Finance law drops standards

| 11/06/2011

(CNS): Planned changes to the law which regulates public finances will allow government to avoid meeting “generally accepted accounting standards” for its reports for the fiscal years 2004/5 to 2010/11 and the requirement to have government’s consolidated accounts audited for the years 2004/5 to 2007/8. Amendments to the Public Management and Finance Law (2010 Revision), which will be brought to the Legislative Assembly in the current budget meeting, will also relax the volume, frequency and formatting of reporting to enable government to tackle the myriad difficulties it has with its financial accountability.

Government has opted to drop the standards to enable it to meet them and produce some form of financial reporting for the missing seven years.

Despite spending significant time and financial resources, the efforts of the former Public Accounts Committee chair, bringing in a task force, the contracting of a consultant from the UK’s Foreign And Commonwealth Office and having the full attention of the Office of the Auditor General, the problem of managing public accounts has still not been resolved. As a result the government is changing the law to meet what it can do rather than trying to meet the requirements of the law.

This means that government will be offering unaudited – which means unverified – consolidated financial reports for its spending up to the end of 2008 and will also avoid other stringent standards for the remaining outstanding accounts right up to this financial year, which finishes and the end of June.

In future, chief financial officers in government ministries, portfolios, authorities and companies will no longer have to make quarterly or half yearly formal financial reports, which officials hope will enablethe government’s bean counters to keep up with the annual accounts for future fiscal years.

Since the introduction of the PMFL, which required higher standards of financial accounting, government has failed to produce any audited financial accounts. The last time government presented accounts to the people was for the 2004 financial year. Since then the people of the Cayman Islands have gone through two general elections without knowing how government had been spending public funds or if it was getting value for money. There has been no documentation that can tell the people if government has been spending either wisely or even honestly when it comes to public cash.

The lack of proper published financial reports has not only presented problems for proper management of finances for government ministers but it has also left the public sector vulnerable to accusations of fraud because there has been no way to verify how money was spent, wiith a lack of supporting information for a significant amount of government spending, particularly in ministries and portfolios, for more than seven years.

The public will now have to wait until 2013, if government is able to meet the financial deadlines for this year, before it will be able to see a consolidated set of financial accounts that have been properly audited and verified, enabling them to make a real judgement about how government spent tax payers money and managed the public purse.

See proposed amendments to PMFL below.

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Category: Politics

Comments (85)

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  1. Just Commentin' says:

    And now we know how Mac intends to produce a budget surplus.

    Abracadabra! Shazzaam! Presto change-o!

    It is amazing the tricks you can pull when no one is allowed a proper look into the hat from which the tricks are being pulled.

    Yeah! Good oh, UDP and Mac Minions! Just what this country needs: more lowering of standards. This is apalling.

    That the leader of this country could get legislation like this passed is indeed frightening. What is scary beyond belief is that the electorate of this country are dullards enough to allow this to happen. (IS anybody out there awake?) To me this is the real horror; leadership can and will change, but the ignorant voters of this territory whom we can rightly blame for this mess will retain the right to vote.

    Really scary!

    (Pay no attention to the man behind the curtain…I am the great and powerful Big Mac.)

  2. Anonymous says:

    OK in all honesty, who is advising the Premier?

    This speaks to a collective failing on his Cabinet, Ministers, Advisors, Financial Secretary and numerous of his other political hangers-on.

  3. Anonymous says:

    This is such a serious threat to our livelihoods that I am actually even more scared now than I was before all the flip flopping of our financial position started and believe me that is significant.

    Voters of this country there is absolutely no way that we can allow this ammednment to be successfully passed. The damage to our repuation is irreversible. We have to shut this down before the flood flights of the international press is flipped on.

    Am I missing something however "The public will now have to wait until 2013" why 2013 that is 2 years away if it is going to take 2 years to produce figures without any standards what will happen to the 2011/2012 numbers???

     

  4. Anonymous says:

    I am absolutely appalled that this farce would actually get this far.What message are we sending to our international investors? What are we saying–That we have a bunch of incompentent people in charge of our country with absolutely no integrity or ethics so they will change the laws to accomodate their slackness???

    Who in heavens name is advising our Premier?? This has disastrous conseqences that anyone with any common sense can immediately see. Why has this gotten so far?

