Premier ‘hopes’ for budget by Friday

Cayman Islands Premier McKeeva Bush said Tuesday that he was hopeful a full-year budget could be produced and brought to the Legislative Assembly by Friday.

Mr. Bush made the announcement on talk radio Tuesday afternoon and his statements were later confirmed by his press secretary, Charles Glidden.

Mr. Glidden said, if the United Kingdom responded favourably either Tuesday or Wednesday to Cayman’s budget plan, Mr. Bush had noted that it was his hope to have a budget to the assembly by the end of the week.

The Caymanian Compass received no indication there had been any response from the UK to the country’s budget by late Tuesday.

Premier Bush had earlier proposed a $592 million spending plan. However, that included proposals for a 10 per cent payroll tax levied against work permit holders salaries; a plan which has since been scrapped.

The earlier budget was rejected by the UK anyway, with Foreign and Commonwealth Officials noting that Cayman still needed to make significant cuts to expenditure for the 2012/13 fiscal year, which started on 1 July.

 

1 COMMENT

  1. What part of reduce spending does the Premier not understand?

    In May 2010 he promised the FCO in a 3-year plan that expenditure for 2012/2013 would be 462 million.

    In June 2012 he sends a budget with expenditure of 498 million that was rejected because expenditure was too high. He then responds with a budget that has expenditure at 549 million which was again rejected.

    At some time, it’s getting harder to keep track of dates, he sends a new budget with expenditure of 592 million which is rejected.

    Based on the previous pattern, the budget that he sent off today should have expenditure of more than 600 million.

    Will he be surprised once again if it is rejected and they tell him to make cuts in expenditure?

  2. It sounds like the strategy is to delay the final budget as long as possible so he can adjust the final, final, final budget version to the acutal government revenues and expenses. When it eventually becomes finalized, say June 2013, he can state, See the actual figures were bang on target with the budget. See no deficit. I have such good command of the island finances. Othewise in June he can say, Why bother with the 2012/13 budget? The year’s over. No use looking at the past. Let’s move forward and concentrate on the future.

    Maybe all MLA’s should be held accountable by having their salaries withheld until the budget is completed and approved.

  3. Mango Picker – I couldn’t more agree with you except that maybe only the Premier should have his salary cut until the budget is approved. I mean, he’s supposed to be minister of finance so as far as I’m concerned, he isn’t doing what he was employed to do. A regular company would either fire him or like you said not pay him until the task is done. But then again, if all the MLA salaries were cut then maybe more collective action would be taken.

    But seriously, I’m waiting for when he says that he had it under control all a long and that he has good command of the island’s finances like you said.

  4. McKeeva’s actions are starting to border on the negligent. I’m doubtful this country will hold him accountable though.

    I guess it’s always ok for lawmakers to break their own lawsafter all, they are above them, right?

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