wisely”. He encouraged business owners to pass the tax breaks on to consumers and not just horde them for themselves. Mr Wright said: “I don’t think we should be paying VAT on government services, for example like the Passport Office or at the Road Traffic Department, because they are the government. I think alleviating that would help a lot more along with the duty concessions.” Steven Johnson, owner/ operator of Prestigious Tints and Prints, said it was a “good thing” to have duty concessions for his small business because he imports almost everything it requires. There are no manufacturers in window tinting in The Bahamas. Mr Johnson added: “With the hot days of summer upon us, a lot of people will need their windows tinted up to protect them from the heat.” Uncertain whether he will pass any tax savings on to his customers, Mr Johnson said “it may be a mix of both”, as he needs to recover some of what he lost in the “terrible 2020”.

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Monday, May 31, 2021, PAGE 5

FASHION AND THE INFLATION DILEMMA ACTIVTRADES WEEKLY By RICARDO EVANGELISTA www.activtrades.bs

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VER wondered why fashions come and go? How come skinny jeans, for example, will be trendy one season only to be frowned upon by the fashion police just a few months later? Trends are decided by elite designers, such as Giorgio Armani or Jean Paul Gaultier, creators of haute couture collections whose designs eventually drip down from the exclusive catwalks of Paris and Milan, until reaching a department store near you. Fashion trends aren’t spontaneous phenomena, they vary according to the aesthetic parameters set by a restricted group of people. As strange as it may sound, a similar dynamic occurs in economic policy making. A restricted group of very powerful individuals (ie the richest nations’ central bank and government officials, plus their advisers) decide what direction most countries will end up

BUSINESS OUTLOOK IN CAT ISLAND EXPANSION THE first-ever Cat Island Business Outlook (CIBO) will be held on Friday, June 11, under the theme, Facing unprecedented times: Recover. Adapt. Advance. The virtual event marks the latest expansion of the seven-island Bahamas Business Outlook brand, which currently includes New Providence, Grand Bahama, Abaco, Andros, Eleuthera, Exuma and Long Island. “Bahamas Business Outlook is a 30-year tradition that continues to evolve. We are pleased to expand our franchise to Cat Island, a gem in our archipelago that is rich in history and has the potential to create new industry,” said Joan Albury, TCL Group’s president. “What this pandemic has taught us is that we have to maximise and strengthen every available national resource. We believe that Cat Island is one of the resources that deserves immediate attention.” With Cat Island currently on lockdown due to a spike in COVID-19 cases, and the Bahamian economy still navigating a global pandemic, event co-moderator Nikita Shiel-Rolle expects the Outlook to inspire meaningful discussions and comprehensive change. A real estate agent and conservation biologist on the island, she said: “This Outlook is so timely because

A FASHION model poses for the camera. following in terms of monetary and fiscal policies. Back in 2008, the world’s leading economies were forced to step in and save their financial systems from collapse, bailing out banks and other institutions with rescue packages worth trillions of US dollars, almost all of it drawn from

gargantuan quantitative easing programmes (that’s money printing, in case you’re wondering). As debt-to-GDP ratios rose, a few powerful individuals – and their advisers – feared the injection of such large amounts of capital in the economy would resurrect the 1970s

we literally get to reimagine what our economy looks like. It creates an opportunity to bring the community together to attract new potential investors to the island, and for us to really collectively envision a sustainable, flourishing island where quality of life is a luxurious status but something that is accessible to all residents. To acknowledge lovingly where we are at economically while holding a vision of where we are going is my intention during this Outlook.” Ms Shiel-Rolle, owner of Cat Island Mermaid, a conservation art and wellness business, and Ocean Soul Farm, a hydroponic startup exploring food security solutions, will also present on the opportunities for Cat Island to take advantage of new revenue streams via the blue economy and climate funding. The Outlook’s speakers includes Elsworth Johnson, minister of financial services, trade and industry and Immigration, who will deliver the keynote address; Michael Pintard, minister of agriculture and marine resources, who will address Creating new models for growth and development In agriculture; Jerome Forbes, district superintendent, Ministry of Education, who will speak on Education for sustainable development; and Kendrick Delaney, business accountant, Aliv, on Engaging technologies.

