Topic: government finances
Auditor general criticises public-sector financial management
The latest report on government finances from the Office of the Auditor General highlighted "fundamental weaknesses in financial oversight that must be addressed urgently".
Rising government staff costs cause concern
Total spending on salaries and benefits for civil servants has increased by more than $25 million over the past 12 months.
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.
Gov’t gives up $4.6 million in revenue through waivers, concessions
Over the last six months, government has foregone $4.6 million in revenue through stamp duty waivers, concessions or import duty refunds.
Government surplus comes with message against overspending
Government's latest unaudited financial records have shown higher-than-projected surplus figures for the first half of the year. The Ministry of Finance, however, has cautioned against overspending as 2024 rounds off.
A call for fiscal responsibility
I congratulate those in Cayman Islands government who can bring about a surplus. I’m not a financial expert, but spending less than you take...
Opposition: Dip in government revenue shows construction slowdown
Cayman's construction industry has been expanding over the last few years, but based on the latest government revenue figures it seems the boom is slowing, says Opposition Leader Roy McTaggart.
Premier: Cost-cutting warning not ‘for or against’ any project
Premier Wayne Panton has stood by his internal memo calling for cost-cutting measures for the remainder of the fiscal year, saying that it "represents strong, proactive fiscal management".
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.
Government maintains higher surplus for first quarter
The government’s first quarter report shows a higher than expected net surplus, fuelling optimism for its performance over the rest of 2023.
Gov’t makes $159 million more in 2022 than pre-COVID
The Cayman Islands government made $159.2 million more in 2022 than 2019, and $80.3 million more than it projected, according to unaudited financial results released this week.
Gov’t revenue crosses $1 billion mark, surplus recorded
Core government revenues hit a milestone at the close of 2022, crossing the billion-dollar mark, according to Deputy Premier Chris Saunders.
Government maintains higher fiscal surplus in third quarter
The Cayman Islands government maintained a fiscal net surplus of $81.8 million through the third quarter of 2022.
Financial services activity bolsters government revenues
New company and partnership formations and registrations of funds have pushed up government revenues in the first seven months of this year.
Government half-year results ahead of budget
Government reported an operating surplus of $159 million in the second quarter of 2022.
Gov’t to hire consultants to modernise budgeting process
To kickstart the modernisation of its budgeting and reporting framework, government aims to hire consultants that will prepare a business case for the project.
Government surplus $30 million higher than budgeted
Unaudited financial results for the first five months of 2022 show a $179.5 million operating surplus for the public sector – $30 million more than projected by the budget.
Government draws down US$393 million loan
Government has converted a US$403 million loan facility agreed with local banks by the previous Progressives-led government in December 2020 into a permanent loan.
Government bullet bond off the table
Government is no longer looking at the option of raising debt via a bullet bond.
Larger government budget surplus in first quarter 2022
The Cayman Islands government has reported a surplus of $215.7 million for the entire public sector in its first quarter financial results.
Finance Committee approves $15M in additional tourism stipend funding
Parliament’s Finance Committee on Wednesday approved $15 million in additional tourism stipend funding after the money allocated in the budget for that purpose had already run out.
Government’s financial position marginally ahead of budget
Government reported a slightly higher revenue from financial services and work-permit fees and lower expenditures than forecast for the first two months of 2022.
Finance minister expects ‘smaller’ $10 million deficit for 2021
Finance Minister Chris Saunders said that preliminary results for the 2021 financial year showed a smaller than projected core government deficit of about $10 million.
Opposition: US$400 million government bond issue unnecessary, expensive
The opposition has urged government to change tack over news that it is considering issuing a US$400 million 30-year bullet bond.
Government considering US$400 million bond issue
The Cayman Islands government is considering issuing a 30-year, US$400 million bullet bond in the US capital markets in the second quarter of this year, to raise funds and refinance existing debt.
Budget 2022: How government plans to return to an operation surplus
The principal sources of government revenue and main spending areas are not much different compared to previous years.
Opposition criticises government’s borrowing plans
Opposition leader Roy McTaggart has criticised government’s plans to borrow up to $350 million over the next two budget years to fund capital expenditures and infrastructure.
Government 2022/23 budget projects return to operating surpluses
Government is planning a return to operating surpluses without any new fees or taxes in its 2022/2023 budget based on better than expected revenues.
Government maintains $147 million budget surplus through August
The Cayman Islands core government has maintained a $147 million budget surplus during the first eight months of 2021.
Government allocates another $28.5 million for COVID mitigation
Parliament’s Finance Committee approved an extra $28.5 million on Wednesday to fight the COVID-19 pandemic and pay for mitigation measures including testing.
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 fiscal surplus larger than expected
Higher revenues and cost savings have generated a larger than anticipated fiscal surplus both for core government and the entire public sector in the...
Financial secretary clears up ‘row’ over government deficit
Financial secretary Kenneth Jefferson explained the $50 million gap between the 2020 budget deficit estimates of the former and the new government in Public Accounts Committee on Tuesday.
Government expects larger budget deficit
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.
Government finances better than budgeted
Government earned a surplus of $196.2 million in the first quarter of 2021.
Government projects larger budget deficits in 2021 and 2022
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.
Core government’s 2020 budget deficit only $38 million
The Cayman Islands government would have achieved a budget surplus last year, had it not been for $65.4 million in unexpected COVID-19 pandemic-related additional healthcare spending and financial support for small businesses and displaced workers.
McTaggart: Government finances better than expected
Government’s fiscal situation is not as serious as initially feared with government revenues higher and expenditures lower than forecast six months ago.
Government maintains budget surplus in third quarter
Despite the economic impact of the COVID-19 pandemic, Cayman’s core government has maintained a surplus of $30.4 million in the first nine months of 2020.
Inside the ESO’s economic assessment and stimulus plan
The Economics and Statistics Office has this week released its COVID-19 Economic Impact Assessment and Stimulus Plan that is informing government policy on tackling the economic fallout from the pandemic. Finance Minister Roy McTaggart outlined the key findings of the report at the end of May, stating that the economy might contract by 12.2%, with nearly 10,000 jobs lost, including almost 3,000 Caymanian employees.
First-quarter government finances better than budgeted
The Cayman Islands government has started the tumultuous economic period in the wake of the coronavirus pandemic with better than expected first quarter fiscal results.
Auditors question NRA internal controls
The Office of the Auditor General in its latest report has flagged purchasing breaches within the National Roads Authority.
