Tag: Budget
Premier seeks 8.5% cut to this year’s budget
(CNS): Civil service bosses have been told to cut spending by around $47 million before the end of the year. With just four months left of 2023, Premier Wayne Panton, wearing his finance minister hat, has called on public servants to save cash as operational expenditure climbs toward $1 billion. He told CNS this wasn’t […]
CIG records half-year surplus of $166M
(CNS): Despite spending some $15 million more than expected in the budget by the halfway point of this year government has maintained an overall healthy surplus. According to the latest unaudited financial report to the end of June, the public purse has a CI$166.2 million surplus, $22.7 million more than budgeted for the first six […]
CIG collects record-breaking CI$1 billion in revenue
(CNS): The Cayman Islands Government collected over one billion dollars in fees and revenue last year for a record-breaking budget. According to the 2022 unaudited financial results, the year ended with a central government surplus of $47.7 million after earning CI$80 million more than it had projected in the original budget. Overall, despite high levels […]
CIG collects full year’s revenue in 11 months
(CNS): The Cayman Islands Government had already collected all of the revenue it had budgeted for this year by the end of November, Finance Minister Chris Saunders revealed during a brief meeting of Finance Committee, held to tidy up and settle movements of money for the current budget cycle. He told MPs that, according to […]
Gov’t coffers overflow with budget surplus
(CNS): At the end of the first seven months of 2022, the Entire Public Sector (EPS) had a surplus of $129.6 million, some $25.2 million more than the projected year-to-date operating surplus of $104.4 million, the finance ministry confirmed Monday. As of 31 July, the government was still collecting much more revenue than it had […]
Budget weaknesses outlined in bid documents
(CNS): Significant shortcomings in the way government currently reports and manages its now one billion dollar per year budget have been outlined in documents prepared by the finance ministry as it looks for consultants to help modernise the process. The current budget process is failing both the Cayman Islands Government and the people, and does […]
Budget forecasts can improve, Jefferson admits
(CNS): Government’s tendency to underestimate how much revenue it expects to collect is the result of “human nature” and a deliberate desire on the part of successive administrations in recent years to avoid the risk of a deficit and to take a conservative approach to spending ahead of the budget, only to spend the extra […]
2021 deficit expected to be CI$10 million
(CNS): The government is now expecting its spending gap for 2021 to be around CI$5 million less than it had predicted during the recent budget presentations. The public sector year-end figures are expected to be released shortly, but in the meantime, Finance Minister Chris Saunders has revealed that the deficit is more likely to be […]
Saunders defends new CI$350M borrowing plans
(CNS): Finance Minister Chris Saunders (BTW) defended the PACT Government’s plans to borrow just under CI$350 million over the next two years, pointing out that the pre-election forecast financial statements released by the previous administration had outlined plans for borrowing around $330 million over the next two years, and had projected a deficit of more […]
Tourism centre planned for GT harbour front
(CNS): Government plans to develop a new tourism centre on a two-acre waterfront site it has acquired in George Town harbour, which will be turned into a training, entertainment and leisure centre and tourism attraction to accommodate restaurants, bars, a stage and possibly the Craft Market.
PPM accuses PACT of choosing ‘massive borrowing’
(CNS): The leader of the opposition took aim at the new finance minister on Monday when he delivered his response to the PACT Government’s first budget. Roy McTaggart accused the new administration of choosing “massive borrowing” over fiscal prudence and implied they were not competent enough to make the decisions needed to balance the books.
