Topic: budget
Police seeking Caymanian recruits to boost staffing levels
Police have launched the second recruitment drive of the year as the service bids to bolster numbers with Caymanian officers
Landfill fire reignites ‘Mount Trashmore’ concerns
George Town’s overflowing landfill suffered another fire this week, prompting air-quality warnings for nearby schoolchildren and reigniting calls for action over the Islands’ decades-long waste-management problem.
Anglin: Fee package designed to fund spending without burdening residents
Finance Minister Rolston Anglin has defended government’s multi-million dollar package of fee increases and insisted they will not significantly impact the cost of living in Cayman.
Opposition PPM takes aim at ‘rushed’ fee increases
Cayman's government rushed the introduction of controversial revenue-raising budget measures, the opposition People's Progressive Movement has claimed
Budget bill passes in Parliament with opposition party abstaining
Parliament has voted to pass the National Coalition for Caymanians first Budget, with the Bill passing in spite of four members of the Opposition choosing to abstain.
NiCE programme to be ‘stepping stone’ to full-time work
Commitment to a scheme to give jobless Caymanians work in the run-up to the festive season has been underlined in parliament
New affordable housing blueprint on the way
A road map for an affordable and sustainable housing policy will be tabled in Parliament this year, MPs have heard.
Anglin stresses need for ‘strict’ immigration policy
A get tough policy on immigration is vital to protect the future of Caymanians and Caymanian business, the finance minister has warned MPs
Extra CCTV, high-tech border control signalled by minister
An expanded CCTV network, high-tech border control and computer-assisted emergency dispatch will be funded in the new budget, Home Affairs Minister Nick DaCosta says.
Shadow finance minister criticises ‘secrecy’ over stamp duty increase
Progressives MP Roy McTaggart questioned plans to raise stamp duty on ‘high end’ properties and challenged government to provide detail
Government announces record $2.5 billion spending plan
The National Coalition for Caymanians unveiled its $2.5 billion budget for the next two years, with a heavy focus on education and new revenue measures including stamp duty hikes on luxury properties.
Hew: Government needs to address the high cost-of-living
The cost of living crisis is not being properly tackled by government, opposition leader Joey Hew has said
Office, more staff to boost opposition efficiency
A budget pledge to fund an official opposition leader's office and staff will allow the People's Progressive Movement to work more effectively, party chief Joey Hew has said
NCFC government to deliver its first budget
The National Coalition For Caymanians government will present its first budget on 6 Nov., outlining its expected spending and revenues for the country for the next two years.
‘Hiring freeze’ in force as government looks to cut spending
Government is implementing a hiring freeze on all non-essential positions amid projections it will run out of cash by the end of the year.
Government seeks to extend deadline to present pre-budget statement
The government plans to amend legislation to double the three-month post-election timeframe to bring a Strategic Policy Statement in election years.
Strong financial report casts doubt on pre-election forecast
Government’s overall surplus for the first quarter of 2025 has surpassed the original budget by $54.6 million, with both higher revenues and higher expenditures reported for this period compared to the same quarter of 2024.
Cabinet approves $11.1M in extra spending in two meetings
Minutes just released by the Cabinet Office reveal that an extra $11.1 million in spending was approved by Cabinet in two separate meetings over the last few months before the general election.
Cabinet approves $7.7 million in extra funding for the police
More than $7.7 million in extra funding for the police was approved by the current government in the last meeting of Cabinet before the general election on 30 April.
As outlook shifts from surplus to deficit, government may have to answer to UK
Cayman's expected operating surplus of $54.7 million is now likely to be an operating deficit of $26.2 million by the end of 2025.
Government approves extra $51.8M in spending, as surplus shrinks
The government on Friday approved an additional $51.8 million in spending for this year, as it announced that its expected surplus for 2024 had fallen to $16.5 million, which is $28 million less than originally budgeted.
Analysis: 10 key announcements from government’s budget
The Cayman Islands government has unveiled a $2 billion two-year budget and outlined an additional $270 million in planned capital spending over the same period.
As part of our Cayman Compass budget briefing we look at 10 key proposals contained in the policy speeches and documents.
$2 billion budget: Stamp duty hike and two new schools among key announcements
Government announced $150 million in new borrowing and a package of tax increases to help fund a glut of projects including two new high schools in Cayman Brac and West Bay and an Olympic-size swimming pool in George Town.
Long-awaited budget to take centre stage as Parliament set to reconvene
Premier Juliana O'Connor-Connolly is set to deliver her inaugural budget address as finance minister next Friday, 8 Dec, following the ceremonial opening of Parliament.
Government surplus drops $50M to $116M in Q3
The government has a $116 million surplus, net assets of $2.2 billion and a bank balance of $582 million, according to the financial results for the third quarter.
Premier orders cost cutting as government spending nears $1 billion
Premier and Finance Minister Wayne Panton has implemented cost cutting measures across the civil service with government expenditures are set to surpass the billion dollar mark for 2023.
Tourists, work permits and vehicles drive rising government revenue
Government earned $19.5 million more in revenue in the first six months of the year, compared to last year's figures, driven in part by a hike in stayover tourism, vehicle charges and work permit fees.
Saunders and McTaggart agree: Flexibility is needed for gov’t finances
Following concerns raised by the auditor general, both Finance Minister Chris Saunders and Opposition Leader Roy McTaggart agree that though Cayman's budget process must have the flexibility to adjust spending as the need arises, a managed approach is best.
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.
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.
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?
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.
