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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