Home Topics Ministry of Finance

Topic: Ministry of Finance

Government’s first quarter budget surplus larger than expected

The public sector’s $216.8 million budget surplus in the first quarter of 2019 was $44.4 million higher than estimated, the Ministry of Finance said on Friday.
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.

Ministry of Finance: Apology unnecessary

Despite a suggestion by the Office of the Ombudsman, the Ministry of Finance appears to have no intention of issuing an apology to a freedom of information applicant who complained about the ministry’s handling of the request.

Ombudsman asks Ministry of Finance to apologize

An appeal made to the Office of the Ombudsman over a Freedom of Information request in September 2017 has resulted in an eight-page report which asks the Ministry of Finance and Economic Development to make an apology to the applicant.

Government spent $35 million on consultants in 5 years

The Cayman Islands government spent nearly $35 million during a five-year period on consultants to support a range of public projects, spending which was largely not monitored and which, in many instances, was done without a business case plan.

EDITORIAL – ‘Political advocacy’: Cayman takes its case to Washington

Cayman Islands officials acted wisely when they hired Baker Botts law firm partner Jeff Munk to represent our country’s interests in Washington, D.C.

Legislative Assembly approves $862.4 million budget

Members of the Legislative Assembly Friday approved an $862.4 million budget for government over the next 18 months.

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.

Home Affairs staff begins fraud training

Accounting and management staff from the Ministry of Home Affairs will attend fraud prevention and detection training over the next two weeks.

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.

EDITORIAL – Being self-reliant: Cayman’s economy in the ‘new normal’

The wider world "out there" is fraught with economic uncertainty ... All the more reason for Cayman Islands leaders to focus their attention on our own solitary vessel.

Finance minister says government audits improving

Finance Minister Marco Archer says accounting and financial controls are improving, despite an adverse opinion and other criticisms from the auditor general on government financial statements from the past two years.

50 years ago: News from George Town

In the Dec. 1, 1965 edition of the Caymanian Weekly, a predecessor of the Cayman Compass, George Town correspondent Frances Bodden reported on some of the happenings in the district:

Still no sanctions for breaking finance law

For about a decade, the Cayman Islands Government failed to file consolidated financial statements on time, or in any sort of auditable form, as required by the territory’s Public Management and Finance Law.

Health Services fails to collect $120 million since 2005

A number of government agencies have missed out on the collection of tens of millions of dollars.

Collecting our thoughts on government fees

Our government’s most serious and well-documented flaw is how it spends money. Coming in at a close second is how it collects money.

Auditor general report: Government revenue collection ‘open to abuse’

Poor record keeping and a lack of specific criteria for waiving government fees leaves the “revenue collection operations open to abuse,” according to the acting auditor general.

JNBS approved for bank in Jamaica

The Jamaican Ministry of Finance has approved an application for the Jamaica National Building Society to convert to a commercial bank.

Minister: Customs made errors on import tariffs

Government is still trying to get its new customs tariff codes right, more than a year after charges were made to the tax system.

Cayman gets five new garbage trucks

Cayman has five new garbage trucks, but for now residential trash collection will remain at once a week.

Premier names new political aide

The premier wastes no time in hiring a new political assistant. Several high-profile jobs in the rest of the Home Affairs ministry, however, are still looking for full time staffers.

Cayman rum on shelves in Canada

A local distillery is supplying Cayman rum to thirsty Canadians in their home country.

Statistics Law: Government's latest numbers game

When posed with any proposal that would increase government's reach, diminish individuals' privacy rights and devolve responsibility away from elected officials – our first response is to ask: Why?

Statistics Law changes would make false data illegal

Proposed amendments to the Statistics Law would make it illegal to give false information in a government survey and opens up exempt companies for data collection.

Legislative Assembly gets controversial travel audit

Discussion of a controversial travel audit set for today may be "difficult," according to the Public Accounts Committee chairman.

Customs top job advertised 6th time

Both the Customs and Immigration departments are now lacking permanent leadership.

Top Stories of 2014: Slots, plots and champagne moments: McKeeva Bush trial

Details of McKeeva Bush’s late-night casino gambling were overshadowed by former governor Duncan Taylor’s penchant for a “quiet bottle of bubbly” in a headline-grabbing trial that had more twists and turns than a John Grisham thriller.

Cayman Islands lawmakers to consider early budget priorities

Legislative Assembly members will get a preview of the budget this week.

Credit card expenses published, hard to find

Government ministries comply - in varying degrees - with directives to proactively release credit card statements.

Chamber of Commerce calls for new government accountability standard

The Chamber of Commerce acknowledges the government's progress in accountability over 10 years, but says there is a long road ahead.

Financial secretary joins civil service rank-and-file

Ken Jefferson will assume the chief officer’s role for the Ministry of Finance and will now be tasked with the financial and human resources operations of the entire ministry.

Exorbitant travel expenses revealed in credit cards

Globe-trotting, luxury dining and limo rentals were among some of the charges on the credit card bills of upper-echelon civil servants and elected ministers.

Cayman’s life expectancy explored

Figures released for 2013 show that, on average, Cayman residents live to the age of 82.

One year later, quest for Cabinet records lingers

Government takes more than a year trying to decide whether records of Cabinet meetings should be made public.

