Financial forecasts way off
(CNS): Falling revenue and increased running cost have dramatically altered the predictions regarding government finances in a matter of only two months, changing the forecasted government deficit for the end of this financial year from just under $29 million to a record $74 million. On 23 March, MLAs voted on the necessary appropriations and changes to the 2008/09 budget to see government through to the end of this financial year. However, in just a few weeks since that vote government earnings appear to have spiralled down and costs spiralled up, dramatically altering the year-end financial forecast.
On Friday afternoon Leader of Government Business McKeeva Bush issued a statement saying that there was a record government deficit of CI$74 million, a record-high level of public sector debt CI$590 million, minimal cash balances of CI$17 million to continue the daily operations of government, and a net debt ratio of 86%, which does not comply with the Public Management and Finance Law. The figures were, the LoGB said, based on requests made by his government immediately following the General Elections for summary financial information about the state of government’s financial results and position, which was provided by Financial Secretary Kenneth Jefferson.
The reason for the dramatic change to the forecast in just a few short weeks stems from a number of sources; the first is a decrease in projected earnings of some CI$17 million. In March Jefferson said the forecasted revenue for the year to 30 June 2009 was CI$507 million but the latest information from ministries and portfolios have downgraded the expected earnings to CI$490 million. This decrease in forecast revenue (since the March forecast by the same people) of CI$17 million caused the Net Debt Ratio, which had been expected to be at 74%, to increase to 86%.
Alongside the reduced earnings of government itself, the statutory authorities and government companies are now predicted to run at losses of $19 million, compared to the $10 million predicted in March. The Cayman Turtle Farm alone is predicted to lose $10 million before the year end, while the HSA has lost $12 million and Cayman Airways is expected to lose CI$3 million. In addition, the airline will owe approximately CI$16 million in payablesat the end of June.
Since the March appropriations there has also been an upward revision of expenditures of around CI$19 million by ministries and portfolios. It was not clear, however, whether this was after the 6% reductions ministries had been asked to make by the previous administration.
Altogether, the operating losses, the fall in revenue and the increase in government running costs have combined to add some CI$45 million to the previously predicted government’s budget deficit.
Bush said that all of these issues would require the government’s urgent attention to improve the overall efficiency in the way that the government operates and to improve the financial viability of the public sector as a whole. “Clearly, the country is now faced with this great challenge of working hard together to resolve these issues,” the LoGB said.
He saidthings were worsened by the current economic climate, which is expected to have a negative impact on government revenues over the next 6 to 12 months. “In the absence of funds to stimulate the economy, the administration is committed to ensure that the policy framework is as supportive to the economy as possible to minimise the negative impact.”
He also explained that although there are plans to execute Cayman’s first-ever public Note (or Bond) Issue in the US in July 2009, the funds would be used to repay a loan of US$185 million made by the former government against the note issue.
“Based on a cash flow forecast from the Treasury Department, which indicates the cash receipts and cash outlays over the period July to December 2009, the government will require cash injections on a monthly basis to meet its operational requirements,” he said. “These shortfalls indicate that the government will need at least a further CI$140 million.”
Bush explained that government will have to increase its borrowing, and when taking into account the liabilities of some of the major authorities and government companies, it may require a further CI$50 million before the end of 2009. As a result the government will now fail to comply with three of the key principles of responsible financial management.
He confirmed the net debt to revenue ratio is forecast to be 86% exceeding the 80% limit set by the UK and that the government is running an operational deficit, which fails to comply with the principle that we should always have an operational surplus. Bush also stated that government is forecast to have only 65 days in cash reserves, unlike the 91 days predicted in June. It is understood however that this 65 day prediction does not count reserves, which stand around CI$74 million and which can be access if approved by the LA.
