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New gov’t will inherit CI$100M deficit

New gov’t will inherit CI$100M deficit

| 12/04/2021 | 69 Comments

(CNS): The Government of National Unity will be leaving the next government with a hole in the operating budget for 2021, despite continued claims that the members of the outgoing administration have been a good stewards of public finances. While COVID-19 spending explains part of the deficit, government’s revenue is not anticipated to be as […]

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Lost tourism revenue only small dent in public purse

Lost tourism revenue only small dent in public purse

| 11/03/2021 | 69 Comments

(CNS): Despite missing out on more than nine months of tourism tax revenue during 2020 as a result of the lockdown, the government still managed to navigate public finances last year based on the financial services sector and stamp duty. Finance Minster Roy McTaggart said government collected $3,273,000 in cruise departure taxes last year, more […]

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Four development deals still secret

Four development deals still secret

| 02/03/2021 | 178 Comments

(CNS): Government signed at least four non-disclosure agreements with developers for major projects over the last administration in which duty or fees have been waived. But voters will not get to see what revenue has been forfeited, for what reason and who benefits, at least not before the elections. CNS made a freedom of information […]

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CI$75M deficit for 2020 well below forecast

CI$75M deficit for 2020 well below forecast

| 05/02/2021 | 38 Comments

(CNS): Contrary to predictions by government that it would end 2020 in the red to the tune of CI$168 million, the finance minister has revealed an expected deficit of around $75 million once the numbers from all the public sector entities as well as core government are finalised. Roy McTaggart said there was also $449 […]

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FS warns of long road to modernise CIG budget

FS warns of long road to modernise CIG budget

| 29/01/2021 | 28 Comments

(CNS) Financial Secretary Kenneth Jefferson has accepted that the current budget system doesn’t make the important link to show how public cash being spent by government is achieving its stated policies. The system is based on outputs rather than outcomes, which does not help people understand the real performance of government, he explained, but said […]

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Minister has no data on impact of concessions

Minister has no data on impact of concessions

| 21/12/2020 | 43 Comments

(CNS): The finance minister has admitted that no research has been done or data collected justifying the continued duty concessions on building materials in Grand Cayman and a host of other waivers on Cayman Brac. After delivering a statement in Parliament last week renewing various import and stamp duty cuts due to expire on 31 […]

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OAG: Budgets are opaque and complex

OAG: Budgets are opaque and complex

| 18/12/2020 | 46 Comments

(CNS): The government’s budget process is neither effective nor transparent and needs significant improvement to make it more simple and accountable, the auditor general has said in her latest report. Sue Winspear said that limited progress has been made in addressing the concerns her office has raised for more than seven years about how government […]

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CIG spends nearly $3M on new fire trucks

CIG spends nearly $3M on new fire trucks

| 16/12/2020 | 21 Comments

(CNS): The Cayman Islands Fire Service (CIFS) has received seven new fire fighting trucks, which cost US$3 million, to replace its existing domestic fleet. The new trucks have arrived just a few months after the Ministry of Home Affairs spent almost $3.5 million on new trucks for CIFS aerodrome service. The new trucks were picked […]

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CI$¾M found to fund sports, including CIFA

CI$¾M found to fund sports, including CIFA

| 14/12/2020 | 62 Comments

(CNS): Despite the decline in government revenue and the additional strain on the public purse in the face of the COVID-19 pandemic, government has found almost CI$788,000 more for Cayman’s sports associations in a budget reshuffle. Many sports, from athletics to volleyball, will now get $150,000 per year, which is a massive boost for some. […]

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PAC troubled by salary hike ‘mistake’ at CTC

PAC troubled by salary hike ‘mistake’ at CTC

| 19/11/2020 | 90 Comments

(CNS): What has been described as a salary hike ‘mistake’ at the Cayman Turtle Centre resulted in 24 people, including the CEO and other senior managers, getting a second pay increase that they should not have received, which took almost 12 months to be spotted. This so-called error troubled the Public Accounts Committee during its […]

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Turtle farm accounts delayed by fraud case

Turtle farm accounts delayed by fraud case

| 18/11/2020 | 34 Comments

(CNS): The delayed release of three years worth of the Cayman Turtle Centre’s accounts was due to a “very complex” audit resulting from financial irregularities uncovered in 2017, the Public Accounts Committee heard Wednesday. Four people have been charged with fraud-related offences in the case of corrupt procurement at the government-owned farm that has sucked […]

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