UK budget approval uncertain

Cayman Islands budget main
The Cayman Islands government had not received formal approval of its 2012/13 spending plan by Wednesday evening UK time, according to several sources that spoke with the Caymanian Compass.

Premier McKeeva Bush said earlier in the week that he hoped to receive the UK’s backing on a spending plan by Tuesday or Wednesday, thereby making it possible to present that plan to the Legislative Assembly on Friday. The LA’s business committee was set to meet Thursday at 9am.

According to figures confirmed by the Compass, government’s latest budget proposal had lowered both government expenditures and revenues by roughly $12 million from earlier proposals.

The government had proposed $661.9 million in revenues and $592 million worth of expenses in a previous budget that was rejected by the United Kingdom. Those figures were dropped to about $650 million in revenues and $580 million in expenditures for the budget sent to the UK in the beginning of the week.

In rejecting the earlier $592 million spending plan, UK officials indicated that they wished to see substantial cuts in government expenditures from what was proposed.

Premier Bush’s office declined to comment publicly on any budget details Wednesday.

Cayman Islands budget

Last year’s government budget expired without a new one in place and without goals in the UK’s three-year financial plan being met.

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