Legislators back 2-year $1.4B budget before LA adjourns

(CNS): Despite the criticisms hurled at government from the opposition benches during an intense week of Finance Committee, the budget got full support from the members of the Legislative Assembly Wednesday when it was put to the vote. With the exception of Bernie Bush, the CDP Unity government back-bencher who was not in the chamber when the members cast their vote, the government’s first ever two-year spending plan was approved and will be signed off well before the end of the financial year on 31 December. 

Overall, during the next two years government expects to collect almost $1.5 billion in revenue and earnings and will be spending around $1.3 billion. Areas such as education and law and order are receiving spending boosts for their operating costs and will also benefit from some of the capital investment. Government will be spending almost $200 million on various public infrastructure projects, with $20 million going on schools and another $4 million on the start of two new police stations. The government will also be investing over $14.5 million on the landfill project.

The good news is that government has promised no new or increases in the fees and taxes it charges and intends to cut the public debt almost in half during the 24 months while still clearing operating surpluses of more than $140 million by the end of December 2019.

Following the passage of the budget, members spent Thursday dealing with parliamentary questions to ministers, various pieces of legislative amendments for the offshore sector and two private members’ motions that were backed by government and approved three cabinet status grants.

The Legislative Assembly was adjourned Thursday evening without a set date but lawmakers are not expected to meet again until the New Year. Premier Alden McLaughlin will be leading a delegation to London at the end of this month for what is likely to be a critical meeting of the Overseas Territories Joint Ministerial Council in the face of much-needed additional aid for the hurricane hit territories, the issues surrounding Brexit and the European Union’s plans for another black list of tax havens, which McLaughlin described as an “existential threat to the Cayman Islands”.

All of the Legislative Assembly proceedings for the Budget meeting which started on the 27 October are available on the CIGTV’s  YouTube channel. See the budget vote below.