    Honestly, we pride ourselves of being a docile people but we cannot continue to sit idly by while these greedy selfish idiotic politicians ruin our country. Take a travel around the other Caribbean islands and see what corruption, turning a blind eye, laziness, lack of integrity etc leads to!

    The  Financial Secretary should be fired and replaced immediately. XXXXX

    Unfortunately as a people we have greatly failed how can we really call ourselves first world when our Minister of Finance barely has a high school diploma much less an internationally recognized financial qualifcation. Shame on us!!!

     

  5. Whodatis says:

    Dear Anonymous Mon, 06/13/2011 – 04:39 (and supporters),

    In this year of 2011 they are enduring a reality of almost 20% of its children being fed, clothed and housed by the government in our "mother country" – the United Kingdom – the worst rate of all the nations that make up the European Union.

    I said that to address your overall argument of a lack of "educated" individuals at the helm and within the electorate of the Cayman Islands being the cause of our new and first-time-ever set of economic circumstances.

    No western nation has had the benefit of "educated" indviduals at the helm to a degree higher than the UK but look at the state of it today!

    "Education" is NOT the key my friend – a proper and functioning system is the key to creating a successful country.

    (Furthermore, you appear to be under the impression that the majority of Brits (its electorate) are educated, upstanding and honorable people. Sadly, many educated people tend to believe that their country is made up of the category of people of which we surround ourselves. This is not the case my friend. There are tens of millions of "benefits Kings and Queens", thugs, yobs, hooligans, drunkards, criminals and all around low lifes that contribute to the population numbers of the UK – as like every other nation.

    E.g. If you have been paying attention at all you woild have noticed that the same old tricks of scaremongering is the tool of choice come election time in the UK. The main element being IMMIGRATION, RACE, and Religious / Cultural differences – and it works! Therefore, can we please remain fair and objective in our posts. The UK is no glorious and superior jurisdiction in this regard.)

    What about the last 3 decades of enviable economic success in the Cayman Islands? Were there "educated" people within the ranks and electorate that suddenly disappeared in the year 2009?

    How many countries can boast of having economic difficulties for the first time in almost 40 years? How many can present a track record of 30 years year-on-year financial surplus?

    The USA and UK are in a pit-hole economically, but they will never "collapse" simply because they OWN and MAKE the "MONEY" that controls the world … never mind the age old philosophy of "supply and demand" ("developing" nations are providing the resources and labor that enables the west to function). Add to this the backing of their military industrial complex and it is clear to the most basic-minded and honest individual that the "greatness" of these nations is a tremendous farce indeed.

    Sadly, even with all of the statistical evidence before us many still insist on spewing ridiculous and unreasonable arguments, judgements and criticisms against this tiny but prosperous island nation.

    Considering all of the above (which clearly is rarely done), I challenge all of the naysayers to present a single "great" western nation that can demonstrate a better economic track record (past and present) than the Cayman Islands today.

    • Anonymous says:

      Umm, Lichtenstein, Monaco, Switzerland and other places were rich ppl can stash their money? Maybe they are just as corrupt. I don't know.

    • Anonymous says:

      If you can rewrite this demonstrating the proper use of English throughout (particularly correct grammar, punctuation and placement of capital letters) we might take you seriously. LOL 🙂

       

    • Anonymous says:

      Whodatis

      I'm the person you're responding to.

      You're obviously some political leader or staunch party supporter; I'm not.

      But I am intelligent enough to see that you are intelligent enough to try to divert the readers of my comments from their true point and gist.

      Sorry, it hasn't worked; look at the number of agreements my comments have gotten as opposed to yours.

      My comments were'nt made to disrespect the majority of Caymanian people, who are extremely intelligent.

      My comments are focusing on the ignorant minority who respond to a leader who uses their ignorance against them, while trumpeting, hollering and generally making an ass of himself , to divert their attention away from the important issues.

      He must be desperate now because, as the educated and intelligent amongst Caymanians become more vocal and engaged, the ignorant will become more intelligent…

      Then what will poor McKeeva Bush do ?

      • Whodatis says:

        1. Re: "Sorry, it hasn't worked; look at the number of agreements my comments have gotten as opposed to yours."

        Are you new here? By now everyone is fully aware that the majority of contributors to CNS are non-Caymanian.

        If I was to concern myself with thumbs ratings I would have disappeared a long time ago. On certain days Whodatis would attract "thumbs downs" even for stating that the sky is blue – this is simply the fickle and childish nature of this forum.

