$2M OK’d for recovery

Financial Secretary Kenneth Jefferson has received approval from the Legislative Assembly’s Budget Committee to allocate an additional $2 million toward hurricane recovery efforts in the Cayman Islands.

The allocation is to make up for a budget shortfall between now and the new fiscal year beginning in July.

The funds include a $75,000 injection into the Cayman Islands Recovery Fund. It will be used to complete nine unfinished homes in East End.

The amount was allocated based on assessments of available human resources to complete the projects within the given time period.

The remaining $1.925 million will be distributed once requests from all five District Assistance Committees outlining their districts’ needs are received. The Portfolio of Finance will then provide funding for specific projects.

The money is for financial assistance to uninsured and underinsured people to help with home repairs and replacement of furniture and appliances damaged during Hurricane Ivan.

The funds will come from the existing $35.9 million 2005/2006 budget surplus.

A further $2 million has been allocated for Hurricane Ivan recovery for the 2006/2007 fiscal year.

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