CIG collects full year’s revenue in 11 months
(CNS): The Cayman Islands Government had already collected all of the revenue it had budgeted for this year by the end of November, Finance Minister Chris Saunders revealed during a brief meeting of Finance Committee, held to tidy up and settle movements of money for the current budget cycle. He told MPs that, according to the preliminary numbers coming from his ministry, the government collected over CI$942 million in eleven months, around one million more than the full year’s forecast.
With one more month of 2022 to go, the CIG currently has a $62 million surplus, well in excess of the CI$19 million surplus budgeted for. Spending is currently running at CI$879 million though it had been expected to be $921 million by the end of the year. Saunders said that, given the additional revenue expected in December, the government was “running well ahead” of expectations.
Saunders said that, provided there are no surprises in December, the government will exceed the budget predictions for 2022. This should give the CIG a cushion going into the new year and the considerable economic uncertainty ahead.
However, while the government had dealt with most of the parliamentary questions filed by the opposition by Thursday, Saunders has not yet responded to one posed by the opposition leader about predictions for Cayman’s economic fortunes for next year. Roy McTaggart asked about the government’s assessment as to whether or not Cayman was facing a recession in 2023, which has yet to be answered.
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Category: Government Finance, Politics
Oh goody lots more money to give away to every Tom, Dick and Harry, than we expected. Let’s think of the next creatively named social program to rollout January 1.
Fix the dump
Could install a lot of pedestrian crossings with that.
Really now? waiting for 2023.
Go take a seat.
“””Raise the Standards says:
16/12/2022 at 8:47 am
Congratulations to the Cayman Islands and the PACT Government on this excellent financial achievement! Whilst the world faces economic uncertainty, this surplus budget for Cayman is indeed welcomed – I do hope that the surplus will be tucked away safely in to an interest-earning account and not touch to fund any new welfare incentives or exuberant projects that can wait until after we have cleared the better half of 2023.“”””
Where are the bike corridors that are required elements of road plans since 2015?!?
Deal with the Hurley’s round about please.
All this money and the country is in shambles. How?
Corruption, world-class
What would Dick say?
What would Jane do?
Massive surplus and yet Cayman still has an education system that does not prepare young Caymanians for a future in our own country. Shameful.
One need look no further than one’s Minister for Education to understand why.
And yet we had one. Cayman Prep and St Ignatius still operate with it, very successfully.
Any accountability for the now multi-generational destruction of our futures?
And CIG still giving million dollar grants to the same obviously prejudiced private schools annually.
I know. I’ve dealt in both systems.
Prove it.
I challenge you on the use of the word “prejudice”.
Easy to blame failures on the implication not facts.
A child’s success at school is absolutely linked to parental encouragement and engagement.
Sadly third world baby mama and missing baby daddy have to take the blame for failures in government schools.
Per pupil we spend more on education than every country on earth except one. On average we spend 66% more per public school child than it costs to send a child private (CIS/Prep etc…). To be fair to this and the previous government they are not failing to provide funding!
If the assertion of the original poster is correct:
“Cayman still has an education system that does not prepare young Caymanians for a future in our own country.”
Why is this, and what are the possible solutions?
Waste more, not spend more
There is still no defined trade school structure in the country. can you imagine?
CIG are not keeping track of the conditional and limited giveaways in the NRA Agreement, which is tens/hundreds in forfeited revenue to the preferred developer.
We have heard anything recently about the massive unfunded public service pension. Can we have an update on that please, Hon Minister Saunders?
Maybe they could fix the damn dump then? Or perhaps the frigging traffic?
Leaf blowers been banned yet?
traffic from east was horrendous today. way to go cig, never fix a thing.
“Roy McTaggart asked about the government’s assessment as to whether or not Cayman was facing a recession in 2023, which has yet to be answered.”
Saunders and the other morons in charge can’t even understand how to answer that question!!
It’s not a recession if they are getting paid.
Annnd they pissed it away “revitalizing” (creating more traffic) in George Town!
That new crosswalk to cardinal avenue is a complete and utter disaster! Who thought it would be a good idea to have two sets of pedestrian lights 15′ apart. Kenny?? You dat??
Eeediats in charge!!
Civil servants should not be allowed to make commercial decisions.
They have never had to “make a living” using well considered business decisions like
How much will it cost?.
How do we pay for it ?.
Control of expenditure to meet budget.
What impact will these actions have on the broader population ?.
Will the expenditure be of benefit to the community ?.
Etc etc.
The Government gave the seamen and Nau people $150 Christmas bonus.good. But they should also gave to the old pensioners but never gave the old civil servants pensioners anything. They worked very hard and some are getting less than the peopke on NAU getting. Shame, Shame on this Government.
You would have thought they could afford to invest in public transport.
And glass crushing facility
Umm? Why that expense. What is wrong with a concrete slab and an hour with a backhoe every two weeks?
No one said crushing glass had to be expensive or high-tech.
Just that not doing it (and then using the crushed material as aggregate) is … something.
That is going to take a while, now they want electric buses, instead of just buying some buses or leasing the on-island fleet, and phasing in the electric.
we should have electric buses. easy to buy
Wonderful, lets see if you need to pay anymore refunds to the Dart organization.
Thanks, PPM!
You mean any more contractual obligations.
Is it true that the national motto is being changed from “He hath founded it upon the sea” to “We have flushed it down the drain”?
Spend, spend, spend…
8.59am change it to “we have flushed it down the Cal drain”.
Congratulations to the Cayman Islands and the PACT Government on this excellent financial achievement! Whilst the world faces economic uncertainty, this surplus budget for Cayman is indeed welcomed – I do hope that the surplus will be tucked away safely in to an interest-earning account and not touch to fund any new welfare incentives or exuberant projects that can wait until after we have cleared the better half of 2023.
They will need all that and some to repay interest on debt next year especially as things start to slow down globally and the lag starts to show in Cayman
You do realize the surplus comes from taxing the people ? In hard times such as these I’d prefer to see less of a surplus because that would mean the Govt gave the people a bit of a break
Did you get any new taxes put on your dumb @ss? Did you see the amount of tax rebates and duty removals the government has done? Do you know how much parents have saved because Gov is feeding their public school children? Do you know how much a month Gov spent subsidising your CUC bills for the last 6 months?
Lets just say the surplus would be a lot more if it had not done those things to give the people a break!
This has nothing to do with the UDPact government.
It has everything to do with the large law firms and accounting companies for attracting high net worth individuals to invest here.
Also thanks to PPM for encouraging investment in development and real estate to fill the coffers.
This UDPact rabble led by Mac will fritter it away on getting re-elected and other self serving adventures to fill their own pockets.