Recommendations on which public services can be sold off or privatized to cut the cost of government are expected by the end of the month.
Ernst and Young has begun phase two of a comprehensive review of public sector spending and expects to have its report and “roadmap for implementation” completed within the next few weeks.
The big four accounting firm has been hired to come up with a plan to reduce the size and improve the efficiency of the public sector.
Just over 6,000 people are currently employed in various government services, compared to around 4,000 in 2001. Their wages account for a large chunk of the $744 million in annual government spending planned for the next financial year.
The review includes primary government ministries as well as statutory authorities, such as the Cayman Islands Monetary Authority, and government-owned companies such as the Cayman Turtle farm.
EY said it had resumed consultations on June 23 with those affected as part of the Public Services Rationalization Project.
The aim of the second round of talks is “to review and confirm accuracy of EY’s compilation of financial and operational data and to discuss ideas and options for the way forward,” according to a statement.
The company has been gathering data, including financial and operational information, on more than 80 core-government entities, 25 statutory authorities, government companies, and numerous boards, committees and commissions.
The EY team has consulted with chief officers, heads of departments and representatives of affected entities as well as the Chamber of Commerce, and courtesy visits with the Governor, Cabinet and elected officials, including opposition leaders.
Keiran Hutchison, partner, EY Cayman and Cayman Islands Restructuring Specialist said, “I have been very pleased with the response in providing operational information, as well as the level of engagement by stakeholders as they share their professional insights and contribute to solutions for consideration with the EY assessment team.”
Deputy Governor Franz Manderson added, “I am pleased that the project is progressing according to schedule and look forward to receiving the final report”.