Cayman Islands Financial Secretary, Kenneth Jefferson, last week presented his 2005/2006 budget, six months later than originally set because of delays caused by Hurricane Ivan.
The budget includes CI$35.6m of assistance and reconstruction expenditure in the wake of the hurricane, although it is not expected that further expenditure will be needed in future years.
The Budget provides for $367.3 million of operating expenditure in 2005/6,
and a further $80.6 million of capital expenditure. With forecast revenue at
CI$380.2m, there is a primary surplus; but borrowing of CI$63m will increase
the public debt to CI$211m, comfortably within the 'Maastricht' criteria.
The revenue forecasts include an additional CI$1.5 million reflecting a fee
increase of $500 in respect of certain categories of fees set by the Mutual
Funds Regulations. The extra revenue is being used to fund additional payments
to the Cayman Islands Monetary Authority which has an increased workload because
of growth in the size of the mutual fund sector.
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