Bush blamed the pervious government for the dire financial predictions. “As a result of the former administration’s failure to comply with the Principles of Responsible Financial Management that are stipulated in the PMFL, the Cayman Islands Government must now seek the explicit approval of the Foreign and Commonwealth Office of the United Kingdom Government before incurring further borrowings,” Bush said. “This position will continue to be the case until compliance with the Principles is achieved. Nonetheless, the new administration wishes to make it abundantly clear that it
He added that despite difficult times ahead the new administration was determined to improve the state of government’s finances and the Islands’ economy. Bush said government would minimise the amount that it borrows and would carry out an urgent assessment of the situation in order to find solutions to this financial crisis. “The short term goal must be to place the government’s financial status back on a stable footing. The long term goal must be to secure continued economic success and sustainable financial viability of the government,” Bush said.
He said it would not be easy and the necessary sacrifices would have to be made, but in the coming weeks some short term solutions would be put in place for both the government’s financial challenges as well as the economic woes facing the country. Bush said the government would concentrate on bringing new business activity to Cayman, which would require an improvement in various approval processes across government. It will also require a more open and welcoming approach to inward investment. He added that there would be an examination of the performance of its statutory authorities and government and a much needed cost review exercise within central government.
Bush promised not to further impact the current state of the economy with any serious system of major taxes, but government would honour all its financial obligations and act in a responsible and fair manner at all times. He said that the administration had decided to significantly reduce the costs associated with attending the annual CTO event held in New York by restricting the delegation to officials only and had saved more than $100,000.
“The country is faced with enormous challenges but, by working together, it is the belief and hope that the government will be able to address these very serious issues in the short term as well as put in place long term solutions to secure the continued success of these blessed Islands,” the LoGB stated.
Category: Headline News
At least in the past four years we could see where the money went. Things went through Central Tenders, details are available on the CTC website and we have buildings, roads, medical equipment etc… to show where the money went. Not so prior to 2005.
When it comes to quantities there a 3 things to remember,
There are numbers, statictis and damn lies.
Well it would same from this new estimated Financial figures that we will have working LA’S in the house for the next four years. Not even Mr. Eugene will be sleeping for these four years, cause since they all will not be able to rely on the estimates given by the Financial Secretary they will not know if there will be enough funds to get paid at the end of the month, therefore they will be behind him twenty four seven, checking and rechecking all his estimates cause we know they can’t do wihtout that large salary.
The first thing toward the deficit should be to get rid of the Financial Secretary or at least cut his salary as all the MLA’S will now be doing his job for him.
The poor old FS is served by a rubbish Deputy FS and portfolio-completely out of their depth and raking in huge salaries and perks.
" How much of the Public debt is a result of Sir William’s own bad Mal administration over the years of in and out of Exco.? Like Boatswain Beach, the abandoned DHM Hospital, the payment to the Contractors of the DHM Hospital, the $6M cost overruns on the Royal Watler Dock.
Sir William has to acknowledge that in his book "All About McKeeva" he has not done one single thing that brings in a penny a year to the Government coffers, but evertying he has done has cost hundreds of thousands and now he blames this Government when the cat sleeps on the fans. Give me a break."
got to agree with you there "
Not every comment for against
"…and please remember we do have a lot of out standing financial statement from 2005 may be there’s a reason they did push when in the opposition for those financial statements".
We recently learned from Pastor Al’s interview on Rooster that the HSA (which perhaps costs govt. more than other statutory authority or govt. company) which was established by the UDP in 2002 did not have ANY financial statements at all (never mind audited financials) from 2002-2005 when he took over as Chairman of the HSA. It is now up to date and awaiting audit by the Auditor General.
Not every comment for against the UDP Gvernment is stated by a PPM member or supporter. Remember there were more Independent candidates than PPM and UDP together and several thousand people voted for them.
Some people are so ignorant that they just have to display this as a badge everywhere the go!
Why would Sir William contemplate borrowing $140M if the country is in such a poor financial state? Oh let me answer that, he just wants to borrow this and it is convenient to blame it on the PPM administration. Blame, Blame, Blame, yes this is a Blaming Government!