The virtual conference will also include three panels. The role of creative industries in economic and social development will feature Patricia GlintonMeicholas, author and historian; Fred Ferguson, producer and musician; and Dr Niambi Hall CampbellDean, assistant professor, University of The Bahamas. Financing options will feature Nicholas Higgs, deputy director of the Small Business Development Centre’s Access Accelerator; Nathanial Butler Jr, managing partner, Drewber Solutions; and other finance professionals to be confirmed. The final panel, Maintaining Cat Island’s authenticity through tourism sustainability, features Ellison Thompson, Ministry of Tourism deputy-director general; Bridgette King, executive director, global sales and marketing, Ministry of Tourism, and others to be confirmed, in conversation with K Karlos Mackey, executive director and president, Money Maxx and moderator for the second half of the day. The Cat Island Business Outlook runs from 9.30am to 2.30pm on Friday, June 11. Register today at tclevents.com.

bogeyman: Inflation. Therefore, after the 2008 financial crisis, despite the absence of significant rising prices, that could justify its implementation, austerity became “fashionable” and widely adopted across the world. According to many analysts, these austerity measures ended

up resulting in a decade of sluggish economic growth with the real income of large segments of the population stagnating. Fast forward to 2021. The planet’s leading monetary and fiscal authorities decided that, this season, austerity is out. The main central banks, from the Fed to the ECB, BoJ and BoE, all agree that the current loose monetary policies must be kept in place, despite obvious signs of rising consumer prices, as seen two weeks ago when the publication of the US inflation numbers for April showed a rise of 4.5 percent. Meanwhile, governments are also happy to inject trillions of dollars’ worth of stimulus packages into the economy. To the combined effect of monetary and fiscal stimulus we can add the extra savings

accumulated by those who, having maintained their income throughout the pandemic, were unable to spend as normal. All this results in a powerful cocktail that, as life starts returning to normal, is driving an explosion in demand and rising prices. For the time being, the trend setters are dismissing the emerging inflationary pressures as a near-term phenomenon that will fizzle-out after the initial stages of the recovery, arguing that any controlling measures would, at this point, stifle the recovery. However, fashions change frequently, and today’s cool may be tomorrow’s naff. As the economic recovery gathers pace, will be interesting to see how committed the Federal Reserve and the other main central banks really are to their current stance.

PAGE 6, Monday, May 31, 2021

Tax increases ‘have to come’ FROM PAGE ONE The Baker Tilly chief, though, told Tribune Business that “from a financial perspective I see something else” given that The Bahamas will have added $3.1bn-plus to its national debt by end-June 2022, taking it over the $10bn mark, if the government’s forecasts hold true. The Minnis administration’s budget last week sought to balance The Bahamas’ need for economic growth, and its own general election ambitions, with maintaining as much fiscal prudence as it could muster and satisfying the likes of the International Monetary Fund (IMF) and the credit rating agencies. Wholesale tax increases in the middle of a recession would have only further set back The Bahamas’ recovery by sparking more business closures and unemployment, but Mr Gomez warned that the country cannot hold back the fiscal tide forever. “We have cause for concern, even when considering the unusual nature of COVID-19 and Hurricane Dorian, given that in 2016-2017 the national debt was $6.55bn, and five years later it’s projected to be over $10bn,” he added. “That’s something we have to keep an eye on. The interest payment of $512m is alarming, but we understand the impact of COVID and Dorian.

“Why that is significant is because we know that in budget planning it’s so easy to maintain your expenditure as per the budget. It’s the income (revenue) side that is very fickle. We know we have a history, not just this budget, with financial planning. We have a history of falling short on the revenue side of the budget.” Zhivargo Laing, minister of state for finance in the 2007-2012 Ingraham administration, was among observers who last week suggested the current government’s revenue projections for 2021-2022 were too optimistic having come off the worst economic contraction in The Bahamas’ history. Mr Gomez echoed this by warning that any under-shoot of the $2.245bn revenue target, a 35.5 percent increase on the prior year, would leave The Bahamas’ with a worse-than-projected deficit and increased debt. However, the government has repeatedly said it has managed to keep The Bahamas’ 2020-2021 deficit on track with target by cutting spending. “From a social perspective, taxpayers have reached the point or sensitivity in their budget planning where they want to see value for dollars spent,” the Baker Tilly chief said. “The fact we are allocating $100m to the two hospitals; we know the biggest issue with hospitals in The Bahamas is quality of service. “If taxpayers are going to be investing additional

THE TRIBUNE

monies in medical facilities in The Bahamas, they need to see the quality of these facilities and the quality of service otherwise it’s another frustrating monument for taxpayers in this country.” Mr Gomez continued: “If they see an increase in civil service salaries, taxpayers must see an improvement to service across the entire sphere of government. Why increase salaries if the service is even worse?” Meanwhile Mr Christie, while backing the government’s decision not to increase VAT, said of the budget: “I don’t think it goes far enough when you look at measures to reduce expenditure. I don’t think it went far enough in balancing the budget. I’m curious that civil service salaries did not go up.... “I call it a transition Budget in not doing all that it should have been trying to do. We have to find ways to reduce some of the inefficiencies in government. The whole we tax has to change at some point, but it would be difficult to do right now. It will probably be addressed in another Budget. “With an election right around the corner I don’t think anything drastic will be done. The timing of this is important. It’s like the fourth quarter and your team is behind by two points, and you don’t want to do anything to hurt your chances of a win. It [the budget] is not a game changer and I still think we’re not addressing the inefficiencies.”

