Budget due Wednesday week

| 14/05/2014

(CNS): Government is planning to deliver its 2014/15 budget next Wednesday if all goes well with the UK. Richard Holmwood, the Foreign and Commonwealth Office’seconomic advisor is expected in the Cayman Islands this week to look over the PPM government’s second annual budget since being elected. If the FCO gives the nod the finance minister, Marco Archer is expected to reveal the spending plan for the next financial year on 21 May. Officials believe the budget debate will then begin on Monday 26 followed by the finance committee meeting to scrutinize what is expected to be well over a half billion in government spending. 

Although Archer has said there will be no major new tax hikes directors fees and some adjustments may see the tax burden increase further on the private sector. However, the government is also promising cuts in spending despite the amount of money currently being allocated to pricey extras over and above the usual cost of running government such as the money on consultants, business cases and environment and engineering studies for the cruise port, the airport and the George town landfill.

Archer will also reveal how well government did in meeting its spending and earnings targets for the 2013/14 financial year and to reveal whether or not the government has reached is more than $100million anticipated surplus which it will be expected to match again this coming year.
Be sure to check CNS next week for full coverage of the budget, debate and finance committee as it happens in the Legislative Assembly.

 

Category: Local News

Comments (18)

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  1. better idea says:

    You want a better way of life and more money for the budget?

    Then string up the ERA that is killing us with CUC profits.  

    It is the engergy costs that trickle down to every penny that is hurting the entire economy and the CUC guaranteed 12% profit is crazy.  I bet most Caymanians have NO idea that the majority shareholder of CUC are not even local….(it is true) so we are not even giving profits back to our own people.

    Fix the energy costs and ALL spending will go down.  Allow solar and fire the ERA board for some real cost savings.

    • Foreign Devil says:

      Right on brother.

    • Anonymous says:

      CUC is not guaranteed 12%, and the issue has nothing to do with the ERA Board. Try reading the licence before commenting and showing your ignorance. Many Caymanians do invest in CUC and it is open to anyone to invest. It would be smart to get back in dividends some of what you have paid, reinvest those dividends to increase your shareholding and build a nice nest egg.

  2. Anonymous says:

    A lot of ignorant comments on here about the projected surplus. Because there is a surplus does not mean it can or should be frittered away on tax giveaways. Rather than simply paying interest and barely servicing the loans, we are required by the UK to use a large part of the surplus to substantially reduce our liabilities although such payments would not otherwise be required to be made this financial year. So, it is a real surplus. If it helps, think of it this way: Your annual salary is CI$80,000 which allows you to make the principal and interest payments on your mortgage loan, but you have received a bonus of CI$15,000 a large part of which you are using to reduce the principal on your mortgage loan so that your total liabilities are reduced and the loan servicing requirements for the future are reduced. If govt. were acting as you suggest, i.e. irresponsibly, you would be the first to criticise them for not dealing with mounting debt.      

  3. Anonymous says:

    I find the new duty listings to be a confusing mess. Why can't any bureaucrat make things simplier than making things more confusing and complex.

  4. 4Cayman says:

    $100m surplus! So why continue to tax the crap out of small business owners and middle class income earners? Why are you retiring healthy people at 60?

    Seems like the numbers are fudged. I would like to have an independent audit actually we the people demand to know the truth?

  5. Knot S Smart says:

    I will not say anything negative about this government until I see what tax increases are included and whether they have reduced any of the increased import duties or fees which the previous government imposed…  And whether government spending has actually increased or decreased…

  6. Anonymous says:

    $100m surplus my ass!

  7. Anonymous says:

    Sadly just fudged numbers and long speeches by individuals who promise a lot and deliver little. 

  8. Anonymous says:

    There is nor ever was a 100 million surplus si I ask all the media to stop recalling this national lie. If there is a 100 million surplus please reduce taxes by. 50 percent and offer the poor caymanians and imported slaves some relief.

  9. Anonymous says:

    What ever happened to getting rid of the pension for NON CAYMANIANS???? ie work permit holders, i for one as a work pemit holder rather get my money then giving it to someone who can't invest and i lose my money

    • Anonymous says:

      Ok. You give up the right to ever retire in Cayman, and agree to be paid less than your Caymanian counterparts to avoid you being cheaper to employ than a Caymanian, and we have a deal. Capiche?

      • Anonymous says:

        Capisce, capisce?  The odd thing is I have pointed this out to you before, which probably means you did not understand my point, which is deliciously ironic.  But then my guess is you don't get irony either.

      • Anonymous says:

        I have a better suggestion.  If he /she do not want to contribute to pension he/she can always leave and go back home where apparently they don't have pension. have you ever heard that you can't have your cake and eat it too!!  Nobody is forcing you to stay here. Do us a huge favour and don't hand arund then when you get older you go show up at Social Service with your paws out.

    • Anonymous says:

      10;23

      I also wonder what  happened to it?

      Regardless, it will have no financial burden on the governemnt should they stop the forced savings to the expats community. It will save many small business from going under.

      This is a privatise arrangement where the money hogs are managing this forced saving, and skimming off millions.

      Lets see how much they are concerned with the people of this country. Ask them to assist with setting  up a Social security where the Government invest, manage and make the profit for the people's retirement.

      They will all turn their backs on the people. Its all about the money!

      Our government were stupid to lead their people to the slaughter.

      Pension by any means is not set up for mandatory retirement. People enter these private scheems set up freely by different businesses, to have extraand above their social security benifits managed by their Government.

      What is the difference of the goverenment forcing businesses to pay out 10% tax towards this scheem. 10% on a ceiling of $60,000.00 salary.

      Than making a businesses pay a 10 % of the employees salary towards a social security tax. Tax is tax. Stop the damn lies and set up this social security!!

    • Anonymous says:

      Getting rid of pension for expats makes it cheaper to hire a foreigner and less Caymanians will get jobs!

      • Anonymous says:

        Thank you. It also means the smaller pension fund will be less viable. And what about those expats who ultimately receive PR and status and decide to retire here? 

    • Jah Dread says:

      We are getting tired of you whiners go back where ya cone from,if you don't like the living, who is holding you back? Go !