Deficit expected at year end

| 02/12/2011

l108527-100.jpg(CNS): According to the statistics revealed in government’s Strategic Policy Statement (SPS), the public purse is now facing a deficit rather than the surplus predicted during the budget delivered some six months ago. The premier had announced in July that because of the work of his government to get public finances back on track he expected a surplus at the end of the 2011-2012 year of more than $12 million. In the SPS tabled in the Legislative Assembly yesterday however, the statistics tell a very different story, with government now predicting a deficit of $4.5 million — a turnaround for the worse of more than $16 million.

McKeeva Bush made no reference to the downturn in the country’s economic standing during his speech when he delivered the document but spoke about expected surplus over future financial years.

The SPS document reveals the government’s financial targets up to the end of 2015 and includes the financial situation for this fiscal year. Government appears to be incurring the unexpected deficit as a result of increased public spending. The operating revenue for the financial years 2011-2012 is expected to be higher than predicted at the time of the budget in June this year. The revised target calls for core government to collect over $548 million compared to the anticipated earnings of $535 million.

The problem for the public purse is that despite commitments from government to curb public spending, it has incurred considerably greater expenses than budgeted for. Core government operating expense by the year end should be no more than $490 million. However, the revised half year budget target suggests government will in fact spend more than $511 million

With the theme of 'Maintaining fiscal discipline’, Bush had promised a surplus by 30 June 2012 and not a deficit, which under the current Financial Framework Agreement with the UK, signed in London last month, could present serious problems for the government as it will not be able to borrow to plug the spending gap.

The debate on the SPS is expected to begin in the Legislative Assembly this morning (Friday 2 December) with the opposition leader’s response.

Category: Politics

Comments (95)

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  1. Anonymous says:

    16M overspend in the first 6 months, and we still got anudda 6 months of travelling ta do – "whew", dunno if I can pull it off – but I'll try. Gotta help stimulate this global economy and put my country 40M in the hole same time.

     

    Come on boys, we goin Vegas!

  2. SKEPTICAL says:

    “This could be a great “Rundown” skit”. This whole Government is a Rundown skit – ” Life imitating Art “

  3. Kosher Nostra says:

    What do we as a people need to do to help the Government get out of this mess?  maybe we can ease allowances, decrease OT? Negotiate "out sourced" services and purchasing of supplies.   I'm sure some has been done.  My though is rather than losing jobs, people need to think about the one they work for also and don't be so selfish.  Just a thought.

  4. Tiny Briefs says:

    Attorney General for Hong Kong v Reid. [1994] 1 AC 324

    Bribes paid to public officials are recoverable by the state.  That would include money and other benefits.  Now there is one way I can think of to improve the nation's balance sheet. 

  5. Anonymous says:

    Remember the 2007-2008 financial down turn in the USA, housing bubble bursting now is the begining of Part II, the bursting of the dollar bubble this has nothing to do with anyone person.  All that the people of Cayman should do is take into consideration prudent financial planning and become fiscal responsible.  No individual, investors or investments will take us out of this.  Open your eyes people this is a global financial crisis and the sooner one sees it , plans and addresses the underlying problems the better the outcome.

    • Anonymous says:

      An individual who spends millions on law suits and first class flights is contributing in a large way to a budget deficit if his spending exceeds income in that year.

      • Anonymous says:

        Yea, & you dont see them being hurt by the 'recession' because while we adjust our lifestyle accordingly, they up theirs, accordingly! Of course, at OUR expense because they can.

        Oh sure,  Accountability & transparency, that's what this government brought to the island. To me it is very transparent that we are being sold, screxxxd and forgotten on a daily basis!

        Wake up Cayman!!

    • Anonymous says:

      The truth will always come to light! Mouth can say anything & that is what big Mac is best known for: mouth! He can sure talk the talk but can never walk the walk! What has he done for the country so far? Nothing! But what has he done for himself personally? PLENTY! A massive deficit is no surprise.

  6. Anonymous says:

    Lets see now. We are going to keep the statutory authorities that are losing money and sell the ones that are making money.  Makes perfect sense.

