Government revenues fell by $68.1 million as Cayman continues to feel the impact of the COVID-19 pandemic.
Speaking in the Legislative Assembly last week, Accountant General Matthew Tibbetts said that from 1 Jan. to 30 Sept., government revenue stood at $604.6 million, significantly lower than initially projected.
“During this time, we had budgeted to receive $672.7 million. So, our revenue is short by $68.1 million year to date,” he said, as he responded to questions from George Town Central MLA Kenneth Bryan during Finance Committee.
Financial Secretary and Chief Officer in the Finance Ministry, Kenneth Jefferson, also appearing before the committee, said Cayman’s first quarter, from 1 Jan. to 31 March ended without virtually any impact from COVID-19.
“We certainly would have been ahead of what we’d expected it to be at the end of that quarter and then we locked down late March. So, in the second quarter we started to feel the impact April to June, and then subsequently July to September,” he said.
The general reserves of the country, he said, is now approximately $104 million while the Environment Protection Fund stands at about $57 million.
Tibbetts, under questioning from Bryan, told legislators that Cayman started 1 Jan. with cash balances of $522.3 million and at the end of the first quarter, on 31 March, cash balances restricted and unrestricted stood at $659.6 million.
“By the end of the second quarter, 30 June, we had $559.6 million and we’ve just recently ended the third quarter, 30 September, with $535.2 million,” Tibbetts said.