Owen ‘not worried’ about upcoming budget
(CNS): Governor Jane Owen has dismissed concerns that the UK might step in to oversee public finances after the PACT Government presents its last budget for this administration next month. Six months after taking up her post, Britain’s representative in the Cayman Islands told CNS that she is “not worried” at this stage about the risk of Cayman falling foul of public finance legislation and the UK stepping in if, as expected, public spending exceeds CI$1 billion in both 2024 and 2025
Speaking to CNS this week, the governor said that budgeting was “always a challenge” and it was about “balancing priorities and resources”. But she said that the Cayman Islands now has a solid track record over its finances and she had no reason to worry because the UK has seen that Cayman has managed its finances well.
She also revealed that at this point, the UK and Cayman governments are not discussing changes to the Public Management and Finance Law. This includes the Framework for Fiscal Responsibility, which sets the parameters for British Overseas Territories’ annual spending plans, such as net debt ratios and cash balances.
However, Owen said that she was not opposed to that potential conversation. She said she would be willing to facilitate the talks because conversations about these issues are worth having, especially in connection with the environmental challenges that Cayman will face.
In recent months, Premier Wayne Panton has broached the idea of renegotiating some of the FFR limits to help Cayman navigate the costly mitigation measures that will be needed to protect the islands from rising sea levels, rising temperatures and more potentially dangerous storms. The climate policy sets out ambitious goals that will not be easy to meet without significant investment.
“We need to balance development with environmental concerns,” the governor said, adding that this is not unique to Cayman and even the UK is facing challenges in the face of climate change.
Owen offered her full support to help this jurisdiction tackle the specific challenges it faces, “which you can see every day”. The governor said she appreciated the issues Cayman will have to deal with as it balances the needs of a growing economy with the consequences of climate change for these low-lying islands. But she said the UK was fully committed to supporting Cayman through the challenges.
Not all of that support will be financial, the governor noted, as the UK will be offering technical expertise as well. She pointed to the research work going on in the deep sea, support with risk assessments and the recent positive move by Cayman to join the Blue Belt Programme. Cayman has already benefited to the tune of more than $5 million from the Darwin Initiative for a variety of important research, she added.
The governor said that Britain will be taking a delegation of BOT representatives to the UN Climate Change Conference (COP28), which will take place from 30 November until 12 December in the United Arab Emirates.
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Category: Government Finance, Politics
just gotta laugh at climate change spending at this point, such a waste of resources for a boogeyman that doesn’t exist.
yawn…go back to your fox-fake-news…
Does she look worried ?? Not untill they start firing shots nearby her residence on seven mile beach
Sounds like she’s another Helen Kilpatrick who’s main goal was leaving the office early with her English staff.
Hello? Has anyone heard there is a two front war going on in the Middle East? United Arab Emerits? Are you nuts? No planes are flying in because the entire area has several damn wars going on!
Do people not get it? This is a wind-down post. Perfect for anyone with a long, distinguished career.
Come here, stay in a beach house, keep your mouth shut and see or say nothing.
Then it’s ‘sayonara’ with a nice fat pension to somewhere that’s not governed by crooks and crims with the collective IQ of a doughnut.
Much better than having our own. We know what the local crooks been up to since the 1990s, some even have 2 units on 7mile beach, gained by selling us out!
We are worried that you are not worried.
Mrs Owen, please read all the posts expressing concerns you won’t hear from your select Governor pandering English friends .
Or the Cayman royalty dingbats for that matter.
You’re misunderstanding her. This is her subtle way of saying she’s not worried because if they put forward a budget that doesn’t comply, it won’t fly. Referencing previous government’s successes in managing the finances is telling Wayne that the uncoordinated rhetoric needs to be reigned in and actual tradeoffs made amongst the grandstanders.
NOT worried..?
$100,000,000 plus fees and running costs for new resort prison..?
$25,000,000 for rich people sand.?
$Millions for Kenneth’s ego wasteful vote buying projects.?
$Millions settling law suits against govt and ministers.?
$40,000,000 for private jet comforts.?
We are worried, because it’s OUR money.
Well not entirely. Those people like the rich jet owners have all contributed heavily to “our money”.
But yes I do agree we should be concerned because there is very little in those numbers that speak to services and investment that will directly enhance the lives of normal Caymanians
It occurs to me that if a $100Million was spent on affordable housing, instead of a prison, thousands of Caymanian families would have pride of home ownership to break the cycle of disenfranchised citizens, who would be steered away from crime.
