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Government needs to introduce new performance measures and move to an outcome-based budgeting system to improve transparency.
Government revenues fell by $68.1 million as Cayman continues to feel the impact of the COVID-19 pandemic.
Members of the Legislative Assembly approved additional funds for the government for the financial year 2020.
Legislators vote in favour of government’s $1.5 billion budget.
A third-quarter unaudited financial report shows the Cayman Islands government had greater revenue and spent less than its projected budget.
Finance Minister Roy McTaggart presented a two-year budget on Friday that will exceed $1.6 billion in government revenue and not require new debt nor impose new taxes and fees on the public.
When planning for the future, there are lots of small changes that you can make to your daily routine that will make a positive impact on your budget.
The Cayman Islands government has a lot more money in the bank than it thought it would by June 30.
Every citizen of these fair isles should be asking whether they are comfortable spending “hundreds of millions” of dollars each year of their hard-earned money to pay the healthcare benefits promised to our civil servants by our vote-seeking politicians.
For Finance Minister Roy McTaggart, work on the government’s budget began almost immediately after the May election.
The Cayman Islands government will begin publicly reporting how much money it earns and how much it spends every three months, beginning in January 2018.
One key theme that should be highlighted is how “inflexible” the Cayman Islands government’s budget actually is – despite core government expecting $908 million in revenue in the next 18 months.
Government’s budget priorities for the year ahead include increased funding for schools, modest pay raises for civil servants, and more money for the country’s financial regulator and for public health to fight diseases such as the Zika virus.
A marginal spending increase for the Cayman Islands government department that monitors paroled criminal offenders will not allow the agency to implement the Conditional Release Law in the way it “would have liked to,” Premier Alden Mclaughlin said last week.
Given the significant expenditure on seamen’s and veterans’ benefits, it is concerning how unclear members of the Legislative Assembly’s Finance Committee appeared to be on the specifics of the healthcare program.
The Cayman Islands government has received “great criticism” in recent months for maintaining more than a $100 million operating surplus in its annual budget, despite increased spending during the same period on education, social welfare and healthcare programs, Finance Minister Marco Archer said.
It has been recommended that government pay about $35 million over the next 20 years to cover a severely underfunded retirement plan for Cayman Islands lawmakers, according to records obtained by the Cayman Compass.
The costs of MLA salaries and constituent allowances will increase the government’s budget by about $190,000 next year.
About one-third of the Cayman Islands government’s capital projects budget will go toward paying off debt and covering operating losses of statutory authorities and government-owned companies, as well as partly funding a major upgrade to the Owen Roberts International Airport.
A recent precipitous drop in the Cayman Islands unemployment rate is not expected to continue this year, according to government’s own estimates.
The upcoming government budget incorporates aspects of a development agreement between the Cayman Islands public sector and the Dart group of companies, Premier Alden McLaughlin announced Monday.
The Savannah Primary School Parent Teacher Association is set to deliver a petition to the Ministry of Education Tuesday asking the government to allocate more money to the school, which they say is struggling due to inadequate resources.
A projected $145 million operating surplus for the Cayman Islands government will be at least partially spent on public projects and paying off debt, according to budget records examined by the Cayman Compass.
A good portion of politics is appearance. And this sort of thing just looks … well … like “insider trading” – where political insiders were encouraged to trade cash possibly for influence, certainly for information.
Cayman Islands Opposition Leader McKeeva Bush said it was “absolutely poor and questionable” for the premier to present details of the upcoming government budget to a $200-a-plate political party fundraiser at The Ritz-Carlton, Grand Cayman Tuesday night, before the official release of the spending plan in the Legislative Assembly next week.
The Cayman Islands public sector will end its current budget year with a $145 million operating surplus, Premier Alden McLaughlin told a private audience at The Ritz-Carlton, Grand Cayman Tuesday night, noting that the total surplus over three years is $399 million.
The world has experienced the “tech bubble,” “housing bubble” and even the “tulip bubble." Now, we have the “government bubble.”
The next Cayman Islands government budget is tentatively scheduled to be presented to the Legislative Assembly on May 30, about a month before local law requires approval of the spending plan.
The Cayman Islands has 345 outstanding “loans” to residents who do not maintain healthcare coverage, with unpaid balances of $12.3 million owed to government.
Sometimes, the bad news simply cannot be relegated to a footnote, but needs to be blared out in all capital letters, right across the top of the front page.
Opposition Leader McKeeva Bush has suggested increasing the amount of money the Cayman Islands government provides to Meals of Wheels, which brings food to elderly residents who are home-bound or financially strapped.
The Cayman Islands government intends to change its financial management law to avoid the formal acknowledgement of a $1.18 billion projected liability in its public healthcare system that would otherwise appear in the government’s annual “net worth” figure.
The Cayman Islands government will submit a one-time, 18-month spending plan to the U.K.’s Foreign and Commonwealth Office within the next week for pre-approval, likely to be the last time Cayman will have to do so, according to Finance Minister Marco Archer.
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