CIG set to deliver 2016/17 budget before month end
Finance Minister Marco Archer in the LA
(CNS): The Cayman Islands Government will be delivering its first ever 18-month budget on 30 May. The premier’s office has confirmed that the final spending plan for this PPM administration will be brought to the Legislative Assembly a week on Monday, just one month ahead of the end of the current financial year. The spending plan is not expected to increase existing taxes and fees or introduce many new ones outside of those relating to new offshore products, but it is unlikely to deliver any further tax cuts as government spending is expected to increase.
With a number of new pieces of legislation that are making demands on the public purse and growing numbers of people seeking help from social services, as well as the growing health care bill and pay increases for certain civil servants, government is likely to be looking at a record-breaking level of public spending.
However, Finance and Economic Development Minister Marco Archer is under obligation to ensure that the government delivers a spending plan that meets all of the requirements under the Public Management and Finance Law. This means that he will be anticipating plenty of government revenue to cover expenditure and provide a surplus to meet the demands from the UK to get the public finances and borrowing levels back on track.
The budget meeting, which will last for several weeks in order for legislators to scrutinise spending line by line, will be broadcast live on government’s CIGTV and on Radio Cayman. The public can also watch politicians debate and analyse how government will collect and spend tax payers’ money live in the Legislative Assembly.
CNS will be providing up to date full coverage of the proceedings.
Category: Economy, Government Finance, Politics
Usual…ppm do nothingness…..
Hate to say it….but all the ppm have done is maintain the policys of the last administration….
No increase of taxes but plenty of “emergency” bills being pushed through and probably when the one person who will oppose them is away.
Some how, the hole in the pension fund, the health insurance deficit, the legal aid bill and government expenditure are getting bigger by the day. The only people responsible for paying this is you.
That is before the Cayman bullet bond (soon come) is added into the mix.
Rubbish comments. Gone are the days of pie in the sky projects and slush funds. How quickly we forget.
1+1=343 and forget the liabilities, election soon come.
Anticipate a typical Cayman budget:
1. Limited money for essential services.
2. Plenty money for new roads to property of favored constituents.
And Pig E Bank, money to provide a new revision to the Pensions Law to give pensions to very needy one time MLAs like Dr Steve Tomlinson and Berna Murphy.
Don’t they know that they do not have to make this retroactive. Neither Berna nor Dr. T needs the money and I doubt very much that they are asking for it.