Business licence ‘not fit’ to realise digital ambitions FROM PAGE ONE (Commonwealth Building Supplies), added: “It’s beyond frustrating. Every step is met with delays, bureaucracy, incompetence and unnecessary paperwork. “Not to mention the various government departments and agencies that have absolutely no idea what’s being requested or conveyed via their counterparts.... “The entire process is out of date, and not fit for a society in which the current administration wishes to promote ‘digitisation’ and encourage small technology start-ups - it’s the exact opposite,” Mr Burrows blasted. “Our government offices don’t know what tech is; they can’t grasp that the entirety of a business can be located on a server halfway around the world. If you don’t get frustrated by the overly complicated process, you’ll quit due to the timeline. “For a procedure that takes just minutes in other countries, we Bahamians spend months trying to navigate a web of outdated information, poorly trained (rude) bureaucrats and endless red tape, all while start-up funding and dreams dwindle to zero. “For me it’s no big deal; this is a side hustle. I can afford to let it wait a few more weeks (or months). But what about the ambitious young Bahamians who have a beautifully innovative idea with a limited timeline to bring that idea to fruition?” he added. “It’s only a matter of time before you call it quits and realise it’s way easier to just join the rat race.” Mr Burrows’ comments stand in stark contrast with the pledges and version of reality unveiled by the prime minister in last week’s

budget communication when it came to the ease of doing business, the government’s own digitisation, and ambitions to grow and diversify the economy via technology. His posting was picked up by the Nassau Institute think-tank, which in a statement yesterday said it showed little to nothing had changed in more than 20 years in The Bahamas when it came to obtaining the necessary permits and approvals for getting into business. “Open a time capsule from 1999 where it took a restaurant owner ten months to receive the numerous permits and licenses to open a $350,000 investment, delaying the hiring of 60 employees. Not to mention the other spending in the economy that would be necessary to conduct their ongoing business,” the Nassau Institute said. “The Bahamas Chamber of Commerce & Employers Confederation can become a real advocate for business instead of continuing to operate in a form of collusion with government. The chamber, should challenge these many procedures in court instead of trying to ‘negotiate’ the best deal possible for its member firms and other businesses/ entrepreneurs.” Pointing to what it described as “undesirable aspects” of needing to obtain government permits,

the Nassau Institute listed these as “those with permits have control over entry by others into their occupation, leading to a monopoly situation. “Trust is placed in government for protection and the individual is less reliant on his own judgment or ability to make good decisions. They lead to ‘rent seeking’ with bribes becoming the way to do business,” it added. “Licensing has become extremely difficult to justify because it goes furthest in the direction of trampling upon the rights of individuals to enter into voluntary contracts. Licensing tends to use political means to control entry and prevent ‘non-members’ from competing within their market. “Then there is the annual inspections and processes to renew a business license. Some businesses face numerous inspections and applications, like hotels and restaurants for example, causing waste of man-hours that people could be devoting to their business instead of catering to bureaucrats,” the Nassau Institute continued. “Surely some of these licenses and inspections can be eliminated and others amalgamated into one department. If any government is serious about economic growth and ease of doing business, the business licensing and renewal processes would be a good place to start.”

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Monday, May 31, 2021, PAGE 7

‘Walk and chew gum’: Subsidies, debt cost $938m FROM PAGE ONE at the same time. You have on one hand to reduce the debt and manage current expenditure, but on the other hand you have to invest in the turnaround and the company’s future. “The country is in a commercial turnaround situation itself. We have to look at cutting expenses and maximising opportunities to retool, while demonstrating to creditors and investors that we are not going broke and we are looking to invest with prudence.” The Bahamas effectively faces a fine balancing act to address and meet these competing objectives following the blowout sparked by COVID-19, which together have helped drive a $3.1bn plus increase in the national debt in just three years via a series of deficits

currently forecast to peak this fiscal year at $1.327bn. Meanwhile, Marlon Johnson, the Ministry of Finance’s acting financial secretary, yesterday told this newspaper that the Public Financial Management Act’s impending implementation on July 1 had mandated the inclusion of a new $23.25m item in his ministry’s 2021-2022 budget. “You’ll see that in the capital and recurrent head,” he said of the “budget reserve appropriations”. “It’s part of the Public Financial Management Act. It’s for unanticipated expenditures that may crop up throughout the year. It’s a creature of the Public Financial Management Act, and comes into force on July 1.” These “appropriations”, or seeming spending reserve to deal with contingencies such as hurricane-related natural disasters, are