How much of the Public debt is a result of Sir William’s own bad Mal administration over the years of in and out of Exco.? Like Boatswain Beach, the abandoned DHM Hospital, the payment to the Contractors of the DHM Hospital, the $6M cost overruns on the Royal Watler Dock.
Sir William has to acknowledge that in his book "All About McKeeva" he has not done one single thing that brings in a penny a year to the Government coffers, but evertying he has done has cost hundreds of thousands and now he blames this Government when the cat sleeps on the fans. Give me a break.
Also, my comment was in no way comparing private sector to public sector. Dred you brought it up. I was talking about making reasonble adjustments with in government that do not affect the government employees directly, some of them as you may not know are already feeling the effects of having to work shifts to cut out overtime, like you mentioned some people need. I wasn’t complaining about anything but the fact that some locals and legal residents are not helping to contribute to the revenue of the country by trying to avoid paying duty, or hospital bills, yet expect our government to keep providing. This goes well beyond the amount of civil servants and salaries. It’s a cycle. We are all affected and contribute to the problem. I for one have no problem paying my hospital bills that aren’t covered by insurance and also declare my good honestly and feel good to know am paying what is due to the country lawfully. While there may be an excess in some departments with staff, I do agree that they may have to look at what’s most effecient and cost effective to run each department, push the employees to be more conservative, the accounts receivable departments have to be restructured that monies owed are being collected. Maybe some of the laws will have to be adjusted to have more reasonable and sensible fees. There are currently ways that government can generate/save money it just takes commitment and people with business sense to run it.
Also your comments about the private sector from my point of view are a bit off. The company I work for, and in a managment postion, I can say that starting salaries are about 36K (take home), and to my knowlegde anything less than that amount were normally postions targeted for high school leavers or part time workers and seems to be the standard for most other firms. I won’t say there aren’t some places that pay less but probably bank on overtime being worked by their employees and having it even out to a higher take home than a salaried option. So I can speak for boths sides of someone with friends and family in both sectors, what I feel is only fair, that it shouldn’t have to affect the civil servants directly as it already is.
Dred, I never objected to adjustments, what ims saying is make sure it’s fair. What sense does it make to have people talk about cost of living and then give them another expense when this can be fixed by other ways that it doesn’t affect people’s way of life directly. Like I mentioned how about ensuring the revune is actually collected. I’m not taking offense to anything as this board is for us to have constructive views and opinions, so I’m glad you responded to my post makes me feel people are actually trying to have some sort of communication to solve this. By the way I work in the private sector and from where I sit it’s a lot more rosey on my side with benefits than it is for some of those I know who are civil servants.
Ok. I smell a turd!!
I am putting aside UDP/PPM now and looking at issues!!!
The above comment from the poster is absolutely correct. Like I keep saying all the while we have so many people in Government (surplus of people is the only black the books are in) and yet they give these interviews with comments that are so detrimental to our well being in this country and they say that we are doing well. I read all that this poster read and I too commend them for bringing this out in the light. It is clearly a fact now that the Financial Secretary is CLUELESS and has no idea what is going on!!! When are we going to know what is happening? Is it not his responsibility to ensure that the Govt. books were up todate and all money accounted for? It is a waste to print his pay cheque each month, I wish he would resign or retire early, but he clearly sucks at his job. Even in todays world with calculators a bookkeeper could have seen that we were heading in the wrong direction. I think it is time to make every Govt. employee accountable to their financial mistakes. When they cost the Govt. money they have to pay for it. and this should filter down to the Govt. owned businesses as well.
At least he took HIS wife and not one of his SWEETHEARTS. what is wrong with you people, the man took HIS WIFE for heavens sake I know she made sure he was well dressed and ironed for his meetings also made sure he stuck to his diet to make sure he stays healthy. Now we know he was in check and not at strip clubs mmmmmmmm or out whoring like we all know who’s and yes I meant to say who’s.
