Tag: Budget
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 […]
UPM increasing range of fees in 2024/25 budget
(CNS): Premier and Finance Minister Juliana O’Connor-Connolly said her government would increase some taxes or fees over the 2024-25 budget period, such as a rise in duty on electric cars, stamp duty in high-end locations, work permit applications and some General Registry fees. In the Budget Address delivered on Friday afternoon, she outlined an increase […]
Offshore related fees won’t increase in coming budget
(CNS): Firms operating in the Cayman Islands most important and lucrative economic pillar will not be subjected to any fee increases in the forthcoming budget, expected to be presented to parliament next week. According to a circular from the Ministry of Financial Services sent to stakeholders business fees across the financial services sector will remain […]
Parliament meeting set to deliver UPM budget
(CNS): The United People’s Movement government will bring the 2024/25 budget to parliament on 8 December. In a press release from the House, the Speaker, Sir Alden McLaughlin called for the second meeting and official state opening of the 2023-24 session of the parliament to begin next Friday at 10am. It will include the governor’s […]