Marinas chief raises clearance concerns FROM PAGE ONE

“It’s a very involved process, the Click2Clear. I think we can simplify the whole thing to be honest. It’s inconvenient and frustrating. Like a lot of things, it’s very temperamental. It needs to be worked through and someone has to go on and use it, understand it and see what we’re going through as an industry.” Mr Maury said incoming boats and yachts are being asked “well over 300 questions”, including the serial number of their engines and other information that has never been sought before. “It’s like opening a bank account,” he added. “You have got to have this, have got to have that, have got to go back and get this. “It used to be boat documents, master’s documents and move on. It’s turned into a very lengthy process. We met with Customs and they said they’d promise to look at it and get back to us.” The ABM chief said that in some instances it was taking boating and yachting clients up to four hours to clear, with information also being lost when persons tried to register. Click2Clear was heavily touted when it was introduced as an electronic solution for boating permits and fees in February 2021. “This is another great milestone achieved by the Customs Department, which has been leading the way with the modernisation of Government services. The new cruising module on the Click2Clear platform provides a seamless and cashless collection process for cruising permit fees with online applications and payments by credit card,” said Kwasi Thompson, minister of state for finance.

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“This is all a part of our digital transformation agenda. It addresses a long-standing pain point for boaters who have been clamouring for a fully digital process. It also minimises the opportunity for revenue leakage.” Mr Maury, meanwhile, said the summer season had yet to really kick-off for Bahamian marinas as they waited for the return of their “mid-level” market, such as 40-50 foot centre consoles and sports fishing vessels, following the COVID-19 pandemic. “With the US opening up and the Mediterranean opening up, we lose those bigger boats,” he added. “What used to fill that gap is the 50-foot and 40-foot summer boats. We’re hoping to see a good return on that, but the summer season has not really kicked-off for us in the way it has in the past. Our mid-level boat business is not as strong as we’d hoped to see. “We can’t complain. We’re busy. It’s not record setting but we’re not empty. It’s not terrible like last year but it’s not epic. I’d say we’ll probably be at 70 percent of what we used to be, the industry as a whole. I don’t think anybody’s knocked it out the ball park this weekend, but nobody is starving. “Stuff is happening, boats are coming and we just have to keep what we have streamlined so we make it good for everybody. That’s our hope. It is what it is.”

forecast to increase to $24m in 2022-2023 before increasing three-fold to $75m by the time of the 2023-2024 fiscal year. Meanwhile, Bahamian taxpayers are increasingly being asked to pick up the liabilities owed by stateowned enterprises and agencies. The latest is the Education Loan Authority (ELA), with the 2021-2022 Budget showing that, for the first time, the Ministry of Finance’s spending allocation includes $6.117m to cover payments to investors who hold the agency’s bonds. “My understanding is we got into an agreement to ensure we cover any potential arrears that may arise with the Education Loan Authority,” Mr Johnson added. The last published accounts for the Education Loan Authority, audited

by the Grant Thornton accounting firm, were heavily qualified as a result of 88 percent of the Authority’s $76.844m gross loan book being in default at endJune that year. Some 84 percent, or $64.578m, had been delinquent for one year, with a 12-month incentive programme designed to encourage borrowers to settle their debts or bring them current netting only $3.035m. As a result, the Authority sank into a $6.229m total comprehensive loss for its 2017 financial year compared to the $1.757m worth of “red ink” incurred in 2017. Three single expenses - $3.22m in bond interest; $1.861m in bad debt write-offs; and $1.375m in impairment provisions exceeded its total income of $1.293m.

Elsewhere, the Ministry of Finance’s budget shows that the Grand Lucayan’s delayed sale to the ITM Group/Royal Caribbean consortium is forecast to cost Bahamian taxpayers a further $3m in subsidies this fiscal year in addition to the $7.106m incurred during the first nine months of the current fiscal year. Mr Johnson also confirmed that the government has budgeted $30m for the continuation of unemployment assistance until September 2021, after which the Department of Social Services will take over via the $20m-plus increase in its budget allocation. The $30m granted to the Ministry of Finance represents a more than 50 percent reduction in the $68m originally budgeted for unemployment assistance in the 2020-2021 fiscal year, and less than

one-third of the $108.129m paid out during the nine months to end-March, as the government banks on the economy’s reopening taking more Bahamians off the jobless line.

PAGE 8, Monday, May 31, 2021

Biden’s $6T budget: Social spending, taxes on business WASHINGTON Associated Press PRESIDENT Joe Biden is proposing a $6tn budget for next year that’s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control.