I find it surprising that some people criticize that Mr. Bush has taken his wife on this trip. So what? Didn’t Barack Obama take his wife on his trips? Did The French President take his wife on his trips? Both countries are also in dire straights. What exactly makes Mr. Bush as LOGB and Premier Designate any different? These PPM sour grapes just can’t help themselves. Please also tell me exactly how is business supposed to be conducted if not by travelling to the target places? Would it be better if Mr. Bush sat at The Edge Bar drinking beer or going fishing? Huh Bobo? No, I don’t think so. We left that to the PPM and look where that got us? And yes, at least that is Mr. Bush’s wife! GET A LIFE!
Ummm….not wanting to upset anyone….but Caymans financial problems are not entirely down to Cayman, or the Caymanians in charge. Look beyond our shores and you will see the entire world is in a deep economic recession effecting the majority of the globe.
Blame the politicians all you like, but this is a world-wide crisis and there is little we can do in isolation until the worlds economies pick up.
So we are in dire financial straights according to Mac. I suppose thats why he has taken his wife on his world tour at government’s expense and why he has fired all of the qualified Caymanian tourism staff that were in his Ministry and given Pilar Bush’s tourism company, At Water, a consultancy contract to advise him on tourism matters. Hmmmm how much is that costing us ??
Two excellent issues for an FOI request IF the UDP will allow this information to be released or perhaps they are going to ignore the FOI Law like they have ignored our constitution.
I have an idea to help revenue. Which I may get backlash for but I really not bothered. How about all the people that go away honestly declare what they spent for their shopping excursions in the US instead of trying to squeeze new clothes into 2 large bags valued over $2,000 then try to tell a customs officer they only spent CI$350 the entire time they were away. These people can willingly pay the tax in the states when they purchase mechandise, but don’t want to pay the local duty to bring it back here (their home for whatever period) that in turn goes to government and the people’s purse. This annoys me everytime I go away when I see people lining up with cart load of bags and stroll right through declaring only 350 of goods. Also the civil servants having to pay out is not completely fair as we dont know what they actually make an in the private sector where i can say for a fact some starting salaries are upwards 3,500, checking the governement adverts the salary for some officers are as low as 32,000 per annum so the extra 200-400 is actually helping the civil servants so they aren’t struggling with just barely making over $2,000. Maybe we should possibly enforce the benefit cuts of the "uppers in governement" as they are the ones who have to control the mess and spending wanted the job. When we see a turn around then things change and they can have the benefits back:). I agree that revenue generating departments need to change their game to ensure policies ar in place where cash is coming in and not just a record of accounts receiveable for years. Like the poster below that said the governement cant do it themselves, its very true. How can governement calculate revenue when people are trying to avoid paying the revenue? Stop complaing about the duty that you pay to customs and pay the duty, or the other goverment office fees. Yes you may have gotten a deal else where but that the price you pay for getting the deal and not buying on island from the vendor that paid duty. In the end you get to know atleast you take your salary home in full.
Anon,
Aheeem.
I think it is fair. It has all but always been fair. You need to compare apples & apples not apples & oranges.
First of all there is a tremendous difference between the pressures of Private Sector and Government. In Government there are times when there is two and three people doing what one person would be required to do in Private Sector. So where we maybe paid a little more (if at all) it is because we are doing more with less.
There are many private sector jobs at the $2,000 range also it depends on where you go and what you are doing. The simple fact is you have had a luxury that we have not had for years. We pay out anywhere from CI$400 to CI$600 a month in Health Care and another CI$133 (CI$32K/annum) in pensions.
Now I hear griping about raises. Well in some sections of Private Sector there are no raises anymore. No cost of living either. They call it Pay for Performance. They do this internal mumbo jumbo and tell you that your payscale compares against the industry.
So while you feel justified to complain you should know the environment out there first. It’s not that rosy over here trust me. I often pull extra hours to get the job done including weekends because the hours I am alloted won’t cut it. Many government departments are like on starting blocks waiting for it to hit the closing time and within seconds there is only dust there.
