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Parliament approves more funding to address storm damage

Members of Parliament on Wednesday approved additional government funding to help homeowners and farmers impacted by Tropical Storm Grace.

Government finances: Updating budgeting process will take time

Government needs to introduce new performance measures and move to an outcome-based budgeting system to improve transparency.

COVID cuts government revenues by $68 million

Government revenues fell by $68.1 million as Cayman continues to feel the impact of the COVID-19 pandemic.

Additional government funding approved

Members of the Legislative Assembly approved additional funds for the government for the financial year 2020.

Government’s $1.5 billion budget moves to next stage

Legislators vote in favour of government’s $1.5 billion budget.

Financial report: Gov’t surplus double projected figure

A third-quarter unaudited financial report shows the Cayman Islands government had greater revenue and spent less than its projected budget.

Government presents record-size 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.

Little daily savings that really add up

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.

Half-year budget surplus reported at $201 million

The Cayman Islands government has a lot more money in the bank than it thought it would by June 30.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

EDITORIAL – Healthcare obligations: The straight story (minus the sugarcoating)

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.

Education, infrastructure among budget priorities

For Finance Minister Roy McTaggart, work on the government’s budget began almost immediately after the May election.

Gov’t to report budget figures every 3 months

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.

EDITORIAL – The budget: Plenty of funds, little flexibility

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.

Breaking down the budget

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.

Budget will hamper monitoring offenders

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.

EDITORIAL – The price of paying respect

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.

Finance minister: Budget surplus helping Caymanian people

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.

Lawmakers’ pensions need $1.76M a year

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.

New MLA seat adds costs

The costs of MLA salaries and constituent allowances will increase the government’s budget by about $190,000 next year.

Budget: $35M pays off debt, losses

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.
Cayman’s overall unemployment rate fell in spring 2015 to 4.2 percent.

Government anticipates rise in unemployment

A recent precipitous drop in the Cayman Islands unemployment rate is not expected to continue this year, according to government’s own estimates.

Budget: Major development, pay bonuses ahead

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.

Savannah Primary PTA petitions for more resources

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.

Surplus must pay debts, fund projects

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.

EDITORIAL – ‘Budget dining’: The Progessives’ fundraising affair

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.

Bush says government fundraiser ’questionable’

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.

Premier: Three-year budget surplus is $399 million

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.

EDITORIAL – How rich countries (mis)manage to go broke

The world has experienced the “tech bubble,” “housing bubble” and even the “tulip bubble." Now, we have the “government bubble.”

Cayman budget plan cutting it close

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.

Healthcare costs skyrocketing, minister says

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.

EDITORIAL – Healthcare debts: The $1.18 billion must be accounted for

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.

Bush wants budget boost for Meals on Wheels

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.

Health debts not to be counted in budget

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.

Cayman’s 18-month ‘one-time’ budget will be sent to UK

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.

Policing our funds

Problems such as nonworking CCTV and long response times are indications that, when it comes to Cayman police, taxpayers aren't getting value for money.

Barlow: Cayman’s billion-dollar mistake

Norway set up a "sovereign wealth fund" in 1990. Why doesn't Cayman have one? It could have.

Accounts without accountability

I wonder if I will ever see the day when a senior civil servant accepts responsibility for his/her incompetence and resigns?

Budget load

EDITORIAL – Minister Archer on target with public debt

Because of Finance Minister Marco Archer’s attempts to guide the Cayman Islands government out of debt, local taxpayers have accumulated a new kind of debt — of gratitude.

UK minister warns of looming US$312M debt

While congratulating Cayman’s government on the accumulation of big cash reserves by December 2015, Britain’s overseas territories minister has warned Cayman of another massive financial commitment looming within what will be the next administration’s term in office.

The plan

Residents’ budget ideas invited

Residents of North Side are invited to submit their suggestions for government projects in the district during the coming financial year.

Police service cannot keep up with its aging patrol fleet

Although it plans to receive 22 new police vehicles over the next four months, the Royal Cayman Islands Police Service says the replacement cars will not match the rate at which its fleet is aging.

Port Authority helped fund cruise pier report

Government appealed to the Port Authority for help to cover a $1.8 million shortfall in funding for the environmental impact assessment on the proposed cruise pier project, according to Port Authority meeting minutes.

Barlow: How to balance a budget

Right away, you can see why "zero-based budgeting" is not popular with government bureaucrats.


Gimme more

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