        2. Re: "My comments are focusing on the ignorant minority who respond to a leader who uses their ignorance against them, while trumpeting, hollering and generally making an ass of himself , to divert their attention away from the important issues."

        Respectfully, you have just described just about every western democracy that exists today. Do you not recall the 2008 U.S. Elections, the still ongoing political developments thereafter, the 2009 European MEP elections that saw record numbers of Far-Right parties and leaders gain power and seats in the European Parliament?

        This is simply the game of politics. Intelligent people are simply people at the end of the day … and people are emotional beings. Emotional beings are easiest manipulated when focusing on issues such as race, culture, abortion, religion, patriotism etc.

        3. "He must be desperate now because, as the educated and intelligent amongst Caymanians become more vocal and engaged, the ignorant will become more intelligent…"

        I will not challenge you on this point as I welcome the political awakening that we are seeing the world over. Ironically, regions outside of the Western world have enjoyed more revolutionary success in this regard!

        However, that opens the door for another lenghty post for which I simply have not the time at the moment.

        In a nutshell, we here in the West are under the control of "dictators" and feigned "democracy" as well. Only difference is that ours are faceless and nameless.

    • Anonymous says:

      "Education" is NOT the key my friend – a proper and functioning system is the key to creating a successful country.

       

      This has to be the most ignorant, selfserving statement from a politician (which I'm convinced that you are) or one of their mindless 'goffers', that has ever been put on a public forum.

      Is this why two generations of the majority of Caymanian children from certain backgrounds and neighbourhoods have been denied a proper education ?

      So that you and your ilk could prosper and become wealthy by selling work-permits to enrich yourselves and robbing them of an opportunity to enjoy the best of life in their own country, while creating almost a slave-labour culture in the Cayman Islands ?

      Well, look at your crime rate and who's committing the gun-related crime in the country and then tell me who really is to blame.

       

       

      • Whodatis says:

        Hey, I read somewhere that FOX News is hiring.

        Considering your masterful skills of taking statements out of context – you would be an ideal candidate! (I jest.)

        In all seriousness, I am not a politician nor am I very rich.

        You seem like an intelligent person and I am certain that you understood the point I was making in my earlier post.

        Moreover, as I made that remark I was referring to the current economic and socioeconomic state of the UK, therefore your comments regarding Cayman are quite out of place.

  6. Anonymous says:

    Thank God for HM Government,  she is just around the bend.  Remember the leaders of T&CI believed otherwise but just look at T&CI now .

    Law and Order now rules the T&CI.  I will wait for HM Government, Tank you Jesus we are still British and not a Banana Republic.

     

  7. Anonymous says:

    It is rather unfortunate that a lack of formal education past even a good high school diploma amongst a majority of Cayman's indigenous population has contributed greatly to this detrimental development.

    If you use the term 'contingent liability' to the majority of Caymanians, you will probably get 'duuuhhh?' as a response but…

    McKeeva Bush has been able to use emotional triggers over many years of experience to stoke up the feelings of his supporters by blaming the UK Government and every other party under the sun that he can get away with, while working on his own plans of eventually having total control of an independent Cayman Islands.

    I give him credit for one thing; he knows his people very, very well but there are others who are not so easily fooled or misled.

    He has now delivered a budget address but no budget; now he tells us it is the UK's fault that no budget has been presented because they are still questioning some of his proposals and figures….

    And now, he brings a proposal to by-pass Cayman's Constitutional and statutory law to do away with GAAP (generally accepted accounting principles) for government accounting, not just for the past financial years but forever, because once he gets this law passed, it will never be repealed.

    Even McKeeva's blind and ignorant, uneducated supporters that he depends on to win and hold power in the Cayman Islands must be able to see now that he is leading the Cayman Islands down a path of total destruction.

    If the UK Government and the PPM Opposition stand by and allow this law to be passed, they are as culpable as McKeeva Bush and his UDP Government.

    Is there not some Constitutional provision for a referendum on early elections in Cayman ?

    Another 2 years of this situation might be too late.

    The only other workable alternative is direct UK administration, at least until the CI Governemnt financial position can be sorted out and honestly reported back to the Caymanian people.

    This is truly the most dangerous proposal and time for the future of Cayman that has been evident in my generation.

  8. Anonymous says:

    So now I understand the rumour about devaluing the CI dollar.