I know this ticks a few of you off but people in private sector can vouch for what I am saying. It’s just a different animal out here. They put you through all kinds of fancy ratings and crap to mentally pressure you to do more and more and more. It’s like they push you to your breaking point and when you break they find someone else and it’s rinse and repeat.
What I think should be done is that business who pay their staff below a certain limit should be forced to pay both sides of the pensions. This will incourage business to pay their staff better or have to deal with the consequences. Then all that excess cash that they are bleeding us for is put on their staff and not their spoilt childs third car or third trip to the Bahamas this year.
But a real idea for government is the Lottery. I honestly feel if they looked into this and regulated something similar to numbers they could crush that business and make money in the process. I think this is a time to put aside crappy excuses that hold no water. All the excuses about social issues is pure crap. The darn thing is happening right now on a wide scale. Hell Police even buy some even sell. Oops!!!
Balanced and Absolutely, when we get the 11+ years of salary increments we are owed, we will be happy to use it to pay for our Health coverage and Pensions. Until then, we will sit here in our air conditioned offices, posting useless comments on CNS and generally doing very little. I don’t suppose they are coming again this year as promised given the current shortfalls however.
The problem with the Civil Service and Statutory Authorities, etc is overemployment. Would you prefer unemployment? Those are your choices.
…just waiting for the Cayman Islands income tax shoe to drop…
Ok. I smell a turd!!
I am putting aside UDP/PPM now and looking at issues!!!
Mr. Jefferson how could you not see some of this? Why are you grinning so much on the front of the Compass knowing that just one short month ago you had us believeing in a picture that is quite different from what was really happening?
Okay. Say I bite on the revenue shortfall because it does happen and especially now. What caused the excess expenses of $17million? Why do you project $10million and get $19million? That’s not just missing a target people that’s like trying to go to Cayman Brac and ending up in Tokyo, Japan.
My next question is what about the cash reserves, how in the world did they go from $126million (May 09) to $17Million (June09)?
We expect for someone in your position to always keep yourself on top of things. We expect that you could be off (slightly) but triple the expected amount? Do you still have a job?
I am sitting here trying to imagine myself making the same mistakes. Damn I would be so fired. I wouldn’t even be around to speak of what went wrong.
Stop the darn smiling cause there is nothing to smile about!! Less time with photo ops and more time chasing those numbers and finding out WHY they went the way they did.
I am not a party guy but I really feel sorry for UDP. I really do.
Big Mac. All I ask of you is to not do something stupid. No Status Grants. No stopping Pirates Week and no other major surprises from you. Just bring us back on track. Get us back on track and you will get another 4 years in office.
Did not these same politicians say that they would cut their own salary to help be less of a burden on the islands purse?
Do you know that government employees don’t have to pay health insurance and that their spouse and children are covered under that same insurance?
Does government have to pay for their own employee work permits?
Is the hospital actually pushing people to pay their outstanding bills? Maybe the Accounting department with regards to bill payment could get paid part salary, part commission. The staff start off with a base pay and then every time they get someone to come in and pay their bill, they get commission off of it.
Cayman is a lot bigger than it used to be and it is still growing. The government needs to realise that it can’t keep running off of out-dated principles. And we, the people, need to realise that the government can’t do it by itself. It takes an entire community to raise a child, well we are the community and these islands are our child!
There is perhaps some poetic justice in the current financial mess:
Since the UK Government is ultimately responsible for Cayman’s liabilities and seeing the current situation with the very real possibility that it may be more than difficult for Cayman to meet its obligations in the current global economic climate, the Uk Government may want to think twice how forcefully they want to pursue the destruction of Cayman’s financial industry and thereby the income earning capacity of the country, as they could end up with the bill for it!
I guess that would constitute repayment of the money donated for the Falkland’s operations: we gave half a Million pounds and now require half aBillion to settle our debt. That would indeed have been smart investing Cayman!