Biden inherited record pandemic-stoked spending and won a major victory on COVID-19 relief earlier this year. Friday’s rollout adds his recently announced infrastructure and social spending initiatives and fleshes out his earlier plans to sharply increase spending for annual Cabinet budgets. This year’s projected deficit would set a new record of $3.7tn that would drop

THE TRIBUNE to $1.8tn next year — still almost double pre-pandemic levels. The national debt will soon breach $30tn after more than $5tn in already approved COVID19 relief. As a result, the government must borrow roughly 50 cents of every dollar it spends this year and next. With the deficit largely unchecked, Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programmes like universal prekindergarten, large subsidies for child care and guaranteed paid leave. “The best way to grow our economy is not from the top down, but from the bottom up and the middle out,” Biden said in his budget message. “Our prosperity comes from the people who get up every day, work hard, raise their

PRESIDENT Joe Biden delivers remarks on the economy at the Cuyahoga Community College Metropolitan Campus on Thursday in Cleveland. Photo: Evan Vucci/AP family, pay their taxes, serve their Nation, and volunteer in their communities.” The budget incorporates the administration’s

eight-year, $2.3tn infrastructure proposal and its $1.8tn American Families Plan and adds details on his $1.5tn request for annual operating expenditures for the Pentagon and domestic agencies. Acting White House budget chief Shalanda Young said the Biden plan “does exactly what the president told the country he would do. Grow the economy, create jobs and do so responsibly by requiring the wealthiest Americans and big corporations to pay their fair share.” Biden’s budget is sure to give Republicans fresh ammunition for their criticisms of the new Democratic administration as bent on a “tax and spend” agenda that would damage the economy and impose a crushing debt burden on younger Americans. Republicans also say he’s shorting the military. “It is insanely expensive. It dramatically increases nondefense spending and taxes” and would weaken the Pentagon, said South Carolina Sen Lindsey Graham, top Republican on the Budget Committee and a generally pragmatic GOP voice on spending bills. “There will be serious discussions about government funding. But the Biden budget isn’t serious and it won’t be a part of those discussions.” Veteran GOP Sen Richard Shelby, whose help is needed to pass annual agency budget bills, blasted Biden’s plan as “a blueprint for the higher taxes, excessive spending” that also “shortchanges our national security”. Biden is a veteran of a long-gone Washington that fought bitterly in the 1980s and 1990s to wrestle the deficit under control. But there hasn’t been any real effort to stem the flow of red ink since a tea partydriven moment in 2011 that produced unpopular automatic spending cuts that were largely reversed over the ensuing decade. Huge deficits have yet to drive up interest rates as many fiscal hawks have feared, however, and genuine anti-deficit sentiment is difficult to find in either political party. The unusual timing of the budget rollout — the Friday afternoon before Memorial Day weekend — indicates

that the White House isn’t eager to trumpet the bad deficit news. Under Biden’s plan, the debt held by the public would quickly match the size of the economy and soon eclipse record levels of debt relative to gross domestic product that have stood since World War II. That’s despite more than $3tn in proposed tax increases over the decade, including an increase in the corporate tax rate from 21% to 28%, increased capital gains rates on top earners and returning the top personal income tax bracket to 39.6%. Like all presidential budgets, Biden’s plan is simply a proposal. It’s up to Congress to implement it through tax and spending legislation and annual agency budget bills. With Democrats in control of Capitol Hill, albeit barely, the president has the ability to implement many of his tax and spending plans, though his hopes for awarding greater increases to domestic agencies than to the Pentagon are sure to hit a GOP roadblock. Some Democrats are already balking at Biden’s full menu of tax increases, imperiling his ability to pay for his ambitious social spending. And his plan to increase spending on domestic agencies by 16% while limiting defense to a 1.7% rise is politically impossible in the 50-50 Senate. A top Senate ally, Appropriations Committee Chairman Patrick Leahy, D-Vt, called on Thursday for bipartisan talks to start the annual appropriations bills. There’s incentive for both GOP defense hawks and liberal Democrats like Leahy to bargain since the alternative is a long-term freeze at current spending levels. The Biden plan comes as the White House is seeking an agreement with Senate Republicans over infrastructure spending. But winning gains that would even begin to meet his social spending goals would require him to rely solely on support from his narrow Democratic majorities in Congress. Biden’s spending proposals include numerous new programs to strengthen the

SEE PAGE 9

NOTICE

NOTICE is hereby given that GARLAND BOUQUET of Harbour Island, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of May, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that Ailís Anna Duffy, of #1A Flamingo Court, Harbour Drive, Paradise Island, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31th day of May 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, May 31, 2021, PAGE 9