    • Peggy says:

      No need- the CI dollar is pegged to the US dollar, and that's falling like a rock.  Your CI dollars are worth less and less every day.

  9. Whodatis says:

    Lol @ the myopic and pathetic comments by our ill-wishers on this thread.

    Backwards? 3rd World? Primitive?

    Well geewillikers – I guess we ought to thank our lucky stars for individuals such as yourselves for saving us from our wretched selves.

    Therefore, if I am understanding you guys correctly – the only reason why folks like yourselves came here was due to the presence of other folks like yourselves? Meaning – the presence or livelihood and existence of actual Caymanians were never of your concern?

    Honestly, I love news stories like these for the resulting exposed perspectives are so telling.

    All along the majority of you have been singing that "Can't We All Just Get Along" song – however, when it comes to crunch time the truth finally floats to the surface.

    Well, I wish you all a pleasant journey back to your utopia of a nation – wherever it may be.

    As you go please bear in mind the REALITY of the CURRENT economic and socio-economic standing (or perhaps crumbling) of your respective "great" countries.

    * Days like these render me thankful for our Rollover Policy – but at the same time makes me wonder why so many of YOU SAME PATHETIC AND CYNICAL IDIOTS were so forceful and adamant against its holdings.

    Wow … it must really and truly suck to be you.

    • Anonymous says:

      address the issue!

    • the rest of us says:

      I'm just glad that you don't speak for Caymanians generally, and I recommend that you try anger management counselling or something.  Maybe go for a swim or something, I don't know.

  10. Sick and Tired of the B..,S..... says:

    Would the premier invest in a Mutual Fund if he knew it was not going to be audited on an annual basis…………….will foreign investors put money into a country whose government barely has to account for anything relating to it's financial activities…………

  11. Anonymous says:

    Take all you can…Give nothing back!  The pirate creed still lives strong in Tortuga! OOOps  I mean Cayman.  Captain Bush!   Still waiting on that job offer! Get ahold of me at Iamnotapirate.com.  Hurry please,  the UK maken it hard to be a pirate in Tand K.

  12. noname says:

    Cayman is finally getting back to what it was before the money.  A poor backward third world country.  All the old timers can now breath a sigh of relief.

  13. O'Really says:

    I don't know the answer to this, so I welcome input from any Constitutional scholars out there. 

    The Constitution contains the following clause:

     

    "113.—(1) Total Government borrowing shall not exceed an amount for which the sum of—

    (a) total interest payments;

    (b) total other debt servicing expenses, including arrangement fees and sinking fund expenses; and

    (c) total principal or amortised debt repayments,

    for a financial year is more than a percentage of Government revenue set out in law and agreed with a Secretary of State (calculated using generally accepted accounting practice) for that financial year."

    Given that the Constitution refers to generally accepted accounting practice  ( the words "standards"  and "practice" in this context being interchangeable as far as I am concerned ), my question to the scholars is: can government simply set aside a requirement of the Constitution whenever it suits them by passing an appropriately worded law? 

    And doesn't this set a dangerous precedent in the event other aspects of governing Cayman in accordance with the requirements of the Constitution become inconvenient for government? 

  14. Anonymous says:

    There have been no standards in place since the days of George McCarthy as Financial Secretary. Now they move him to CIMA, so he will feel right at home regulating the hedge funds – not.

    What a sorry, sorry state of affairs.

  15. Anonymous says:

    you call this good governance….mr governor????……wake the hell up!!!

  16. Anonymous says:

    Guess what effect this will have on our debt rating and financing costs?

  17. JJTA says:

    It is these things which are the precursors of anarchy. Cayman, please wake up as time is of the essence.

  18. deja-wu? says:

    UDP Rolston Anglin, a qualified accountant, with a CPA qualification, – having such a qualification and agreeing to such a detrimental procedure and change in law is a such a degrading and shameful act.

    Shameful professional ethics  – surely a detriment to this country and its people.

  19. Anonymous says:

    While Government is in the mood for amending Laws it might also be very prudent to amend The Constitution so that the Premier is given the power “to grant reprieves and pardons for offences against the Cayman Islands except in cases of impeachment.” This power would be similar to the power exercised by Presidential proclamation in the United States. Assurance of a pardon would take the stress offany Government Member who is wrestling with his/her conscious over  some of the decisions they will have to make.  

  20. Anonymous says:

    Who is responsible for producing the government financial statements? I was told it was the Chief Officer and the Accountant General of the Ministry of Finance. People of the Cayman Islands look no further.