Bu then again, it is also a known fact the UK’s debt/equity ratio is even worse than ours!
(What was in that salad I had for dinner anyway? making me say all kinds of irresponsible things.)
whatever!
I say good for the new UDP Government, at least they are not asleep!! They are also on the ball and doing what they have to do to get us above water, unlike the past PPM Government.
So what if the LOGB took his wife with him at least he didn’t take someone’s else!!
If there is a man that can turn these Islands around (and we know that it will not be done over night) it will be Mr Bush as LOGB with the assistance of his UDP members, as we all know that the back benchers are not going to be too co-operative!!
A BETTER WAY FORWARD!!
I can’t resist. Really I can’t.
""So what if the LOGB took his wife with him at least he didn’t take someone’s else!!"
At least he didn’t take someone’s else!! Really now!!
I would think maybe taking someone else WHO COULD ACTUALLY HELP would work better than someone on a vacation at a time when we don’t need it.
WOW is all I can say to that. So shallow minded.
People I could careless if it’s PPM or UDP we have to use good governance and that is not spending the people’s money on personal vacations.
PPM put us in a rather large pickle and that’s thanks in part to a financial secretary who was asleep at the wheel also. This combined with difficult times and poor decisions.
Now it is time to trim the fat and live lean until we can see daylight again and by trimming the fat (not talk about you Mr Mac as you seem to have done a rather nice job already) I mean no "EXTRA" expenses.
So. NO. No free vacations. Not saying she is doing it but just saying if she did it is WRONG WRONG WRONG WRONG WRONG. No excuses just wrong. Mr. Mac makes a nice tidy salary from us to be able to pay her way thank you very much.
Balanced I couldnt agree with you more!!!
Our people for far too long cry out the loudest but when it comes to actually doing something about our problems the silence is deafening. You will hear it shouted from the highest peak the Government’s broke, it was PPM’s fault, it was UDP’s fault, it was the Financial Secretary’s fault but yet when we say alright we need a $1 from you to get this process started all of a sudden man I can’t afford that , get it from the foreigners yadda yadda..We always seem to lack the b@!!s to do what is right to solve our problems!
Very estimated numbers:
3000 civil servants X 200 [208.33 (max)] X 12 = $7.2M savings in a year
3000 civil servants X 200[ health insurance max for family] X 12 = $7.2M savings in a year
The above 14m cost savings would be the estimated maximum projected savings in a year. We clearly have more civil servants than 3000, not all employees will be making CI$50,000 as per the pension law limit and not all civil servants have full families that would require coverage at the max $200. But it is a significant start.
I am at a lost for the exorbitant costs at the Turtle Farm ?? Why is this hemorraghing so much money on a monthly basis??
The bottomline is we are paying out more than we are taking in and furthermore in order to pay out our monthly expenses we need to borrow more money to cover those costs……..Disastrous!!!!
It is a matter of public record in a previous Auditor General report that the government paid for Miss Kerry’s travel to Dubai and other places around the world when the UDP was in power last. So why would you be surprised that they’re paying for her European vacation now……damn we must really be in dire financial straights. Well maybe they cut costs and traveled in Business Class instead of First Class this time…..and maybe the 24 hr security and Limo for McKeeva is not costing anything…..poor us….we are so broke…..where will we get the money from to pay for McKeeva’s world tours over the next 4 yrs.
What else did we expect from the same people that couldn’t run Hampstead?
We need to put aside party politics and look at the bigger picture- the finances of the CAYMAN ISLANDS are in a dire position and difficult decisions and sacrifices will be needed by all to get us out of this mess.
Countries fail when the people fail to do their jobs. We have to put pressures on our leaders/ politicians so that they dont forget their place and who are their bossess. We have failed in this regard over the past few years with this blind loyalty.We need to question and hold these individuals accountable for their actions.