    • Anonymous says:

      An act of complete desperation! Can't sell something that  is NOT making money.

      But then this 'ad-hock' government will soon run out of assets to sell..hold onto your soul. cause I'm afraid that is all we will have left if things don't change real soon.

      Democracy, we call it ???

  7. Anonymous says:

    There will be no deficit, the Premier is now the minister responsible for finance and he has assured us that there will be a surplus.  Premier Bush is actively seeking investors and investments and has gotten lots of investment projects ready to start next year.  In my opinion next year will be the best in the history of the Cayman Islands for investments and jobs.  People need to give the Premier a chance the man is doing his best.  Caymanians always want to have their cake and eat it too and by now they should realise that you cannot have it both ways.  The Government has inacted laws that will allow the financial industry to contine to grow.  Very soon we will be attracting the core of the reinsurance business from Bermuda and this is a very good thing it will create lots of jobs for Caymanian in the insurance business and it will also attract many executives who work in the industry to relocate here to buy and rent our properties this can only be a win situation for Cayman.  The Dr. Shetty hospital is also another good deal it will bring in lots of American patients for care. This facility will employ many doctors and nurses who will buy/rent properties and will need goods and services.  The economic city is another good project can you imagine the number of international business that will relocate here to take advantage of the low cost associated with doing business in such a zone.  I can see all the major fortune 500 companies doing business in the special economic zone and the benefits to all Caymanians.  CHEC is another good deal the Chinese is investing everywhere why don't we allow them to help us?  The Chinese has the money and Cayman needs the money and people remember to be self sufficient we need about 100 to 150 thousand people and we only have 55K that won't cut it so why not let people who meet the criteria for residency and citizenship come and help us build, for us to maintain the 1st world status that  we are used to.  Personally I believe the Premier is doing a good job and we should support him, because if he fails not only will he fail but the entire Cayman Islands will also.

    • Anonymous says:

      Don't forget the investments he made in the churches. Manna should start falling from the heavens any day now.

    • Nonnie Mouse says:

      Utterly delusional.

      Let's take one statement : "Very soon we will be attracting the core of the reinsurance business from Bermuda and this is a very good thing it will create lots of jobs for Caymanian in the insurance business and it will also attract many executives who work in the industry to relocate here to buy and rent our properties this can only be a win situation for Cayman."

      Complete tripe.  Cayman ahs tried to go after the insurance and reinsurance market for years.  Nothing has happened.  Nothing will happen.  Here's the rub, high end successful businessmen don't want to move here. Relatively iddle of the road professionals whose careers are going badly move here.

      • Anonymous says:

        AMEN!

        Anyone in the finance industry will totally agree. There are too many 'rejects' of the financial world working in Cayman to EVER attract those we need!

      • Anonymous says:

        Let's take another statement, (this one is coming straight from the front page of the Maconomics handbook): "Remember to be self sufficient we need about 100 to 150 thousand people and we only have 55K that won't cut it". WHERE on earth are we going to PUT three times the number of people that we already have in Cayman? Has this individual ever been in eight oclock or five oclock traffic anywhere in Cayman? What effect is this going to have on the already rapidly failing tourist industry on the islands that we were once so proud to call unique and 'the islands that time forgot"? The single industry that has been our absolute bread and butter for as long as most us can remember? What will the crime rate in Cayman look like if we bring another hundred thousand people here? What will our population look like in five years if we bring another hundred thousand people here? Where will Cayman culture be in five years if we bring another hundred thousand people here? What on earth will CAYMAN look like in five years if we bring another hundred thousand people here? If we cannot find a place to put a dump NOW, what do you believe the situation will be with this in five years if we bring another hundred thousand people here?  If you think Cayman has ALREADY been given away to "foreigners" try bringing another hundred thousand of them here. THAT is the love that McKeeva has for his country and its people, folks. Cash is most certainly King. God help us.  

  8. Anonymous says:

    In a developed country a premier that makes these kind of miscalculations and in addition is also under police investigation, would have been put on non-active.