    You cannot blame the politians, they have no control over the civil servants. What about our Financial Secretary? This place is a circus.

    Al least they will be able to comply with this non-compliance piece of legislation. We could also do away with the External and Internal Auditor departments, staffed with more than 90% expats and save the country a couple million dollars.

    • Anonymous says:

      If they really want to save money, then what about those Senior Civil Servants who are double dipping still with a pension and salary? What is the justification for keeping them on past retirement, when their pension is at least 100,000 per year. That should be left to people who earn very little pension and cannot survive so they still have to work.

      • Anonymous says:

        well, with the Premier as their main example of double dipping what do you expect?

  21. Anonymous says:

    Instant third world status.  Perfect.

  22. Joe B says:

    Now Cayman islands are truly a third world country in the eyes of the rest of the world.  Too Bad.

    • A Guilty Pleasure says:

      I pray that the PPM will expose this astonishing act by the UDP government ("finance law drops standards")! This is shocking & the UDP must be exposed once again.

      The UDP & Mckeeva Bush have spent the majority of their2 years in government blaming the PPM for everything that has gone wrong during the last 2 years (under the UDP leadership hahaha), & told the WORLD & the Cayman people that the PPM left the country bankrupt! The UDP have the opportunity to "prove" this to the world but they have found a way to avoid the real truth coming out. If the truth is revealed about the true state of the country's finances under the PPM government & it is NOT nearly as bad as Mac Bush has told everyone (in fact the truth will be revealed that it is much closer to what the PPM claimed & in pretty healthy condition) then we all know that this would be a major embarrassment for Bush & the UDP & prove them to be what we know them to be, XXXX

      Why would Bush not want to prove to the country that what he has been saying for over 2 years is true? It does not make sense, unless of course it will prove that he & his cohorts have been telling us untruths all along!

      This is disgraceful, & is another reason why Bush & his cohorts must be removed now! In 2 years time it will be too late! 

      • Anonymous says:

        For the most part the ministries either didn't report or reported unreliable information under PPM also.  Don't look for a savior there.  I'm afraid there is no relief with our current group of politicians….I almost look forward to UK intervention which I have not doubt is being contemplated.

  23. Anonymous says:

    So does this mean that with less work to do in each of the finance sections of each Govt. Ministry can expect to see the number of Sr. CFO’s, CFO, Deputy CFO, and Assistant CFO. Reduced.

    And while on the subject what exactly does a Sr. CFO do, and how many of them are there?

    • Anonymous says:

      Sr. CFO have meetings all day to talk about the nect meeting and where they need to travel to next.

       

      • Anonymous says:

        Ive been told that 1 Sr. CFO is/was actually not in office but away at school on full scholarship, and pay.

        Is there any truth to this???

        FOI request please

        • Anonymous says:

          School is good.  At least he/she is learning something.

          • Anonymous says:

            She's trying to learn the skills she said she had when she got the job but didn't have but as a Caymanian of course she was employed. Ah so it go.

        • Doomed says:

          Not sure about this but I understand that brand new brain cells are being offered to MLAs at the new proposed hospital. This will in effect bring up the average IQ of the LA. Let’s go for it.

        • Anonymous says:

          Yes. But she's a Caymanian so I will not name her.

          • Alan Nivia says:

            So you would name an ex-pat?  What sort of comment is this, other than one laden with thinly veiled discrimination?

  24. Anonymous says:

    …In related news it has just been announced that the government will solve all future financial problems by installing up to 20 printing machines in selected politicians and cronies homes so that more money can be printed whenever luxury travel or vote buying are called for.

  25. Anonymous says:

    Why change the process? This happens when the persons in charge are incompetent, inexperienced, unqualified, untouchable and of course unaccountable.

    So what do the government do after all those years and spending over 2 million on a task force to clean up the accounts? Yes the change the law to accomodate the above, get rid of the previous auditor, make meaningless the current auditor and continue to have the same persons oversea the debacle that has been going on for years, all at the public's expense.

    These inexperienced, unqualified, incompetent, untouchable and unaccountable persons continue to take home over $125,000 annually meanwhile encourage non-compliance to accounting standards. Are you surprised?

    The people of the Cayman Islands get what they deserve, as ultimately they have the final say.

