Crucial reports held by ministries

Annual reports submitted to a
number of Cayman Islands government ministries
and portfolios sat in those offices for years in some cases, keeping them from
being presented to the Legislative Assembly and therefore the wider public.

The annual report documents contain
financial information about each publicly-funded entity, as well as summaries
of their activities for the year. Often those records provide lawmakers key
information in making funding decisions for upcoming years.

At least half a dozen government
entities – statutory authorities and government-owned companies – testified
before the Public Accounts Committee that they had completed various financial
statements and annual reports and had submitted those reports to their
ministries for review.

“In a number of years, no such
annual report accounts have been laid before the Legislative Assembly,” said
Cayman Islands Stock Exchange Board Chairman Anthony Travers.

According to testimony before the
Public Accounts Committee, the Cayman Islands Airports Authority, the Cayman
Islands Development Bank, the Cayman Islands National Insurance Company, the
Electricity Regulatory Authority, and the Information, Communications and
Technology Authority all had submitted various annual reports which were still
being held somewhere within government.

Both committee Chairman Ezzard
Miller and Acting Auditor General Garnet Harrison said they were not aware of
what caused the delays in presenting those annual reports.

Please see more on this story in
next week’s editions of the Caymanian Compass…