In time for summer, Europe sees dramatic fall in virus cases

ROME Associated Press

WHEN Italy won the Eurovision Song Contest with an over-the-top glamrock performance, the victory signaled more than just a psychological boost for one of the countries hardest hit by COVID-19: Held before a live, indoor audience of 3,500, the annual kitsch fest confirmed that Europe was returning to a semblance of normalcy that was unthinkable even a few weeks ago. Coronavirus infections, hospitalisations and deaths are plummeting across the continent, after Europe led the world in new cases last fall and winter in waves

that cost hundreds of thousands of lives, forced more rolling lockdowns and overwhelmed intensive care units. Now, vaccination rates are accelerating across Europe, and with them, the promise of summer vacations on Ibiza, Crete or Corsica. There are hopes for a rebirth of a tourism industry that in Spain and Italy alone accounts for 13% of gross domestic product but was wiped out by the pandemic. “We don’t speak of 2020. We speak of from today onward,” said Guglielmo Miani, president of Milan’s Montenapoleone luxury shopping district, where European and American tourists have started trickling back, wooed in part by inperson meetups with design teams and free breakfasts at iconic cafes. The hope is that Asian tourists will follow next year. Europe saw the largest decline in new COVID-19 infections and deaths this week compared with any other region, while also reporting about 44% of adults had received at least

Biden’s $6T budget: Social spending, taxes on business FROM PAGE 8 “caring economy” with large programmes aimed at child and elder care: $437bn over ten years to provide free preschool to all 3- and 4-year-olds and two years of free community college to all Americans. Also, $225bn would subsidize child care to allow many to pay a maximum of 7% of their income for all children under age 5. Another $225bn over the next decade would create a national family and medical leave program, while $200bn would make recently enacted subsidy increases under the Obama health care law permanent. Tax hikes, Biden claims, would pay for his initiatives over the next 15 years, including $2tn from corporations from curbing overseas tax preferences and raising rates to 28%. Unrealised capital gains would be taxed at death, a problem for some Democrats, and the Biden plan would significantly stiffen IRS enforcement, which the budget claims would raise $700bn over a decade

otherwise lost to cheating and dodging. Rep Richard Neal, the top Democratic House tax writer, praised Biden’s new spending and tax cuts but was silent on his tax hikes, saying he’ll “consider the administration’s proposals carefully”. Biden’s budget calls for a roughly 10% bump in foreign affairs funding from 2021, with top increases for climate change, global health and humanitarian aid. Biden’s $58.5bn request would support the administration’s return to international groups, like the World Health Organization and others, from which former President Donald Trump had withdrawn. Last year’s $3.1tn budget deficit under Trump more than doubled the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. Council of Economic Advisers Chair Cecelia Rouse told reporters Friday that the economy is likely to outperform the administration’s official prediction, forged in February, of 5.2% economic growth this year.

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N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION ANGOLA (ALBIAN AND PRE-SALT) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 15th day of April, 2021 Dated the 31st day of May, 2021. R.L. WITTROCK Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ANGOLA (ALBIAN AND PRE SALT) LIMITED

one dose of vaccine, according to the World Health Organization and European Centre for Disease Prevention and Control. Europe’s seven-day rolling average for new cases per 100,000 people had been higher than any other region from mid-October through the beginning of December, ceding the unwanted top spot to the Americas over the new year before reclaiming it from early February through April, according to an Associated Press analysis of data from Johns Hopkins University.

Now, no European country is among the top 10 for new cases per 100,000 people. And only Georgia, Lithuania and Sweden are in the top 20. But the virus is spiking in Southeast Asia and much of Latin America and hitting the Maldives and Seychelles particularly hard this week. Dr Michael Ryan, WHO’s chief of emergencies, warned that with the global situation still “fragile and volatile”, Europe is by no means out of the woods. “Relaxing measures prematurely has contributed

to the surge we have seen throughout 2020 and during the first quarter of 2021,” he warned. “We must stay the course while striving to increase vaccination coverage.” The biggest concern for Europe is the highly contagious variant first detected in India, which has brought that country to its knees and found a growing foothold in Britain. The British government warned Thursday that the variant from India accounts for 50% to 75% of all new infections and could delay its plans to lift

remaining social restrictions on June 21. “If we’ve learned anything about this virus, it’s that once it starts to spread beyond a few cases, it becomes very difficult to contain,” said Lawrence Young, a virologist at the University of Warwick. “Only extremely stringent local lockdowns soon after a few cases are detected will prevent the virus from spreading.” Rising British cases linked to the variant prompted Germany and France this week to require UK passengers to quarantine.

PAGE 10, Monday, May 31, 2021

THE TRIBUNE

PUBLIC NOTICE

MARKET REPORT

INTENT TO CHANGE NAME BY DEED POLL

www.bisxbahamas.com

FRIDAY, 28 MAY 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1948.37

-1.22

%CHANGE

YTD

YTD%

-0.06 -144.09

-6.89

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 5.20 33.05 1.50 2.90 1.78 6.00 6.96 3.60 6.00 4.01 6.16 12.00 2.75 7.50 10.71 9.01 14.60 4.25 8.97 16.00

52WK LOW 3.13 22.65 1.46 1.62 1.44 5.00 6.00 2.70 4.25 2.75 5.00 9.75 2.10 4.90 9.50 8.00 13.00 3.42 8.00 15.20

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.90 5.94 9.75 2.50 7.00 11.42 9.01 14.00 3.99 8.19 15.50

