New budget cycle to start with SPS
(CNS): Legislators will be back in the country’s parliament Thursday for the delivery of the government’s Strategic Policy Statement, signalling the start of the new budget cycle. Although government passed its full budget just a month ago, the process for financing the running of the Cayman Islands for 2014/15 begins with the presentation of the SPS, as required by the Public Management and Finance Law (PMFL), which outlines the administration’s goals for the next fiscal year. Premier Alden McLaughlin has stated on a number of occasions that the preparation of the budget process dominates the government’s fiscal year to such an extent that it would be better to prepare a four-year spending plan.
Both the governor, Helen Kilpatrick, and the overseas territories minister, Mark Simmonds, when he was here in Cayman earlier this month, have said that they are not opposed to the concept of a four-year budget.
As government has to look ahead when planning its fiscal policy beyond the boundaries of the year it is working in, a budget cycle that covers the full term of an administration would free government officials to concentrate on delivering the policies and improving the state of public finances.
Although the idea appears to have support from the UK, there has been no indication yet from the PPM administration if it intends to amend the PMFL so that it can deliver a budget next spring that would carry the government through to the next election.
Government is expecting to end the 2013/14 fiscal year in June with a more than $100 million surplus and McLaughlin will be basing the statement for the next year on that coming to fruition.
The surplus will also play a part in shaping the policies for the PPM’s second year in office. The statement will also provide an opportunity for the premier to give some indication of how the public purse currently stands as government approaches the halfway mark for the fiscal year.
Category: Uncategorised
Imaginary surplus
Never turns you down
When all the others turn you away
They're around
It's my private pleasure
Midnight fantasy
Someone to share my
Wildest dreams with me
Imaginary surplus
You're mine anytime
Imaginary surplus, oh yeah……….
Strategic Policy Statement. Nice sounding words, I wonder if all who have read Price Waterhouse study on the development of theAirport and the sea port have noted the context in which these words were used. Lack of a strategic policy for these two important areas of our community were the hall mark of the document. Read I say read.
The budget process should indeed dominate the governments fiscal year. We are talking about spending $600,000,000 every year on all aspects of Cayman life. It's their most important job. A four year budget means you don't know how badly things may be going until they've gone badly for 4 years.