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Ministry waives $7.5M in duties

Ministry waives $7.5M in duties

| 30/06/2020 | 20 Comments

(CNS): The Ministry of Finance and Economic Development gave away some $7.5 million in stamp and import duties during 2019, Finance Minister Roy McTaggart told the Legislative Assembly Monday as he presented the ministry’s 2019 annual report. The minister said staff had processed 831 requests for waivers, though he did not say how many had […]

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‘Culture change’ needed on private pensions

‘Culture change’ needed on private pensions

| 17/06/2020 | 70 Comments

(CNS): Public Accounts Committee member Chris Saunders made it clear to regulators today that the culture surrounding Cayman’s mandatory private sector pension funds needs to change. Saunders, who has been a vocal advocate against the system, said the Department of Labour and Pensions (DLP) did not have the resources to police the plans where administrators […]

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Auditors keep eye on public cash

Auditors keep eye on public cash

| 09/06/2020 | 12 Comments

(CNS): A new report released by the Office of the Auditor General (OAG) Tuesday outlines its plans to keep an eye on government’s handling of public cash during the COVID-19 pandemic. Although this year’s audit plan has changed, Auditor General Sue Winspear said the document sets out the basic principles guiding the OAG and its […]

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Gov’t revenue plummets to record low

Gov’t revenue plummets to record low

| 28/05/2020 | 139 Comments

(CNS): Following a very successful start to the year and a bigger than expected surplus in the first quarter, everything changed in just one month for government revenues. Finance Minister Roy McTaggart reported on Wednesday that after spending $68 million but collecting only $23 million, a drop of $26 million on what was budgeted, government […]

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Gov’t bean counters make audit deadline

Gov’t bean counters make audit deadline

| 02/05/2020 | 8 Comments

(CNS): Twenty-eight public sector entity audits have met the the 30 April statutory deadline and have all received unqualified audit opinions. Despite the disruption caused by the coronavirus to government business and the majority of offices being closed, over half the entities required to do so have completed their legal obligation, which Auditor General Sue […]

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Gov’t preps to deal with ‘lean times’

Gov’t preps to deal with ‘lean times’

| 23/03/2020 | 126 Comments

(CNS): Premier Alden McLaughlin said government is discussing a range of measures to protect the Cayman Islands, not just from the health crisis presented by the COVID-19 pandemic but the economic one as well and the “very lean times ahead”. Warning of tough times and a significant downturn in business, the premier said talks this […]

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OfReg accused of wasting more public cash

OfReg accused of wasting more public cash

| 05/03/2020 | 80 Comments

(CNS) Updated with correction: The utilities regulator, OfReg, which has already faced criticisms for its lavish spending of public cash while failing to address any of the issues it was created to tackle, wasted well over CI$200,000 in 2018 on renting an office it never used. The regulator also exceeded its travel budget for that […]

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Civil service pay-offs still causing audit concerns

Civil service pay-offs still causing audit concerns

| 03/03/2020 | 31 Comments

(CNS): Government’s efforts to keep a lid on the details of the pay-offs it has made, and continues to make, to senior civil servants who have left the public sector under questionable circumstances are still raising issues for the Office of the Auditor General. In her latest report looking at government finances, Auditor General Sue […]

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Clarity needed on who runs the court, says DG

Clarity needed on who runs the court, says DG

| 03/03/2020 | 41 Comments

(CNS): Questions about the efficiency of the Cayman Islands court system that were raised in a report by the auditor general were the focus of a Public Accounts Committee hearing Monday, when the deputy governor revealed that, when it comes to the administration, who runs what is not entirely clear. Franz Manderson said that while […]

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NRA spending not properly controlled

NRA spending not properly controlled

| 01/03/2020 | 53 Comments

(CNS): The National Roads Authority has been spending large sums of cash without following the proper tendering process, the Office of the Auditor General found in a review of the authority’s financial reports. The NRA has spent public cash on marl, crosswalks and other equipment without putting the pricey contracts out to competitive bids. The […]

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Four gov’t entities miss audit deadline

Four gov’t entities miss audit deadline

| 17/02/2020 | 24 Comments

(CNS): Auditor General Sue Winspear said she was “delighted” with this year’s financial reporting by most government entities after giving 36 out of 40 audits for the 2018 fiscal year a clean bill of health. But she has also noted continued failings in her latest report, released Monday. Despite the improvement on the chaos surrounding […]

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