This entire news is not shocking to me because I remember during a time of a significant financial downturn worldwide the Financial Secretary was categorically stating at press conferences that all was well and we were untouched by this crisis. I knew that was rubbish. We must also take into consideration that there are quite a few outstanding financial statements remaining so that 74million can also spiral up even further by the time all is up to date!!!
How can we get out of this mess—First suggestion which is going to cause major heat is to have government employees pay for their own pensions!!!! Second government employees should pay for their own healthcare. Sorry we in the private sector have been doing this for years and those who haven’t(in regards to healthcare) are seeing a move by employers to change this now. The rational being do you prefer to pay your pension contribution, the maximum would be CI $208.33/month or lose your job?? I personally think that is an easy choice. We cannot continue to pay out millions of dollars when revenues have significantly dropped off. For all those who oppose this what suggestions do you have to limit the cost of government? If we dont we will forever have to keep borrowing to cover recurring expenditure–which is absolutely poor fiscal management!!!!! We have to CUT our costs that is factual and undisputed.
For those people who are in the trenches lets use this forum for putting forth productive and useful ideas on how we as a people can assist our government rather that wasting time pointing the blame at others.
However, one area where I will shine a light is on the Financial Secretary, it is clear to me that he was pressured to paint a rosy picture but a man with his position should have the integrity, ethics and strength of character to protect the interests of the CAYMAN ISLANDS FIRST and foremost!!!Unfortunately it is obvious to me that he has failed us in this regard………………
"However, one area where I will shine a light is on the Financial Secretary, it is clear to me that he was pressured to paint a rosy picture but a man with his position should have the integrity, ethics and strength of character to protect the interests of the CAYMAN ISLANDS FIRST and foremost!!!Unfortunately it is obvious to me that he has failed us in this regard………………"
I am not sure why you say it is clear to you, but it iscertainly not clear to me. This is not a matter of painting a rosy picture (which is highly subjective); this is about counting the beans and giving realistic projections based on his financial expertise. It seems clear to me that the previous govt. thought that they were within the UK borrowing limits since, although made bad decisions from time to time I believe them to be honest and sane individuals. Either way, be the issue intregrity and strength of character or competence, the FS must be called to account (so to speak).
Maybe someone could tell us precisely who is travelling around Europe at our expense and why the presence of each such person is critical given the condition of our finances?
Where is the Financial Secretary and his Finance Department’s responsibility in all of this? Back in the day of Mr. Vassel Johnson he "held the purse strings" and would stand up to any politician who wanted to overspend. What we need is another FS of his caliber! Furthermore, I think what is happening now is an example of the failure of the current financial system, which when introduced was supposed to do wonders but in fact has only proven to create more red tape and create unnecessary high paying jobs. If McKeeva wants to cut overspending he should look at cutting out some of the high paying, non performing and unnecessary jobs within the Finance Portfolio. That whole sysem needs to be re-examined and many will find that it has failed here just as it was said to have done in another country.
Excuse me, but Mr. Bush has been in office for as long as any one can remember, how can he possibly put all the blame on the government that was in power for the last four years? Surely the opposition has to take some responsibility for what goes on while they’re in office! Was he sitting on his hands with his eyes closed for the last four years?
"Alden had no clue"?
His Ministry spent so much money that they’ve bankrupted the rest of government! Where were the people charged with looking after such things?
and why do we have human resorce employees is every portfolio ???? , their is a hiring freeze, and a more than competent civil service …….. so what do these folks do anyway .
this decentralisation must have added at least 20 to 30 unneccesary employees to the workforce…….
I say Kudos to McKeeva and his new government for taking the bull by the horns
There is clearly a bull involved with the government as there is quite a bit of evidence coming from the end opposite the horns.
Which "bull by the horns" oh yeah did you not remember it’s easy to take the "bull by the horns" when you are the "BULL"? Let’s see who has currently been in Government the longest to see all of this unacceptable spending of money?? 24 years and counting (1,2,3,4,5,6,7,8,9,10,11,12 my fingers are too tired to type any more numbers….