     

  26. Real World says:

    It's an unpalatable question, but one that must be asked:  Have the country's financial records been deliberately "mismanaged" to hide financial chicanery?  Even if this is just conspiracy theory, it's the type of question this level of irregularity begs.  Someone below said ". . .let the past go," Are you kidding!  If this degree of accounting and financial incompetence had happened in a private sector buisness, the financial officer's head would roll!  Already in tatters, Cayman's reputation as a well-regulated off-shore banking jurisdiction will be torn to shreds if this change to the finance law makes it onto the statute books.  The way this country is being governed is making Cayman a laughing stock. The level of impropriety is breathtaking!

    • Anonymous says:

      Remember the gas cards?

      I'd go even further and say that if a private entity acted like this the police would be all over them looking for evidence of fraud.

      The only difference is that this is government with the police being part of that organisation and, as has been demonstrated over and over again, the RCIPS will never investigate themselves.

      If the Governor was doing his job Commissioner Baines would now be heading an anti-corruption task force trying to find out where the money went. The problem with this, as Operation Tempura demonsrated, is that the results could be very embarrassing to the people actually doing the work.

      The whole thing is, in my opinion, just a cover up for fraud on a massive scale.

      What will be interesting in coming months is to see who on the public sector payroll starts to have problems paying their mortgage, car finance, school fees and everything else that this gravy train has funded.

      I bet more than a few public servants are going to find it very hard to maintain their current lifestyles when the perks stop and their income is suddenly reduced to just a basic salary.

       

      • Anonymous says:

        gas cards…. just another one of the countless scandals 'forgotten' by caymans so called 'journalists'…….zzzzzzzzzzzz

  27. Anonymous says:

    If McKeeva Bush has been looking for a way to trick the Cayman Islands and its people, into independence….he's found it !

    England will be happy to offload the Cayman Islands, now that the goose that laid the golden egg is pretty much dead.

    When Cayman's economy was booming and providing top-level jobs for Brits, whether qualified or not, Cayman had value to England; not so now.

    If the FCO agrees to this heresy (in accounting terms)then, it means Bush has the green light because the UK Government will never agree to continue with contingent liability for a country that cannot provide accurate figures for its national economy.

    Caymanians had better start to brush up on their fishing and thatch-rope making skills.

     

    • Gordon Barlow says:

      Every reader needs to take this comment seriously. We had better hope that the FCO does NOT agree to the "heresy". From Britain's point of view,it would be utter madness to accept a contingent liability in respect of a territory that keeps no books of account. Scrapping the audits poses the most dangerous threat to Cayman's prosperity I can envisage. 

      By adopting Enron-style accounting standards, our government sends an ominous message to the Offshore world. Of what value is our Monetary Authority's supposed supervision of Offshore entities, when government itself refuses to be supervised?

  28. Anonymous says:

    Good move. It's going to do wonders for the worldwide reputation of the Cayman Islands as a financial centre – LOL!!!!! 

  29. Rorschach says:

    Ladies and Gentlemen,

     This is the beginning of the end…..Cayman Islands, it's been nice knowing you as you were…too bad you won't be here in five years….

    • Anonymous says:

      Retroactive  legislation to 'forgive' a past breach ofthe Law! Is this good government?  Wow! the opposition will have a great debate on this.

    • Chris Johnson says:

      Cayman needs to follow the example of the Turks and Caicos islands which have had similar problems to Cayman with incompetent leadership spread over many years.On June 2 the TCI government announced the terms of the funding of a $260m loan package. It included a quarterly financial report comparing the actual figures with those of the budget. The first report will be issued in August covering the period April 1 to June 30. Our Government has gone in the opposite direction and no doubt this will be picked up by the mother country.

      What is required is a Minister of Finance who actually understands finance and can implement proper fiscal measures to remedy the past mistakes of this and previous Governments. Government accounting, notwithstanding paying a big four accounting firm $2m is a shambles. It is ironic that whilst CIMA demands that banks file their audited financial statements within three months of their year end, our Government needs several years.

      Time for changes.

  30. Sey-wah? says:

    Dangerous situation brewing……….

    "This means that government will be offering unaudited – which means unverified – consolidated financial reports for its spending up to the end of 2008 and will also avoid other stringent standards for the remaining outstanding accounts right up to this financial year, which finishes and the end of June."

    No one, including the UDP govt,  will not be able to PROVE the TRUE financial position for that period of time to June 2011.  Strategic positioning???

