Cayman’s finances on right track, Premier says

    MMain

    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…

    McKeevaBush

    Mr. Bush
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    1 COMMENT

    1. So we have made a surplus… but at what cost? There are people without jobs, small businesses are still hurting, dart and big companies are taking advantage of the recession, and the cost of living is too high! As government grows in size under the two-party system, UDP and PPM, it is becoming more and more distant from the Caymanian community.

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