     

    • Anonymous says:

      How long can we afford to be 'led' by an unqualified leader, whom seems to be incapable of comprehending prudent financial advise! Not to mention, with all the pending issues on his character and now he continue to spend our money like it's his!!  Oh the monuments we build!! 

      Wonder when our heads will come out of the seven mile beach!! Guess it'll take a tidal wave! 

      It is disgraceful to be represented by the likes & the more I learn, the more I am ashamed that 'my people' continue to support such governance!

  9. Knot S Smart says:

    A fool and 'our' money are soon parted!

    • Anonymous says:

      I think you meant "partying", coz that's what the fool who has our money is doing.

  10. Old Sea Captain says:

    We know where $4Million went, (churches) wonder who got the other $21million?

  11. SKEPTICAL says:

    Many years ago, I believe Sir Vassel Johnson suggested that if the cost of a country’s Civil Service represented 50% of the annual budget, then that country was headed for trouble – and that ifit reached 60% or more, it was already in trouble. Anybody know what the present percentage might be ?

  12. Anonymous says:

    Sorry, Mac:  What happened to the $25M surplus?

    • Anonymous says:

      Me n mi cronies blowed it out on da trip to the Far East. Wa ya expec? We ga live too ya na.

    • Anonymous says:

      Surplus or deficit not sure who to believe these days.

      It is obvious that life in Cayman has really become much more stressful with the job market. No one appears to have job security, CS or not. There is always talk about salary cuts.

      Here is a problem and a possible solution to some of the problems.

      We have only so many jobs on this island yet we have companies hiring people from overseas rather than looking locaaly first. And please understand I am also talking about expats that are on the island that may be looking for a job. But let is not complicate the problem even more by bringing people in from overseas. Please note that some cultures such as Philipinos and Hondurans look out for their on perhaps more so than others and perhaps are more guilty of this.

      • Nonnie Mouse says:

        It is easy who not to believe.  Mac.  Anyone who believed his "I have a surplus" speech should lose the right to vote for being criminally stupid.

        • Anonymous says:

          You know there is plenty of that going around!

          Why do you think we still have district voting? Gotem stupid, lets keep em stupid!

  13. Anonymous says:

    Hello All,

                   Let me put this into perspective for you!

    1) Due to the free status grants that were giving away a while ago, has anyone completed an FOI to see how many of them ( the persons granted the free status) are costing the Cayman Islnds GOV't through social servives? NOPE!

    2) People scream that we must downsize the Civil Service, well OK lets lay off say 2000 persons from Gov't. Now where are these people going to have employment? Well there's Four solutions there a) make sure all those that are let go from Gov't are expats on permits b) get rid of 2000 private sector expats on permits c) get ready for more people on social services d) get more POLICE cause the crime is gonna go through the roof! You all choose?

    3) Gov't has a halt on hiring people but certain people can hire their friends and faimily and pay them large sums out of the Gov't coffers. Has anyone completed an FOI? Nope!

    4) Gov't PAYS to lock up criminals (POLICE), PAYS to prosecute them (LEGAL AID), PAYS to keep them (NORTHWARD) and then PAYS to help them when they get out (SOCIAL SERVICES). Anyone else see something wrong here? NOPE!

    5) GOV't PAYS GOV"T (CUSTOMS) DUTY on items imported into the Islnds for GOV'T. In turn GOV'T has to buy ALOT of paper to print the Purchase Orders and CHECKS to themselves. DUH————-? FOI, NOPE!

    Lets be real about what we are going to do CAYMAN!

    Sick of the STUPIDS!!!!!!!!!

     

     

     

    • Anonymous says:

      Yes on 1. Answer, NOPE!

    • Anonymous says:

      You Just Can't fix Stupid!!

      I just wish there was some way to get your perspective understood by the general population, however, that aint gonna happen! I am sick of the ignorance too!

       

  14. Alan Nivia says:

    If only Mac had not frittered away $4m on churches to buy votes.

    If only Mac had not frittered away hundreds of thousands of dollars on the Cohen deal.

    If only Mac did not have to write a $3m cheque to GLF because he knew better than everyone else.

    Wow if only Mac was remotely competent, or at least only moderately incompetent, we would have a healthy surplus.

