Cayman’s finances on right track, Premier says

The Cayman Islands ended its 2010/11 budget
year on 30 June with a $25 million operating surplus, according to Premier
McKeeva Bush.  

The surplus, according to figures provided
by the Premier’s office ahead of a broadcast speech to the country on Thursday
night, were final actual budget numbers for the fiscal year ending 30 June. The
numbers had not yet been audited, but Mr. Bush said he expected “normal
adjustments” but no major changes once that audit was completed.  

Government’s projected revenues went from
$510 million to an actual $535 million, according to the Premier. Government
operating expenses went from a projected $508 million to an actual $483
million.  

Both represented improvements on projected
figures of $25 million in each area.  

Performance of government-owned companies
and statutory authorities also improved from forecasts, reporting a surplus of
about $3 million for the year.  

In addition, government spent about $3
million less in financing costs for the year – that’s the amount of money
Cayman must pay to meet its debts.  

The Premier said this was done by
“stretching out the time before it became critical that we had to borrow
the $155 million”. Cayman borrowed $155 million to help meet costs in the
2010/11 fiscal year.  

“The entire public sector….was
budgeted to have a deficit of $32 million whereas the year’s actual performance
indicates an overall surplus of $25 million; a total turnaround of $57
million,” Mr. Bush said. “This is a tremendous testament to the
prudent and responsible management of the country’s finances.” 

The full text of the Premier’s speech
tonight can be found by clicking here.

Please see Friday’s editions of the
Caymanian Compass for full details of this story…