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(CNS): Finance Minister Rolston Anglin began outlining how government will collect and spending some CI$2.5billion over the next two years when he finally presented the National Coalition for Caymanians’ first budget to parliament, Thursday. Anglin set out an historically large spending plan which includes record breaking revenue collection of over CI$1.26billion in 2026 and a whopping CI$1.32billion in 2027 fuelled by a growing economy but also new revenue measures that are expected to yield more than $72.5million next year and almost $100million in new revenue in 2027. Anglin said he believed this budget would be remembered as a key turning point not because of its fiscal prudence but because it is a responsible path to a stronger tomorrow and a pragmatic approach to addressing the publics needs and that Caymanians will feel the positive effects of this spending plan. Despite expectations that the document would be delivered yesterday – a delay that has not ben explained by any officials- Anglin finally took to his feet mid-morning Thursday, setting out a budget that will see government spend about CI$1.25billion in 2026 and around CI$1.29billion the year after. It will also deliver a slightly better surplus for 2027 than had been forecast when Anglin delivered the Strategic Policy Statement last month. He said the core government is now forecast to earn a surplus next year of over $11million but that will fall to CI$6.7million in 2026 and then an overall surplus $30.5million in 2027. Anglin explained that this early difference for 2027 already was because the forecasting projections for revenue were not complete when he delivered last month’s statement but now the numbers represented a conservative estimate of government’s expected earnings giving a more realistic budget over the next two years. The finance minister said that while these surpluses are smaller than those delivered in recent years they were a reflection of careful analysis and a realistic budget. He said he intended to keep a very close eye on spending and earnings over the coming budget period. With big changes planned for the entire budget process and amendments to the law to make it more accountable and effecient. Anglin also promised more transparency and regular scrutiny of revenue collection and expenditures every quarter. Anglin described the budget as a “declaration of purpose”. The minister also made a number of other announcements, including the establishment of a bi-partisan committee to examine the idea of national health care and property insurance plans that will stabilize premiums, enhance resilience and increase access to cover. He said that the markets are currently “distorted” as government takes all the risk while the private sector takes all the profits which could no longer continue. With more than $86million set aside over the two years to fund the infamous appropriation that deals with either un or under insured Caymanains receiving health care at home and abroad, government is setting out at the get-go more realistic funding on health and other areas where local people need help. As he gave some details of where money will be going he said the major areas of spending will be on public service personnel costs which accounts for close to half of the expenditure as well as on education which will receive one of its biggest ever budgets. Government may also be borrowing up to CI$236million over the next two years though Anglin stressed it will only do so for capital infrastructure and only if absolutely necessary. Anglin said government was borrowing well within in its means and will not breach any of the fiscal requirements of the law. The budget he stated is in full compliance with the public management and finance law and represents carefully forecasted and realistic spending plan. See Anglin’s address in parliament on CIGTV starting at 1:20:30 and the Appropriation’s Bill below and check back to CNS for more coverage from today’s proceedings later