     

    • Anonymous says:

      If ONLY the West Bay votes weren't so easy to buy, we might still be the envy of the carribbean instead of the laughing stock.

      Poor us…..we're doomed!! 

      • Anonymous says:

        No we're not, no matter how hard McKeeva tries. God is watching over us. And not the one he claims to worship.

  15. Absurdistani says:

    And I quote "While I am no financial expert…"

  16. Anonymous says:

    What I see happening, is pure, unadulterated, bureaucratic harrassment!

  17. Peter Milburn says:

    Just for the heck of it would someone work out(roughly)what could be saved by Govt if ALL civil servants( and yes that includes ALL members of the house )paid half there pension and half their medical like we all have to do.Just curious.Bet it would be quite a large amount being put back into the coffers each month.

    • Anonymous says:

      Probably somewhere over $20million a year and you could save a a lot more by simply cutting the numbers.

      The level of over-staffing in public service in the Cayman Islands is unsustainable, in some offices you have five or six people doing a job that would employ one person in the private sector.

      They also need to clear out all the 'ghost' workers in the public sector, these are people on the government payroll who reputedly only ever appear in their office for the Christmas party.

    • Anonymous says:

      Peter,

      Civil Servants do pay half of their pension and have done for many years. It does not help when good intelligent people like yourself keep repeating the myth that they are not contributing to their pensions.

      I agree with you that they should be contributing something to their health care, but I also agree with them in that if they are to pay into a health scheme then they should have an option in where they seek health care.

      I do not see the health care issue as an insurmountable problem, but successive governments have ignored it, and I wouldn't trust anyone in the present government to come up with a plan for tying their own shoe laces.

       

      • Peter Milburn says:

        Point taken and I was not aware of that fact depending on who you listen to.We do need to do some serious re-thinking about our fanacial situation .

      • Anonymous says:

        My God, Sat 9:53: No wonder the civil service is such a mess. Civil servants do NOT, repeat NOT, repeat NOT, contribute to their pension. Your pay slip makes it look as if you do because this was a cunning device many years ago to show to civil servants what pension contributions (theirs and governments) are paid on their behalf BY GOVERNMENT. Their pay slips have NEVER shown a deduction of salary to make these payments because they ARE PAID BY GOVERNMENT. You get the salary you earn with NO deductions for pension or health care. Please stop this ignorant lecturing of Peter Milburn or anyone else because all you are doing is showing how limited intellectually our civil service really is.! If you don't believe me, check James Watler of the civil service union. He will bear out what I have written.

        • Anonymous says:

          "Your payslip makes it look as if you do because this was a cunning device…."

          This same cunning device is used in the private sector. They tell you that your salary is $X but they take 5% for pension and another portion for medical insurance, so you never receive $X but something less each month.

          The private sector takes themoney that was deducted from your salary and (in most instances) passes it on to a pension provider. The pension provider gives you an annual statement of how much has been invested on your behalf and what it is currently valued at.

          The Treasury Department takes the pension deduction from civil servants (I believe theirs might be 6%) and gives it to an independent body called the Civil Service Pensions Board who invest the money on behalf of civil servants in a Pension Fund. I don't know if civil servants get an annual statement or not.

          Just like the private sector, civil servants who joined after a certain date only receive the amount of pension that has been paid into the Fund plus whatever interest it earned.

          There is an Unfunded Liability of perhaps $500 million, which is basically the difference between what is in the fund and what they will have to pay out in the future. The money for those who pay into the fund is secure, but there is still money required for those who served in years gone by.

          The majority of the unfunded liability is NOT for pensions, but because of the free medical that current civil servants, past civil servants, family, indigent, politicians, politicians with self-inflicted wounds etc. all have to be paid from that Unfunded Liability.

          There is still about $400 million (or more?) in the fund, which is why a certain politician from West Bay took the 75% of his pension as a lump sum when he reached 55 and also you might remember he also tried to convice the Civil Service Pensions Board to purchase the new Government Admin Building and that government would pay them rent.

          You have now been informed. It's up to you now if you wanted to be educated as well.

