Copyright caymannewsservice
(CNS): With just eight weeks to go before the end of the year, the finance minister, Rolston Anglin has confirmed that government is on track to close out this year with a $10.3milion surplus having averted the threatened $26million deficit that government bean-counters warned of back in April just before the election. Anglin told parliament, Thursday, as he began delivering the budget statement for 2026/27, that by the end of 2025, operating revenues are now forecast to be CI$1.184billion which is $48million more than originally forecast when that budget was delivered but expenses have been much bigger that forecast over the last year. This additional revenue he explained came largely as a result of additional fees collected from the financial sector and stamp duty on property sales. Expenses, however, were also much higher for core government at CI$1.174billion which the minister said was CI$90.9 million more than the original projection. He said this was because of spending on health care for those in need, without insurance, was severely under-budgetted. Scholarships and financial assistance for elderly, disabled and veterans also bust their budgets and the statutory authorities and government companies also faired worse than expected with an overall $13million deficit rather than the original prediction of just $2million. Overall government had originally expected a budget surplus of well over $50million but despite the end result being $40million down all of the legal requirements under the public management and finance law will be met. The issue of poor predictions that have plagued Cayman’s budgetted for years is at the forefront of Anglin’s plans to improve the process. The finance minister told parliament that he planned to review revenue and other economic forecast four times per year given the fast moving modern world economy. He spoke of supplying more and enhanced forecasting and explanations for changes in the numbers from the civil service that will be coordinated by the Treasury helping to improve monitoring of the governments earnings and expenditure across the whole year.
