Government Finance
Record Q1 public spending could cement deficit
(CNS): The Cayman Islands Government spent more money in the first three months of 2025 than in any quarter in history. This record spending by the UPM administration has left the new government with a serious challenge in preventing the now predicted year-end deficit. Between New Year’s Day and 31 March, expenses amounted to almost […]
Government debt falls below $400 million
(CNS): The public sector debt has dropped to $396.8 million, as at 31 March 2025, from 445.7 million at the same point last year. However, the government finances are still in a precarious situation with a looming deficit at the end of this year unless the new government can reduce spending. Nevertheless, with only $48.1 […]
Year begins with huge surplus but deficit still forecast
(CNS): The Cayman Islands Government’s financial report for the first quarter of this year has shown a significant surplus, despite higher than expected spending, resulting in the prediction made before the election that 2025 could end in deficit. The first unaudited accounts for this year, covering the pre-election period between 1 January and 31 March, […]
UPM continued additional spending at 11th hour
(CNS): Just three weeks before the elections and a week after the Pre-Election Economic and Financial Update report was published by the finance ministry, the minority UPM government continued to rack up more public spending. Even when then-premier Juliana O’Connor-Connolly, then-deputy premier Kenneth Bryan, and ministers Dwayne Seymour, Jay Ebanks and Isaac Rankine knew the […]
CPR: CIG cash crisis makes cruise piers even less viable
(CNS): Campaigners pushing for a ‘no’ in the upcoming cruise port referendum have said the pre-election finance report shows the country is in no position to invest in a costly cruise berthing facility. Katrina Jurn, from CPR Cayman, said that even if the Cayman Islands Government were to come up with some deal with the […]
Minority Cabinet votes extra $7.7M for police budget
(CNS): The minority UPM government added another CI$7.7 million to the RCIPS budget last month, just days before the release of the Pre-Election Economic and Financial Update from the finance ministry. Financial Secretary Kenneth Jefferson confirmed that this vote for the supplementary funding was taken into consideration in the report and is part of the […]
CIG spends $2.5M on Turtle Centre pump project
(CNS): The tourism ministry has signed a CI$2.56 million deal with Sanpik Contracting Cayman Ltd to implement a saltwater pipe and pump project at the Cayman Turtle Conservation and Education Centre. The deal follows an open procurement process. The project involves the relocation of the pumping system and replacing the pipes that fill the tanks […]
UK won’t step in yet over potential FFR breach
(CNS): The results presented in the Pre-Election Economic and Financial Update for this year and next are projections only, and at this stage, the UK government will not intervene in local public finances. Responding to CNS’s request for comment on the newly forecast deficits, Greg Gibson, who heads the governor’s office, said that if there […]
New CIG faces UK takeover of public purse
(CNS): The revised prediction for public finances over the next two years, which shows a massive turnaround from a healthy forecast surplus to a deficit, not only leaves the next administration with problems funding existing spending obligations and its political agenda but the potential intervention of the UK.
PACT/UPM gave CI$12+ million waivers to hotel projects
(CNS): The development concession giveaways continued over the last administration, despite the opportunities the PACT and UPM coalition governments had to address a major concern for voters at the last election. More than CI$12 million in duty waivers was given away to three Seven Mile Beach luxury hotel and condo projects, even though they offered […]
UPM leaves next government a CI$26.2m deficit
(CNS): The departing UPM administration is leaving behind a public finance crisis for the next government. After an increase in core operational spending and a drop in expected revenue for 2025 and 2026, the minority government managed to turn what should have been a surplus of almost CI$55 million this year into a $26.2 million […]