CLOSE 5.20 32.12 1.50 2.61 1.44 6.00 6.96 3.53 4.27 2.89 5.95 9.75 2.46 7.00 11.44 9.01 14.00 3.99 8.19 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS650227 BSBGR1271398 BSBGRS870288

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.88 100.00 100.86

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.88 100.00 100.86

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.88 100.00 100.66

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.88 100.00 100.66

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGR650227 BGRS FX BGR127139 BGRS FL BSBGR870288

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.01 0.00 (0.04) 0.00 0.02 0.00 0.00 0.00 0.00 0.00

VOLUME 9,415

50 1,000 4,050

150

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 21.8 34.5 N/M N/M N/M N/M 18.9 -8.1 30.5 15.7 13.3 13.5 24.1 15.0 17.7 12.4 17.2 19.7 8.7 24.6

YIELD 3.27% 3.92% 1.33% 1.15% 0.00% 0.00% 3.74% 0.00% 0.00% 4.15% 3.70% 7.38% 17.64% 0.86% 2.87% 2.66% 3.86% 3.01% 2.44% 3.94%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

MATURITY

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.66% 5.00% 4.33%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 6-Sep-2022 15-Jan-2039 26-Apr-2028

MUTUAL FUNDS 52WK HI 2.43 4.44 2.16 202.18 190.86 1.69 1.81 1.78 1.16 8.58 10.26 7.35 14.59 12.84 10.31 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.67 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.43 4.44 2.16 202.18 190.86 1.69 1.75 1.76 1.03 8.58 10.14 7.35 14.59 12.64 9.99 N/A 10.43 14.89

YTD% 12 MTH% 1.47% 4.26% 0.20% 0.87% 0.95% 2.82% 0.14% 5.02% 3.25% 31.13% 0.91% 0.68% -2.55% -3.02% -0.27% -0.27% -2.20% -7.62% 1.14% 4.22% 1.09% 3.04% 1.01% 4.65% 4.93% 42.27% -1.56% 0.80% -0.60% -4.90% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date

30-Apr-2021 30-Apr-2021 30-Apr-2021 31-Mar-2021 31-Mar-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 30-Apr-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 28-Mar-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

The Public is hereby advised that I, AUDRA ROCHELLE MARTIN of The Sothern District, New Providence, Bahamas intend to change my name to ADAYAH YASMIN ISRAEL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PAGE 12, Monday, May 31, 2021

THE TRIBUNE

RULE BRITANNIA? CRITICS QUESTION JOHNSON’S FLAGSHIP PLANS LONDON Associated Press

board, will represent and promote the best of British — a clear and powerful symbol of our commitment to be an active player on the world stage,” he said in a statement. While Johnson didn’t put a price tag on the flagship, British media reported it would cost about 200 million pounds ($233m). The project harkens back to a previous golden age, where the royal yacht projected the majesty of Empire when Britannia ruled the waves. That’s precisely the problem, according to Peter Ricketts, a retired diplomat and independent member

PRIME Minister Boris Johnson, pictured, wants to build a national flagship to travel the world’s oceans promoting British trade and investment. But critics are suggesting it is he who is at sea. Johnson announced his plans over the weekend, saying the vessel would be the first of its kind and reflect the UK’s “status as a great, independent maritime trading nation’’. “Every aspect of the ship, from its build to the businesses it showcases on

of the House of Lords. “I think the fact that no other country has a ship like this is because the idea is now so long out of date and there are more modern ways of presenting the high tech face of Britain to the world,” he said Sunday during an interview with the BBC. Besides, Ricketts said, if Britain needs a flagship it already has one — the aircraft carrier HMS Queen Elizabeth. The three billion pound ($3.5bn) vessel was christened in 2014. The Independent, an online publication, lampooned the proposal, accompanying its story

about the announcement with a video of Johnson and a visiting European Union official climbing into a rowboat and paddling around a pond. Johnson said the bidding process for the contract to build the ship would begin later this year and the vessel will enter service sometime in the next four years. The ship, which will be crewed by the Royal Navy, could travel to international ports in conjunction with prime ministerial visits, provide a venue for international summits and host trade fairs, Johnson said. The opposition Labour party suggested taxpayer

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 70° F/21° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Sun and clouds with a thunderstorm

Mostly cloudy with a thunderstorm

A t‑storm; breezy in the morning

A stray t‑storm; breezy in the a.m.

A shower; breezy in the morning

Mostly sunny, a t‑storm in the p.m.