    Now the premier can shout to the top of his lungs til he's red in the face and pluck ANY figure out of the air and say it was "the PPM who put us in this mess!!".

    It would appear that by mixing & washing these two periods that the TRUE current financial position can totally & entirely blamed on PPM.

    But what about the message you told the world, that Cayman was bankrupt? And what about all those traveling excursions to bring investors to our shores?  (Im still waiting for them to arrive)…WHO will you blame this on? You'll need another strategy for that one later on.

    But be very careful Mr. Premier, cause as your Bible will tell you, that while you're digging a hole for someone, with all certainty, you will fall into it yourself.

    Dig the hole big, cause the hole you are digging is certainly for the fall this country.

     

     

    • Anonymous says:

      I wonder why the Premier continues to proclaim Dr Shetty's hospital as Investment he has brought to the Cayman Islands when not a shovel of dirt has been turned?

      Mr. Bush, when the hospital opens – then you can claim it as investment brought to the Cayman Islands, not before.

       

  31. Anonymous says:

    Ah so this is why we haven't heard about ministry reports for a while.   Don't want transparency of reliable reports…well then just change law. This is really pathetic. 

     

  32. Anonymous says:

    Given the prevailing level of innumeracy, incompetence and absence of any accountability, no doubt further amendments will soon be introduced which provide that the sole auditor of the country's finances is the Minister of Finance or one of his cronies who will be allowed to declare that there is any size deficit or surplus that he can imagine on any given day. After all that seems to be what has been happening for the past couple of years anyway. Claim a deficit of 81 Million in 2009 then change the law to prevent anyone determining whether that claim was true, how convenient.

  33. Anonymous says:

    I believe that the Gov and the Auditor General held their noses as they signed. This fiasco stinks.

    However, going forward requires pragmatism. There is probably no way that the past books can be put together; it is a waste of time and money to try. Let the past go.

    Success stems from process, tools and people.

    The civil service has been given extensive training in both financial accounting and bookkeeping; they have the process.

    The civil service has been given a world class accounting computer system; they have the tools.

    I am sorry to say that it looks like the failed piece is the people. Top to bottom incompetance, laziness and possibly (just possibly) corruption in a few places.

    We need a new generation of young Caymanians to take the helm. Young Caymanians who are well educated, hard working and ethical.

    • anonymous says:

      Why would the Autidor General be involved in 'signing off" on a Bill?  Perhaps you mean the Attorney General. So why would he?

  34. Anonymous says:

    Just when I thought our standards couldn't get any lower (like electing the current government), McKeeva decides to drop them completely.

  35. Dred says:

    Are any of you amazed truly at this? If so you have not been around nearly long enough.

    Big Mac makes issues simply go away.

    No back up for your financials!! Unexplained expenditures!! Missing funds!! Deficit = Surplus!! Kazaaam….it's all good

    • Anonymous says:

      Hey did you read the last figures available were at 2004!! What does that mean that from 2004 to 2009 the accounts were also not presented, were not right or are we missing something here and what makes it so not right is the fact that the Holier than Thou irreverent PPM(only divine intervention can stop me from building these schools) controlled the purse strings of this country until 2009 when they were ? Well removed from office.

      Now how can the bloggers who tak about Big Macs spending and dalidalida don’t focus on this period,why isn’t the PPM beingbrought to task because they Re lili white clean no sir they are not. The have a spinning machine program that suits their inadequacies and embellishes their lack of understanding of economics and cronyism yes cronyism which they claim Udp are masters of.

      Beware of wolves in sheep clothing or should I say she eps since they appear so sheepish when they infrequently try to engage their communities on a one to one basis. They are out,keep them out they don’t have no answers.

      • Anonymous says:

        And now we will never know.  If the UDP is going to change the law so that competent and thorough financial reporting is a thing of the past, we will NEVER know what the PPM did or WHAT THE UDP IS DOING!

        We have put the fox in charge of the hen house and will pay for that stupidity dearly.

         

        • Anonymous says:

          I think you should say HAVE payed Dearly.

          With all the money that went in All construction Projects could have been finished easily.  With enough left over for raises for all.  But instead……..

      • anonymous says:

        well said 12:43,SO SO TRUE!!!