           

          • Anonymous says:

            I can't be bothered anymore trying to correct the errors in this. Civil servants are employed at $X salary. $X is what they take home. Period. No deduction. I won't go into the payslip business as it just seems to confuse you. I think you will also find that the "certain politician from West Bay" was able to take only 25% of his salary in a lump sum. If he was able to get 75%, then many retired civil servants would like to know how he got the Pensions Board to agree to pay out a greater percentage than is set down in the Pensions Law for public servants. Your comments on the unfunded liability are also not correct; goodness knows what documents you have been reading. Would someone else like to give it a go to assist this poster so we can say: "you have now been informed. It's up to you now if you wanted (sic) to be educated as well".

            • Anonymous says:

              Your wrongly held belief despite a preponderance of evidence to the contrary is the best explanation as to why Mckeeva keeps getting re-elected.

              • Anonymous says:

                Sorry, Bobo (14:40), you are talking to a retired very senior civil servant who actually knows what he/she is talking about on pensions/health care/ fund liability etc unlike you. I didn't want to reveal myself that far but your posts are desperately ignorant. I have no idea what your comment about Mckeeva Bush meant. I didn't support him, i don't support him, and I will not support him so your comment just shows you are out of your depth on this argument. Your "evidence to the contrary" is pathetic unless you wish to provide devastating OBJECTIVE proof of your argument.

  18. Anonymous says:

    The funny thing is that when PPM's deficit apparently ballooned in the space of a few months McKeeva said that they had been cooking the books to fool the people before the elections and had forced the FS to put out those numbers. PPM isn't there for him to blame so who's cooking the books now?   

  19. Anonymous says:

    Dis nuh possible, man!

    Wha happen to the $25 million surplus that da Mac was boasting about?

    Yuh mean he dun spend dat already?

    I guess we have to blame it all on the PPM!!!

  20. Anonymous says:

    Ok fine,

    At least he speaks the truth. 

    Now lets all start to climb out of the hole we are in.

  21. Anonymous says:

    It is very concerning to see no mention of any of the following in the SPS:

    1. Improving good governance in government and statutory authorities;

    2. Improving transparency and integrity in goverment and statutory authorities;

    3. Addressing white collar crime –  in particular bribery and corruption, including the strengthening of the Anti Corruption Commission and the Financial Crimes Unit.
     

     

    Tim Ridley

  22. Anonymous says:

    The new and improved numbers are dismal, however not surprising in the least.    A person cannot dig themselves out of a hole — they must climb out and then endeavor to fill it.   Thankfully, the SPS has finally forced at least a partial representation of the true picture — less those repercussions caused and committed to that are yet to impact our islands' financial picture.  

    It's called a budget.   I have to live with one, and so does everyone else who plans beyond next week.   If I fail to pay my bills, I loose power,  my housing, my old car, my job.    I cannot buy property and build a new house with promises.   Oh wait, I fully anticipate a glut of money next February.   Can I spend it now?  

    No, I can't and neither should the government be able to.   I must tighten my belt, pay my billsand go forward from there.  Really quite simple. 

  23. Anonymous says:

    Well I guess the millions that went to the churches did not help!

    I guess it will be left to thelocals that are supporting the economy to pay for all this and not those who are breaking the law and not playing by the rules………..

    • Anonymous says:

      or paying their 6M in dues

      • Anonymous says:

        Ryan should pay the 6 million dollars plus interest and penalties for not paying when he agreed to. However, presuming this money was entered as income when the duty was assessed, it cannot be income again. Therefore, if this is paid now, it does not contribute to the reduction of a deficit or the increase of a surplus. It only improves the cash position whenever it is paid.

  24. Sick and Tired of the B...S... says:

    So, McKeewa's "Voodoo Economics" – pick the first number that suggests everything is fine to keep the populace happy – is finally going pear shaped.

  25. a citizen says:

    Mac fibbed about there being a surplus?!? Seriously? I am flabbergasted that this would happen! Mac has such a sterling reputation for honesty in all that he says about financial matters, and all that he does with in his own financial affairs.

