The Cayman Islands Government is now examining a list of revenue sources, seeking areas for possible fee increases that could bring in $25 million more income with minimum impact on the public.
While some of these fees or charges are constantly adjusted, others have remained the same for as long as 27 years, the Government said.
The new revenue, which is in addition to government’s normal income, is needed in the July 2006 to June 2007 financial year to help finance capital projects including new schools and roads, as well as more equipment and resources for the Police.
To this end the Portfolio of Finance and Economics has compiled and presented to Cabinet a list of all government revenue sources, and Members of Cabinet are currently reviewing the document.
Called the ‘revenue register,’ this list has also been sent to private-sector organisations and professional associations, seeking their ideas on how government can raise the required funds. These groups have promised to submit their suggestions to government by mid-February.
The need for this money was mentioned in the Strategic Policy Statement (SPS) tabled in the Legislative Assembly on 30 November last year. The SPS lays out government’s thinking behind the coming year’s budgetary spending.
In addition to the $25 million needed for the 2006-2007 financial year, $3 million has to be raised for the 2007-2008 period.
The revenue register lists 190 fee types now collected by 18 government departments and agencies. These fee types have multiple sub-brackets that attract various charges. As an example of fees that have not increased over the years, the cost of registration for a veterinary surgeon has stood at $40 annually since 1 January 1978. Temporary registration of veterinary surgeons has remained at $5 per month over the same period.
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