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Topic: government budget
Government is projecting a larger budget deficit of $192 million this year, because previous forecasts did not factor in tourism stipend payments for all of 2021.
Following a budget deficit of $38 million last year, government forecasts a much larger deficit for its core operations of $98 million in 2021 and of $59.6 million in 2022.
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.
Members of the Legislative Assembly Friday approved an $862.4 million budget for government over the next 18 months.
Members of the Legislative Assembly are in the final stages of approving the government budget for the next 18 months.
Thirty-one Cayman Islands civil servants are on suspension with pay over various issues, including criminal allegations, Deputy Governor Franz Manderson confirmed Wednesday.
Government was urged to consider stopping funding for private schools or pulling cash from the budget surplus, Monday, as opposition legislators called for increased spending to plug the gaps in the education system.
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.
Non-disclosure agreements attached to certain government lawsuit settlements prevented the public from learning what a proposed $700,000 in the upcoming government budget would be spent on.
Former government backbencher Winston Connolly was among the most vocal critics of the Progressive administration’s final budget, calling out his former colleagues for attempting to claim credit for economic successes which were not their own.
Cayman Islands elected officials will not receive a modest bonus being given to civil servants this month, Finance Minister Marco Archer confirmed Monday.
Cayman Islands Opposition Leader McKeeva Bush has accused the Progressives-led government of “misleading” the public with the release of its 18-month budget for the upcoming fiscal year.
The costs of MLA salaries and constituent allowances will increase the government’s budget by about $190,000 next year.
The amount the Cayman Islands government spends for the detainment, care, housing and repatriation of illegal migrants has increased from an estimated $270,000 in the 2013/14 budget year to $3.6 million this year.
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.
Unless government increases employee contributions to the main civil service retirement fund, financial advisers estimate that the pension fund for most older government workers and current retirees could be depleted by 2024.
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.
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.
A marathon meeting of the Legislative Assembly that begins Wednesday is expected to take a few weeks to complete, putting the meeting’s end shortly before the government presents its next budget in late May.
This is one of those moments – a moment that we must not let pass – that summons the conscience of our country.
Norway set up a "sovereign wealth fund" in 1990. Why doesn't Cayman have one? It could have.
The Cayman Islands has more than enough operating cash in the bank, according to U.K. officials who are evaluating whether the government will return to local budget autonomy ahead of the next fiscal year which begins in July.