    This calls for a new play by those humour writers… maybe something like this:

    (Curtain rises. Mac stands alone)

    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Weeeeeeezzzzz BROKE!
    Mac: No, we’ve got a surplus of money, and I caused it.
    Mac: Damnit, Weeeeeeezzzzz BROKE!

    (Curtain falls, to confused and muted applause from Mike Ryan alone.)

  26. Peter Milburn says:

    Just wanted to remind everyone that some time back when all this downturn in our economy started and things were looking really bad(they still are but……)our Premier said something to the effect that he would lead the way in saving $'s by taking a substantial cut in his salary and said that he would get his fellow cabinet members to do the same.Wha happen????????Its not too late to start giving back some of that money to help ease the current financial crisis we find ourselves in.Ball in your court Mr.Premier.

    • Anonymous says:

      that was just one of countless lies and broken promises made by this administration…..

  27. ALL SEEING says:

    Stop going around the world hustling, get rid of some civil servents and stop making stupid statements that cost us money.

  28. Anonymous says:

    Really, is anyone surprised?  Let's hope it holds at only$4.5mln!

  29. B.B.L. Brown says:

    The government should operate like I do……  If I ain't got it, I don't spend it!   A million here, a million there, and pretty soon you're talking about big money.  Did you know that if you saved $10,000 a year, in 100 years you would have a million dollars?

    • anonymous says:

      you would also be dead!

    • Anonymous says:

      no you wouldnt, for you to be making enuff money to save 10,000 a year suggests that u are say 16 or over, and i dont see much people living AND working at 116

    • Anonymous says:

      Save $10,000.00 a year? With the UDP in power? Are you KIDDING me?

  30. Anonymous says:

    Ha! Is anyone surprised? I'm not! Maybe it's finally time for the Big Mac to stay home for a while so we don't have to pay for any more of those luxury "working (surely you're joking) trips"!

  31. Dred says:

    What a shock? Actually it is. I wasn't joking this time. Normally the numbers are padded,puffed up, exaggerated, doctored, cooked, you know altered. Them actually showing us that they are heading for a deficit is almost heart stopping. Could this be, God forbid, real numbers?

     

     

  32. Big Mike says:

    Nothinig new here BOB!

  33. Knot S Smart says:

    And here I am believing the Premier a few weeks back that there was a $25 million surplus!

    Remember? He was going to give the civil servants a raise?

    And now this.

    Just when I was thinking that he is a math whiz…

     

     

    • Anonymous says:

      Yeah right. Mac is still using the calculator that you punch in the numbers with your toes.

      Problem is he is near sighted and 2 + 2 looks to him like 8.

  34. noname says:

    Go for Independence, what do you need the UK for eh!!!.

  35. Anonymous says:

    Old adage – 'Deficit spending equals bankruptcy pending'.

    Obviously didn't take into account things like the downturn in cruise arrivals or all the needless consultancy fees and overseas expenses the Premier's running up.

    However, if the deficit is reckoned to be $4.5million and Ritz-Carlton owe CIG $6million why not just foreclose on that outstanding debt and balance the books. R-C are merrily taking on new management staff and making expensive plans so they must have money to burn, why not get them to settle a few outstanding matters before that happens. 

    CNS Note: It's not the Ritz Carlton that owes the $6m, it's the developer of the property.

    • Anonymous says:

      Accrual Accounting. If accrual accounting being carried out correctly, then unfortunately the $6 million is already included in the calculation as income owed? The deficit is despite this money, so if it were paid tomorrow in one lump sum it would make no difference to the deficit amount….. There is a difference between what the audited accounts show to what the cash-flow situation is……the $6 million would help with cash-flow though….

      • Anonymous says:

        So the real deficit is $4.5million plus all the unpaid debts (some of them very long term) that are being buried in the budget as some kind of assets?

        Surely after a set period these debts should either be forcibly recovered or written off not simply carried over ad infinitum?

        • Anonymous says:

          The annual budget (deficit or surplus) ONLY deals with predicted income and expense in that year. The unpaid debts to Government should have been accounted for as income in the year they were incurred. They are an asset in the financials but they are not in the budget. If they are written off, the amount written off is an expense when it is written off. You are quite right, they should be forcibly recovered or written off.

