RSSGovernment Finance

Minister hopes no need to use $330M of credit

Minister hopes no need to use $330M of credit

| 21/09/2020 | 36 Comments

(CNS): A consortium of local banks has been given the green light to supply the Cayman Islands Government with access to CI$330 million at a fixed interest rate of 3.25% and a flat arrangement fee of CI$2 million to put the line of credit in place. Finance Minister Roy McTaggart said the bid from the […]

Continue Reading

$25M deficit better than expected

$25M deficit better than expected

| 10/09/2020 | 55 Comments

(CNS): Despite the uncertainty about the future economic fortunes of the Cayman Islands, so far public finances are doing better than expected. Government is now running at a monthly deficit of around $25 million but that is much lower than had been projected, according to Premier Alden McLaughlin. And with a line of credit about […]

Continue Reading

Finance ministry is the star of PAC ‘Oscars’

Finance ministry is the star of PAC ‘Oscars’

| 28/08/2020 | 38 Comments

(CNS): The Ministry of Finance walked away with most of the special gongs handed out Thursday at the now annual Public Accounts Committee awards for government accountants. The idea of the bean-counters ‘Oscars’ is to publicly recognise civil servants who achieved on-time, unqualified accounts through audit after years of problems with the public finances.

Continue Reading

$2.2M spent on updated garbage fleet

$2.2M spent on updated garbage fleet

| 24/08/2020 | 37 Comments

(CNS): The Cayman Islands can look forward to seeing real improvement in garbage collection and general management in the coming weeks after almost $2.2 million has been spent on eleven new garbage trucks and other heavy equipment. The Department of Environmental Health has also come up with a new logo that is “better aligned with […]

Continue Reading

COVID-19 recession could lead to tax

COVID-19 recession could lead to tax

| 13/08/2020 | 397 Comments

(CNS): Finance Minister Roy McTaggart has said that if the country runs out of reserves before the tourism sector and the world economy recovers, government may have to consider taxation. Though reluctant to use the word, he said that given the current situation with the COVID-19 pandemic, things could get very tough for the public […]

Continue Reading

Government coffers still in the black

Government coffers still in the black

| 11/08/2020 | 53 Comments

(CNS): Despite expectations of plummeting government revenue as a result of the COVID-19 pandemic, so far this year the public coffers are still in the black. The unaudited core government financial results for the first six months of this year show that the surplus is considerably less than expected but government isn’t in the red […]

Continue Reading

Health insurance failings roll on

Health insurance failings roll on

| 10/08/2020 | 50 Comments

(CNS): The multiple problems associated with the failing health insurance system in Cayman was recently raised again in Finance Committee, but there are still no policy solutions on offer from the health minister. The original budget to cover tertiary healthcare costs for indigents and those with inadequate health cover for 2019 was CI$9.9 million but […]

Continue Reading

Tourism spent $3.5M on cruise port in 2019

Tourism spent $3.5M on cruise port in 2019

| 04/08/2020 | 73 Comments

(CNS): The tourism ministry spent almost CI$3.5 million of public money on the now abandoned cruise berthing project last year, according to the chief officer. Stran Bodden told Finance Committee the cash was spent on promoting the project and professional services. Meanwhile, the private sector consortium selected to build the controversial dock said this week […]

Continue Reading

Gov’t to look at booze and fuel duty rating

Gov’t to look at booze and fuel duty rating

| 04/08/2020 | 62 Comments

(CNS): The government has said it will take a look at the current situation where the duty on liquor and fuel is rated by volume and not cost, as is the case with all other goods. In response to a private member’s motion passed in the Legislative Assembly Friday, Finance Minister Roy McTaggart said the […]

Continue Reading

$220k spent from port vote $1.32M budget

$220k spent from port vote $1.32M budget

| 28/07/2020 | 10 Comments

(CNS): An additional CI$1,320,000 was budgeted for the people-initiated referendum on the cruise port project, but in the end the Elections Office spent only $220,000 on the verification and early prep work. Deputy Governor Franz Manderson revealed that, since it was a non-election year, the office had needed the $1.32 million above its 2019 budget […]

Continue Reading

COVID-19 estimated cost is $46.7M

COVID-19 estimated cost is $46.7M

| 27/07/2020 | 36 Comments

(CNS): The auditor general has found that government’s estimated spending and committed expenditure on the COVID-19 pandemic, as at 19 June, is CI$46.7 million. This unaudited estimate does not include lost revenue and is based on available information supplied by government. With more work to come on the wider costs of this healthcare crisis, Sue […]

Continue Reading