Cayman Budget Debate Closes
Bringing the budget debate to a close in the House on Friday, Financial Secretary for the Cayman Islands, Kenneth Jefferson announced that the forecast of USD528.2mn revenue for the coming financial year represents a 1% increase over the latest forecast for the fiscal year ending 30th June. This rate is "even more conservative than the 1.7% real GDP growth forecast
for the Cayman Islands for the 2008 calendar year, and the 1.4% real GDP growth
forecast for calendar year 2009," Mr Jefferson explained. He also noted that that the operating and interest expense for 08/09 is expected
to total at USD514.7mn. By subtracting this expense from forecast
revenue, the resulting operating surplus for 08/09 is USD13.5mn. To forecast the revenue for the coming year, the Portfolio of Finance and Economics
considered data from the Economics Statistics Office; Treasury Department; and
the Department of Tourism. It also consulted with the heads of major revenue-collecting agencies, which
collect about 85% of government's total revenues, Jefferson again noted. In the current financial year, major revenue streams show that some USD120mn (23%) was derived from financial services, in the form of fees collected
by the General Registry and the Monetary Authority. .
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