      • Anonymous says:

        I think that your are looking at this backwards. It should benefit the current Govt. to have the proper audited figures brought out IF what they have been saying is true. If this law change is passed they have no proof to back up their claims that the PPM left the country's finances in a mess. Therefore, this leads me to believe that their claims are NOT true but now they can continue to make any claim they wish as no one can prove otherwise.  Seems to be pure politics and no consideration for our country's international standing. Likewise they can claim minimal deficits or surpluses and no one has any proof either. So I think that your "spinning machine" and "croynism" query should be redirected.

      • Dred says:

        I don't like PPM either but this is MADNESS.

        Just because you hit your hand and it hurts you some you chop it off?

        This is blatant stupidity and if you can see anything good in it I am amazed you can form sentences much less understand the implications of this.

        Let me drop you something to think about…

        As an investor looking to establish abusiness like say Dr. Shetty in a new country you look at many things to determine which country is suitable for your business. One of these things is corruption, stability of government, finacial position of country. Is any of these things making you tingle as yet? We are on the precipist of all of these.

  36. Anonymous says:

    What a wonderful way to cover your tracks

  37. Anonymous says:

    Unbelievable! I can't believe the Auditor General and the Governor have signed off on this. People in their positions are supposed to keep an eye out for politicians and lazy and/or incompetent senior finance civil servants pulling this kind of stunt to avoid accountability and transparency.

    • Doomed says:

      Cannot see Dan Duguay ageeing to this fiasco.

    • Anonymous says:

      So where exactly did it say that the Auditor General signed off on the proposed Bill?? You clearly don't understand the workings of the Government or the role of an AG.

       
      • Anonymous says:

        Yes I do Sat 15:39. That's exactly why I made the comment. All proposed legislation such as this (with finance issues implications) is reviewed by the Auditor General (at the very least as a matter of courtesy or to get input) before it goes to the House. Let him come out and deny that he saw this ahead of time or that he protested that it was unwise/unacceptable etc etc and I will tip my hat to him. I would bet that Kurt asks in the House whether the AG commented on it. Wait and see.

        • Anonymous says:

          Well, firstly, the fact that its a Bill and not a Law is an indication that it has NOT gone to the house, but was just discussed by the Cabinet…. but you already know that, since you know everything…. secondly, which Law or regulation exist that requires a Bill to be reviewed or discussed with the Auditor General? You are right about one thing, it would be a courtesy to share the proposed amendments with the AG, but only he and the Cabinet would know if that occured. Keep your hat on mate…

           

           
          • Anonymous says:

            It has been a long standing practice in the civil service that Bills before Cabinet for discussion prior to going to the House are first reviewed by the Financial Secretary and Auditor General ( for finance related/expenditure implications) and the Attorney General (for advice on legal implications). That would seem to be a sensible, useful filtering process to avoid potentially embarrassing or deleterious consequences. It may well be the case that the Government/Ministry of Finance saw fit to by-pass the Auditor General on this occasion. It may also be the case that he saw it and registered opposition to the proposals. Whatever, it will all come out when the Bill is debated in the Legislative Assembly and if it is passed it still has to be assented to by the Governor so he will have his chance to register his views.

          • Anonymous says:

            How many ExCo/Cabinet Papers did you prepare, Bobo? I did many. But then, you may just have gotten here from Dundee. I don't wear a hat, MATE. 

  38. nauticalone says:

    This situation is utterly amazing!

    The PMFL ushered in hundreds of additional staff across the entire Govt. and also this incredible show of incompetence….when it should have caused the opposite.

    All with the soundbites of "Transparency, Accountability and Good Governance".

    Yet NO ONE is to be held accountable?

    Just what sort of example does Govt. (both past and present) think they are setting? Surely to many it is a clear and resounding example that the law is only applicable to some!

    Just "change the law" to suit the level of incompetence?….with no one accountable in any way?….not even a fine?…nothing?

    But let an eighteen year old get caught experimenting with ganja…."lock him up" will be called for! Truly sad!

  39. Slowpoke says:

    TADA!

     All Departments are compliant, there is no deficit, in fact we have a surplus!

    All problems solved.

  40. petermilburn says:

    Is this a good thing?A wise move on Govts part?Hopefully someone will fill us lay people in on this move.

  41. Anonymous says:

    Good call.

    The books for the past years are completely useless.

    It only makes sense to try and organize the present and the future.

    Too bad we cannot seem to remove the people who are resposible for the mess. If the people who are responsible for the past mess remain in charge then we will probably get the same result in the future.

    Sigh.