Tag: Budget
Cabinet increases 2024 capital budgets by $7.4M
(CNS): Under section 11 of the Public Management and Finance Law, Cabinet has effectively added another CI$7.4 million to the 2024 budget with the approval to increase capital funding for various government projects by CI$7 million. According to brief meeting notes from 14 August, the government’s inner circle approved an equity injection of $3 million […]
Offshore sector fuels early extra surplus for CIG
(CNS): The Cayman Islands Government started the year with a surplus of over CI$260 million, much more than the $214.1 million it was expecting due to higher than forecasted revenue and lower than predicted personnel costs during the first quarter of 2024. According to the unaudited financial results for the period, core government collected $27.4 […]
Cabinet re-jigs $8 million to pay for locals’ healthcare
(CNS): Less than four months into the current budget cycle, Cabinet has approved changes to the health ministry’s appropriations for this year to cover some $8 million in medical bills for overseas patients, the elderly, people who are inadequately insured and those in need of chronic care and other treatments. This ever-increasing healthcare requirement for […]
EY lands $1.2 million contract to reform CIG budget
(CNS): The government recently awarded a contract worth more than CI$1.2 million to reform and modernise the way the government does its budget. The local consultants have been asked to help implement an outcome-based budgeting and reporting framework that includes a system to support the preparation and reporting process. For years, the Office of the […]
UPM ‘playing catch-up’ on public project spending
(CNS): Premier Juliana O’Connor-Connolly defended the UPM’s first budget, once again, on Friday when she told the business community that public spending on capital projects over the next two years was about “playing catch-up” with local infrastructure, which is necessary because of the significant population spike over the last few years. The premier, who has […]
Growing debt to cost almost CI$44M in 2024/25
(CNS): The Cayman Islands Government expects to spend around CI$44 million over the next two years financing public debt. At the end of 2023, the public debt stood at CI$453.1 million and is expected to fall to CI$430.2 million this year. However, the forecast for the end of the new budget cycle in 2025 is […]
All MPs back Cayman’s biggest ever budget
(CNS): All 17 MPs, both government and opposition, who were present in parliament on Friday and able to vote backed the near CI$3 billion budget for the next two years. The UPM Government is expecting to collect around CI$1.46 billion across the Entire Public Sector next year and has plans to spend more than CI$1.41 […]
CIG forecast to close the year with $22M surplus
(CNS): After tracking huge surpluses for the best part of 2023, the Cayman Islands Government is set to finish the year with a surplus of $22.7 million, some $5.1 million less than originally forecast and far less than the $116 million it was sitting on at the end of the third quarter in October.
Sir Alden challenges the reality of UPM budget
(CNS): The new speaker of the House, Sir Alden McLaughlin, challenged the reality of the government’s budget Wednesday when he took his seat in the chamber as a member of Finance Committee. He suggested the United People’s Movement had “fixed the numbers” to match what they had needed, but it was not a real budget.
Bryan calls for cruise port vote at next elections
(CNS): Tourism Minister Kenneth Bryan has said he would like to see a referendum on the idea of developing cruise port piers at the same time as people go to the polls for the general election in 2025 “to settle the question” once and for all. During his contribution to the budget debate on Monday, […]
UPM not prioritising economic decline, says McTaggart
(CNS): In his response to the United People’s Movement budget, delivered on Friday, Opposition Leader Roy McTaggart accused Premier Juliana O’Connor-Connolly and her new team of continuing to ignore the Cayman Islands’ broader economic decline and growing inequality gap, which he implied had emerged during the past two years. He accused the premier of failing […]