Sounds like a good plan PACT..?
3.55 thumbs down presumably from prison consultants standing to make Millions from the public purse.
What about all the expats that drive Government Vehicles with free gas 7 days a week, 365 days a year, that’s a lot of money. They don’t own any vehicles of their own, so they drive the Government Vehicles everywhere they go. That’s a lot of money they save on Gas, insurance, licensing, maintenance etc, and a lot of tax payers money down the drain on them. Why are this allowed to continue on Grand and the Brac.?
get police out on the roads 24/7. never police anywhere during speed time from 6-7am
Not worried about the budget, not worried about the gun crime, not worried about the rampant corruption in our politicians, not worried about the collapsing infrastructure, not worried about the leeching poisonous dump, not worried about the substandard 4th world education for our kids, not worried, just not worried.
A spot of tea and cakes anyone?
Yeh right!
I see a paper dictionary in the background. Can’t wait for the Internet to be invented so no longer need a paper copy.
She might not be worried, but then again, it isn’t her money. It’s ours.
Cayman is unique in that it has no debt but I still don’t trust the local politicians and would prefer direct UK management. The Jon Jon Seymour recent articles show why the cayman government just can’t be trusted. In the Uk he would struggle to get any job at all, let alone a cabinet position.
It has debt
Plenty of it
You just don’t own the notes and they are linked to rising rates
I seem to recall a $300million safety net arranged by Roy as a Covid emergency fund, that PACT grabbed and Spent, but on what..?
Of course she isnt worried, when it all goes to shit she wont be here anyway
It’s the former PPM and current recycled Finance Minister Kenneth Jefferson that has suddenly found his conscience and admitted not properly reporting the liability side of the balance sheet since early 2010’s. Much of that under Roy McTaggart’s watch and even Ezzard Miller’s supervision. Under-reporting by billions is definitely a violation of PMFL and FFR and all the Parliament is trying to pretend things are fine when they aren’t. That Finance Minister is still in the post!?
@5:15… the civil service pension liabilities have never been included in the government accounts. If it was a requirement I believe the UK would insist on it. I don’t even think the UK includes it in their accounts?
So to correct a few points you made:
– Roy McTaggart was finance Minister from 2017 to 2021. He was not finance Minister for mist of the time after 2010.
– Ken Jefferson is a civil servant and is the Financial Secretary and not the finance minister.
Other than that the OP was quite accurate!
So why is past service pension liability and post retirement health care included in the accounts of the statutory authorities?
These authorities have 1 shareholder – their parent – the Cayman Islands Government.
Does the Governor really believe Cayman’s civil service is “world class” where people are held accountable and understand concepts of project management and the concept of value for money?
Here’s a hint look at the track record of civil service managment, Chief Officers plus their deputies, CFO’s and the key staff responsible for the performance of their ministries.
Jeeeeeeeeeezum what a friggin mess we are in Cayman???
easy for her to say…..she or any of her family won’t be here in 10 years time
still can’t get it out of my head… a billion dollars down the drain every year with nothing to show for it.
that is the real crime.
Not true
We’ll have a $100 Million dollar prison we can’t afford.
But hey look on the bright side..10.49.
Every Jamaican criminal will come here knowing that IF they get caught, they’ll be getting food and lodgings gym, library, television in very comfortable air conditioned all expenses paid accommodations……..far superior to their outside prison lives.
Similarly, our own criminals will not have anything to lose doing the crime, doing the time will be a Doddle..
We are worried.
Wait.
We have a new governor?
What happened to the old one?
We didn’t have an old one either, just a retiring civil servant who enjoyed living on the beach.
Last one was Duncan Taylor. He is sorely missed.
Taylor is missed by his hanger on cocktail party black tie event hosts.
Why would she worry isn’t she on a retirement jolly? She’s doesn’t need to stress, bless her🙏
Has Her Excellency contemplated the fiscal consequences to the government of the property market slowing down and a few hundred high work permit fee executives being granted status – both of which may be imminent?
Spending like there is no tomorrow is not sustainable. Perhaps that realization will dawn on someone soon.
What’s the plan? Could it be that we are being intentionally driven to a place where direct taxation is the suggested path out?
Stay away from the edge of that cliff, Cayman.
It seems no one ask themselves what they can do to help the Government anymore, they only ask what the Government can do to help them. Check the 750,000 $ lady ?