Julian Willock explains National Lottery System as revenue stream
It was on Friday February 9, 2018 appearing on the 3D radio talk show with host Doug Wheatley on Radio Station ZBVI 780 AM that Mr Willock explained his idea of having a National Lottery System.
Mr Willock first brought four revenue ideas to the forefront when he said he was disappointed that the Government recovery plan “lacks bold new revenue initiatives.”
The National Democratic Party (NDP) recovery plan only calls for tax and fees to help in raising revenue; however, Mr Willock argues that with 30% of the population gone, and another 30% of businesses not up and running mostly because of looting following the two Category 5 hurricanes of September 2017 and “we cannot rely on just taxes and fees to pay for a billion dollars in loans.”
Revenue! Think outside the box, a billion in loans
The young Virgin Islander warned the Dr Smith Administration that within the next year or two we would have loans for our post hurricanes recovery totaling one billion dollars. He told the radio host that the “people must remember before the two hurricanes that devastated the Territory we had some 7 to 10 loans already on our books, and if we do not have money to pay them back, we would default on those loans and it means that the UK, who is the guarantor of these loans, will have to resort to some options we may not like.”
Mr Willock said on the radio show that a National Lottery System is nothing new to developing countries, big cities and small island states. In fact, Mr Willock told the public that even the United Kingdom “our so call mother country has a national lottery system.”
How it works; legislation needed
How it works for example in the UK is that about 50% of the funds received from the system goes to the prize winners, 30% goes back to government for causes such as education, infrastructure and heath care, while the rest goes to cost, profits and national participating agencies.
The former Assistant Secretary in the Ministry of Natural Resources and Labour said “one of the first things we will need to do is get the legislation in place to make it possible.”
The former Director of the Water and Sewerage Department told the host and the public that while we are “drafting the legislation we can also cover pari-mutuel wagering at Ellis Thomas Downs, as we need money also to help with the funding of the Downs which could cost up to 5 to 6 Million, as the entire grandstands are to be replaced, all stables both regular and quarantine need to be rebuild, as well as the racetrack surface to be upgraded.”
A national lottery system and hotel branding are some of the possible revenue streams for the Virgin Islands, according to Mr Julian Willock. Photo: Internet Source
Other suggestions for revenue
Mr Willock urged the government to be serious about the weighty issue of new revenue streams “as the time has come to think outside of the box, as we have a golden opportunity to make our post hurricanes rebuilding and recovery sustainable and not leaving the next generation in debt, which will affect their quality of life.”
The Virgin Islander businessman, who continues to bring issues and solutions to the table, also reminded the public that the Virgin Islands (VI) national debt “is approximately $200 Million…”
Mr Willock has also proposed a Citizen by Investment Programme, small manufacturing, along with hotel branding, to help diversify the VI’s tourism sector.
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23 Responses to “Julian Willock explains National Lottery System as revenue stream”
This young man deserves to be in the next House of Assembly