Tell me what has McBull done that is soo good again?
To the Current European:
Pleae advise us as to how you would handle the situaton…because I don’t think that there is anyone on that trip that is not of use…if insinuating Mrs. Bush? I am sure that that is not a government expense. Do you know something that we don’t? If so it is your civic duty to inform us immediately.
To be considered a good sport, one first has to lose…I am sure with some tenacity, one can verify the amount of bodies carried to Washington last year for that dog and pony show…If you can’t find out , I can provide you with 100 names that can help you remember…The sales meeting in Miami , after weall knew the financial picture…if you need help with specifics, The Hotel bill is easily available, if you have the ambition, that’s how I got it. Ask anyone from La Ceiba how much was promised? If you can’t find out, you are not looking hard eneough. Detailed are available.
The current European travel by large numbers of elected officials together with family, friends and the party faithful is a sure signal that our economy is in trouble and the government either doesn’t care, or has no clue about what to do about it, or both.
What better way for the new government to control the deficit and stimulate Cayman’s economy than to hire new consultants from among the party faithful and to go partying in Europe at our expense. Perhaps they suspect that the government issue credit cards that they have could be frozen in the not too distant future and they want to make sure that they are well used before that happens.
Do they actually believe that anyone will be comforted by news that the government is spending/wasting ten million dollars a month more than they are bringing in and the best that they can come up with is to say that they will save a tiny fraction of this amount once some time next year, while at the same time they are spending this money on fancy travel around Europe now? I hadn’t noticed very many people walking around Cayman with the word "idiot" tattooed on their foreheads but the government seems to think that is what we all are.
Good to see Mac is on the ball with the financial situation….. We need to move forward and stop blaming the previous govt…
But yet he forces senior civil servants into early retirement thereby forcing us to pay them millions of dollars that we don’t have.
How does that make any fiscal sense?
What senior servants….Dave Martin’s wife? I thought she retired with benifits at least once already…..
"What senior servants….Dave Martin’s wife? I thought she retired with benifits at least once already….."
What a disrespectful way to refer to Mrs. Angela Martins. Does being Dave Martin’s wife make her less than human? What about Mrs. Montoya?
Didn’t the UDP parade around public servants who had been retired saying it was all PPM political victimization? What is this?
Terrific start Mac!
But you need to ask some tough questions of the Financial Secretary and, in particular, his deputy, the Deputy Financial Secretary. We don’t need to tell you what to ask them, but they are joined at the hip (professionally) and have been for a very long time and there are issues of simple competence or lack thereof that have led us to this position. One of them has reached retirement age-just a suggestion for the good of the country, Mac.
I would suggest stopping the use of a limo & Police escort for the LOGB as a way of reducing expenditure.
Is it really a fact that a limo and Police escort is used by the Premier designate? Were the same services used by the former LOGB – D. Kurt Tibbetts?
Kurt was asleep at the wheel just like last time he was LOGB and Alden had no clue. What a mess they have left this country in! Can anyone imagine what would have happen to us if they were left in control.?
I say Kudos to McKeeva and his new government for taking the bull by the horns so early in their administration. We are going to have to all pull together now to keep this country going.
To Kurt was asleep at the Wheel- Was it really Kurt asleep or was it our Financial Secretary and Chief Secretary. Look at the Big difference in the Estimate the Financial Secretary gave to Kurt and the Estimate he gave to Mckeeva. I question whether he is an Accountant or not personally speaking I would not higher him to do my accounts.
With regards the Mess that the former Government has left the Island in, I say I would rather be in this mess where I can see where all the money Borrowered was spent, New Roads, Schools etc. etc. than what the UDP did previously, Failing Boatswain Beach, Stopped Hospitals etc. etc.
As for McKeeva taking the bull by the horns I am sure you will soon wake up and see this is all POLITICALLY MOTIVATED.