          • Anonymous says:

            14:44 Many thanks for that explanation and your earlier comments because they clarify something that I'm sure many of us have found very confusing.

            But is what we are looking at here a situation where there is no incentive to pursue these debts? It seems as though an unpaid debt, even if it is never settled, actually has more value to CIG than one that is written off or subject to unsuccessful moves to try and recover it.

            If I understand this correctly, in the former case the money shows as income during the year in which it was incurred and if the money never gets handed over nothing changes. But if you go for either of the latter options the loss is deducted when the debt is written off and, along with any expenses incurred, comes out of that year's budget.

            I can, just about, understand the accounting logic of this but in terms of cold, hard cash it seems daft. The whole process seems slanted in the favour of the debtor.

      • Anonymous says:

        What about the interest?

        • Anonymous says:

          Mac didn't charge him any interest. What should happen is that he should pay back all the money now, charge him interest and a huge penalty fee. I remember Alfonso Wright asking years ago why he was being allowed to default on payments. This will help cash flow a lot but it won't change the deficit – sorry.

  36. hey there what you dredging down there says:

    gotta get it rite gotta get it right!!!

  37. Anonymous says:

    A deficit? With nothing to show for it? Is anyone surprised? I'm not.

    • Anonymous says:

      Mac got to travel around the world for it, and his church got a couple million. and Cohen got half a million, we're not sure yet just how much GLF and Tom Jones are going to get, and our schools are not yet finished, and our CUC bills haven't gotten any higher in a whole week, and we are now paying Mr. McField to protect dear Mac from all those devil worshippers, and maybe even put a little money in his pocket in the process, and crime is steadily moving towards its peak for a country the size of Cayman, and we managed to give Mr. Dart a few hundred million in concessions along with some of our precious land so he can bring in more expatriate workers to keep us out of jobs, so Mac is obviously on the right track. And there is only one criminal investigation (presently, and as far as we know) being conducted concerning him. The only real gripe we do have is that our economy including our Tourism industry continues to fall off a cliff but that is really a trivial matter considering that we have a leader of Mac's capacity now isn't it. Besides, the UK now has him properly leashed and firmly under control, (unless of course he somehow manages to chew through the leash) so what on Earth are we worried about? Exactly what does it TAKE to make you folks happy?

  38. so Anonymous says:

    Bush tells one story, statistics tell a very different story, end of story.

  39. Anonymous says:

    If mckeeva forces his friend Ryan, to pay the 6 million in duty, then we have a surplus again.

    But friends don't do that to eachother.

    Mckeeva will take it from the caymanians again, as he did before.

    The truth is that there is plenty of money in the country, but the politicians, churches and developers want it all. So they have to makes us think the country is going bad, so they can keep shifting the money.

    It is not about the truth, it is about what you can make the people believe.

  40. Anonymous says:

    McKeeva, step down. You are hopelessly out of your depth.

  41. Anonymous says:

    As I have said a number of times "smoke and mirrors" accounting. Incidentally if memory serves me correctly our surplus should have been $25m, rather than $12m.  

  42. Ummm says:

    Well of course, other than Mac and his surplus dreams and claims, the rest of us here on terra firma knew there would be a deficit.

  43. Anonymous says:

    So what happened to the $25M surplus – I figured that was Mickey Mouse money

    • Anonymous says:

      There never was an extra 25 millions.And the country wasn't broke when Big Mac took over. Shame on you and the rest of your yes man. One thing for sure WE won't forget … ever ! Cash is King ! yea boy must be nice when you got it. Time to collect from Ryan. That what you're suppose to do when things are bad, go collect or take over .

      • Anonymous says:

        I know there was never $25M just the same as I know there was no deficit when the UDP took over.  I was being S A R C A S T I C – so don't be so quick to judge. 

  44. Anonymous says:

    The size of the civil service and the unsustainable benefits they receive in addition to salary simply MUST be reduced. NOW!

    • Anonymous says:

      Are you telling Mac what to do? Don't you understand he's the night…er premare?