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Roy McTaggart and Wayne Panton

The issue explained: The race to be premier

When is the race to form a government finalised? We answer some of the key questions surrounding how a government is formed and Premier appointed.

Panton, Saunders among contenders in leadership race

Wayne Panton and Chris Saunders have emerged as two of the most likely leaders of a coalition of independent candidates if government is defeated at the polls next week.
Candidates for George Town East

Crosstalk debate: George Town East candidates face off

Candidates for George Town East, Roy McTaggart, Emily DeCou, Frank McField, Christina Hislop Rowlandson, and Richard Bernard join Crosstalk host Barrie Quappe to debate the issues affecting their district.

Podcast: Top Stories 16 August

Compass Editor Kevin Morales shares the week's top headlines from the Cayman Islands. First, cruise tourism will not return to Cayman until 2021. Then, the Pan-American Health Organization changes Cayman’s COVID-19 transmission level from ‘sporadic’ to ‘no cases’.

Water service restored throughout island

Water service has been restored to all customers across Grand Cayman.

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.

Government seeks $153 million loan for bullet bond pay-off

Government is turning to local banks with the hope of securing a $153 million loan to help pay off its $261 million bullet bond which is due to be repaid in full in November this year.

Government maintains fiscal surplus

Government continued to raise higher than expected revenues in the second quarter of 2019, which produced a 65% larger than budgeted surplus for the public sector.

Diamond’s Edge holds grand opening

A new luxury development, Diamond’s Edge, formally opened its gates this month with an event at a marquee on site at the shores of North Sound.

Legislators approve $1.6 million for housing repairs

The government has approved more than $1.6 million in additional funding for its Housing Repairs Assistance Programme.

Economic Forum to provide update on key policies

The Cayman Islands Chamber of Commerce in partnership with the Ministry of Finance & Economic Development will host the 2019 Chamber of Commerce Economic Forum at the Kimpton Seafire Resort + Spa on Friday, 31 May.

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.

EDITORIAL – Funding shortfall is cause for grave concern, if not alarm

If anything, we would take comfort in seeing our elected officials express a bit of alarm when discussing these issues, if only to signal that they understand the gravity of the situation.

Report: Pension liabilities to cost $368 million over 20 years

A valuation report on the territory’s public pensions calls for government to spend more than $368 million over the next 20 years – more than $18.4 million annually – to address the pensions’ combined funding shortfall of $197.2 million.

EDITORIAL – Are OfReg’s troubles ‘growing pains’ or something more?

Legislators’ narrow vote to provide supplementary funding for the Utilities Regulation and Competition Office this month should be a wake-up call for Cayman’s troubled super-regulator.

Strategic Policy Statement: Budget surpluses, no new taxes, finance minister says

Cayman’s economy will fare well, unemployment will be below 4%, there will be significant budget surpluses and no new fees or taxes for consumers and businesses from 2020 to 2022. At least, that is the view of government’s Strategic Policy Statement.

Legislators approve $92 million in additional spending for 2019

Government will spend roughly an additional $92 million this year after lawmakers approved a raft of extra expenditures during three days of Finance Committee hearings that started Friday and wrapped up Tuesday.

Same-sex marriage: What your representative said on the issue

Cayman Islands legislators unanimously backed a private members’ motion last week supporting government to appeal the decision by the chief justice that legalised same-sex marriage to the “full extent of the appeals process”.

Government to outline long-term budget plans

Government will present the broad strokes of its budget plan for 2020 and 2021 during the next session of the Legislative Assembly.

Grand Cayman import duty break extended again

The government will extend its reduced 15 percent import duty on building materials imported to Grand Cayman through Dec. 31, 2019.

Government reports significant fiscal surplus

The Cayman Islands government has taken in more money than budgeted in the first nine months of 2018. The unaudited financial results for the public sector for the first three quarters show an overall surplus of $183.3 million, almost double the $92.6 million surplus budgeted for this point of the year.

Finance minister lauds Cayman’s credit rating

Minister of Finance Roy McTaggart said the latest government credit rating of the Cayman Islands reflected “confidence in our country’s economic, fiscal and institutional strengths,” when he presented the assessment by rating agency Moody’s in the Legislative Assembly last week.
An aerial view of the business area of downtown George Town, Grand Cayman

Women left out of last year’s employment growth

Total employment in Cayman grew last year, but the number of women with jobs declined by some 800 people, leading to the female unemployment rate rising from 3.5 percent in 2016 to 5.5 percent in 2017.

Minister’s careless driving charge dismissed

A charge of careless driving against Finance Minister Roy McTaggart was dismissed in Traffic Court on Thursday after the Crown offered no evidence.

Minister McTaggart’s traffic trial adjourned

The trial of Finance Minister Roy Michael McTaggart on a charge of careless driving did not proceed as scheduled last Thursday. A new trial date of June 14 was set, with a file note that it might not proceed.

Health premium-sharing plan stalls

No deal has been reached on a proposal to make Cayman Islands civil servants pay for a portion of their healthcare premiums, despite claims by the previous government administration that such a move would be imperative in balancing upcoming budgets.

Reduced duty rate helping fuel development

Developers in Cayman are getting an early Christmas present. Government announced on Dec. 1 that it is extending its reduced duty rate on imported building materials for another year.

Two-year budget plan approved

The Cayman Islands Legislative Assembly unanimously approved a two-year spending plan Wednesday that includes nearly $2 billion in anticipated revenues and just more than $1.8 billion in public sector expenditures during 2018 and 2019.

McTaggart, McLaughlin blast opposition’s budget claims

Cayman Islands Finance Minister Roy McTaggart on Monday rejected opposition lawmakers’ claims that a $135 million, two-year projected budget surplus was a “duppy” (ghost) and that his government’s budget did little to help the ordinary Caymanian.

Cayman’s government debt costs $443M over four years

The “cost” of the Cayman Islands government’s debt, what it either has already paid or is due to repay in interest and principal amounts between July 2015 and December 2019, is more than $443 million, according to a review of publicly available budget records.

Government earnings increase with land sales, imports

Higher-than-expected earnings related to land transfers and vehicle/petrol imports boosted the Cayman Islands government’s earnings during the budget period that will end Dec. 31, Finance Minister Roy McTaggart said Friday.

Budget targets crime, education

Plans for an influx of 75 new police officers, a $9.6 million cash injection for education and funding for a series of major infrastructure projects were among the key commitments announced in the Cayman Islands government’s budget presentation Friday.

Education, infrastructure among budget priorities

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

Construction begins on $80 million Periwinkle housing development

Construction is set to begin Monday on the Periwinkle housing development, a project in Grand Harbour that aims to be Cayman’s first LEED (Leadership in Energy and Environmental Design)-certified community. Developers pegged the cost of the project at $80 million.

Government plans to shed half of public debt in 3 years

The Cayman Islands government plans to pay off more than half of its existing $500 million public debt within the next three years, according to budget documents released last week.

Government’s strategic plans revealed next week

Cayman Islands residents will get their first look at the new national unity government’s long-term plans next week as the Legislative Assembly resumes meeting. The government plans to produce its strategic policy statement for the 2018/19 budget on Wednesday.

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