Lord Blencathra: Who should apologize to whom?

Lord Blencathra may be the one who has been ordered to dine on crow, but Cayman deserves a place at the table right next to him, sharing in that meal.

Finance minister lauded by peers

Cayman's finance minister receives kudos from his party's political opponents.

Bush defends expenses

Former Premier McKeeva Bush hits back at critics after some questionable travel and hospitality expenses are revealed.

Chamber cites ‘complete disregard’ for public purse

Cayman's Chamber of Commerce lashes out at the local government over travel and hospitality spending.

Anti-corruption review for travel costs

Hundreds of thousands of dollars of unexplained or questionable travel and hospitality expenses in local government are revealed.

Gov’t spent $12,000 on booze at parties

Government runs up some serious 'hospitality' bills on the taxpayers' dime.

UK must sign off on refinance

Cayman must get UK approval before borrowing to pay off its current debts.

Government budgets for 
100-plus staff increase

The Cayman Islands government plans for a modest staff increase during the 2014/15 budget year.

FOI emails lost in cyberspace

Ten government agencies are found to be 'missing' emailed open records requests.

Civil servant retires after 43 years

Sonia McLaughlin retires afte 42 years of service.

Former consultant loses immigration appeal

A former government consultant has lost his appeal against conviction for overstaying.

Credit rating remains high

Rating agency Moody’s has maintained the credit rating of the Cayman Islands with a stable outlook.

Bermuda, Jersey removed from tax haven blacklist

The move, first announced in December, was made official on Sunday when the decision was published in the French finance ministry journal, France’s equivalent of the government gazettes.

Auditors question ministry’s surplus

The former Ministry of Finance says it got $7 million from government in 2011/12, auditors just can't prove it.

Info Commissioner to investigate ‘internal’ emails

Were open records request emails blocked from government servers? The information commissioner's office wants to know.

Online poll Replace, or end liquor board

The Liquor Licencing Board, after years of questions and apparent conflicts of interests, appears to be headed for change, a move supported by a majority of those polled in the Caymanian Compass last week.

Dormant accounts bring gov’t $2 million in fiscal 2012/13

Banks and other account holding institutions have transferred CI$12.88 million from dormant accounts to the government in the past three years.

Paving equipment staying on Brac

National Roads Authority paving equipment isn't returning from Cayman Brac anytime soon.

Record-keeping woes held up Beach Bay ‘quarry’ decision

A lack of written transcript of a Planning Appeals Tribunal hearing held up an official decision being issued for months.

France blacklists ‘tax havens’

France has updated its official list of jurisdictions it considers uncooperative tax havens with regard to transparency and information exchange in tax matters.

Nicholas McLean wins coveted gov’t employee of year award

The Deputy Governor's Employee of the Year Award went to Nicholas McLean with the Department of Education.

U.K. approves budget, fiscal plan

The Cayman Islands’ annual budget and its four-year fiscal plan for the territory has gained approval from the British government, clearing the way for a promised late-September debate – and much-sought approval – in the Legislative Assembly.

Editorial for August 16: What's in the Cabinet?

Cabinet's refusal of an open records request is puzzling.

US tax info exchange deal nears

Scrutiny of the financial affairs of the US and US-affiliated citizens in the Cayman Islands came a giant step closer on Tuesday as local and Washington officials announced they had initialled tax-information-exchange agreements.

FATCA: ‘Headache of the decade’ for Cayman’s financial institutions

In two weeks, "the headache of the decade" starts when Washington's Internal Revenue Service unveils its online registration service, giving every financial-services institutions in the world 90 days to sign up to global tax collection.

New executive director named to run CI Pirates Week office

The Pirates Week Office has a new Executive Director.

Government consultants everywhere

The Cayman Islands Government is good business for consultants.

Cayman key target in UK tax evasion investigation

In a statement released last week the UK tax authority HM Revenue and Customs said it was cooperating with the United States and Australian tax administrations, the IRS and ATO, on data which reveals the extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.

Gov’t sheds light on civil servants’ moonlighting

Some civil servants stay busy with their own business interests outside government.

Financial reporting woes

Cayman's government is getting financial statements in more often, but their figures aren't quite making the grade.

Ministries release travel costs since 2005

Government releases expenses on globe-trotting ministers.

Civil servants support charity

Cayman Islands civil servants turned out in force on 28 March to support non-discrimination efforts spearheaded by Rotaract Blue’s Open Arms Programme.

Parks unit merges with Public Works

As part of the government's restructuring initiative, the parks unit is merging with the Public Works Department.

Gov’t pays $560K for Barkers ‘park rangers’

Government has paid a group of 10 people about $3,500 per month to work at Barkers as park rangers.

Official budget communications off limits

Official budget communications between the local government and the UK are withheld from public release.

Aerial survey 
is under way

Aerial survey is going on in Cayman.

Nation Building Fund: $9.5M spent in first 3 years

Half of the $9.5 million in Nation Building Fund expenses went to churches from 2009 to June 2012.

Vending in public places an issue

The Cayman Islands Government revises policy on cracking down on public vendors.

No clarity on Spotts money

The Cayman government and China Harbour aren't talking about what happens to money spent on Spotts cruise plans.

This week