The reductions were set out in the Strategic Policy Statement made public in the Legislative Assembly Monday.
The proposals result from three phases of efficiency reviews completed by the public service that will be implemented in “the short to medium term”, according to the policy statement.
The reductions proposed for the 2013/14 budget year include:
*Discontinuation of the government’s housing assistance programme – savings $3.7 million
*Reductions in the PRIDE programme and Nation Building Fund – savings $2.8 million
*Attrition in the civil service [during the 2013/14 year only] – savings $5 million
*Consolidation of statutory authorities – savings $4.9 million
*Centralisation of procurement operations – savings $2.4 million
*Improved risk management [through self-insurance] – savings $3 million
*Reduction of interest costs [debt repayment] – savings $1.9 million
Additional reductions in the 2014/15 and 2015/16 budget years include further attrition-related reductions in the Cayman Islands civil service of $8 million, and reductions in the Nation Building Fund of $2 million.
The government also expects further reduction in interest costs over those two budget years.
Please see much more on this story in upcoming editions of the Caymanian Compass.