High: 84°

Low: 74°

High: 84° Low: 75°

High: 84° Low: 75°

High: 85° Low: 75°

High: 86° Low: 74°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

91° F

72° F

88°-75° F

88°-77° F

89°-75° F

94°-77° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

ABACO

N

High: 82° F/28° C Low: 77° F/25° C

7‑14 knots

S

WEST PALM BEACH High: 86° F/30° C Low: 75° F/24° C

7‑14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 77° F/25° C

E S

E

W

High: 84° F/29° C Low: 73° F/23° C

MIAMI

High: 85° F/29° C Low: 76° F/24° C

6‑12 knots

KEY WEST

High: 85° F/29° C Low: 77° F/25° C

High: 84° F/29° C Low: 74° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 82° F/28° C Low: 77° F/25° C

N

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

12:22 a.m. 12:54 p.m.

3.1 2.4

6:56 a.m. ‑0.1 6:58 p.m. 0.1

1:19 a.m. 1:57 p.m.

2.9 2.3

7:54 a.m. 8:02 p.m.

0.0 0.3

Wednesday 2:18 a.m. 3:00 p.m.

2.7 2.4

8:51 a.m. 9:08 p.m.

0.2 0.5

Thursday

3:16 a.m. 4:00 p.m.

2.5 2.4

9:45 a.m. 0.2 10:11 p.m. 0.6

Friday

4:11 a.m. 4:53 p.m.

2.4 2.5

10:35 a.m. 0.2 11:09 p.m. 0.6

Saturday

5:02 a.m. 5:40 p.m.

2.3 2.6

11:19 a.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

Sunday

5:49 a.m. 6:23 p.m.

2.3 2.7

12:00 a.m. 0.5 12:01 p.m. 0.1

sun anD moon Sunrise Sunset

6:20 a.m. 7:55 p.m.

Moonrise Moonset

12:29 a.m. 11:33 a.m.

Last

New

First

Full

Jun. 2

Jun. 10

Jun. 17

Jun. 24

CAT ISLAND

E

W

High: 82° F/28° C Low: 77° F/25° C

N

S

E

W

7‑14 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 75° F/24° C Normal high ....................................... 86° F/30° C Normal low ........................................ 73° F/23° C Last year’s high ................................. 89° F/32° C Last year’s low ................................... 79° F/26° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.46” Normal year to date ..................................... 8.40”

ELEUTHERA

NASSAU

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

Tuesday

almanac

E S

W

uV inDex toDay

TUESDAY

W

N

| Go to AccuWeather.com

TONIGHT

High: 91° F/33° C Low: 73° F/23° C

money could be better spent. “We want to see public money used for targeted investment in a green economic recovery, resources for our (National Health Service) and supporting families to succeed,’’ lawmaker Bridget Phillipson said. “If this ship is going to be part of a genuine plan for Britain’s future, the government must set out clearly how it will boost trade, jobs and growth in every corner of our country.” The last royal yacht, HMS Britannia, was decommissioned in 1997. It visited more than 600 ports in 135 countries during its 44 years of service.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 77° F/25° C

High: 82° F/28° C Low: 78° F/26° C

N

High: 83° F/28° C Low: 77° F/25° C

E

W S

LONG ISLAND

tracking map

High: 83° F/28° C Low: 78° F/26° C

8‑16 knots

MAYAGUANA High: 84° F/29° C Low: 78° F/26° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 83° F/28° C Low: 79° F/26° C

High: 84° F/29° C Low: 78° F/26° C

GREAT INAGUA High: 86° F/30° C Low: 79° F/26° C

N

E

W

E

W

N

S

S

8‑16 knots

12‑25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 7‑14 Knots ESE at 8‑16 Knots E at 7‑14 Knots ESE at 10‑20 Knots ESE at 10‑20 Knots E at 10‑20 Knots ESE at 10‑20 Knots E at 12‑25 Knots ESE at 8‑16 Knots ESE at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots ENE at 7‑14 Knots E at 12‑25 Knots E at 12‑25 Knots ESE at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots ESE at 8‑16 Knots SE at 8‑16 Knots E at 10‑20 Knots SE at 8‑16 Knots E at 8‑16 Knots

WAVES 2‑4 Feet 2‑4 Feet 0‑1 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 0‑1 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 4‑7 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 9 Miles 4 Miles 7 Miles 4 Miles 6 Miles 7 Miles 10 Miles 7 Miles 6 Miles 6 Miles 7 Miles 4 Miles 6 Miles 6 Miles 10 Miles 9 Miles 7 Miles 7 Miles 10 Miles 10 Miles 7 Miles 7 Miles 5 Miles 7 Miles 7 Miles 7 Miles

WATER TEMPS. 80° F 80° F 83° F 83° F 81° F 80° F 82° F 82° F 80° F 80° F 82° F 83° F 82° F 82° F 83° F 83° F 81° F 81° F 80° F 80° F 82° F 81° F 82° F 81° F 81° F 80° F