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Supplementary Budget Voted In Cayman Islands,
by Mary Swire, for LawAndTax-News.com
Thursday, May 08, 2008
The Cayman government announced on Monday that the House had approved USD5.5mn in additional spending for the current 2007-2008 budget.
The additional monies will be obtained partly from savings in expenses achieved
by government entities, and partly by increased funding.
Financial Secretary Kenneth Jefferson told an extended Finance Committee sitting
the previous Friday that as a result of the supplementary budget, the reduced net surplus
on 30th June this year is now projected to be USD20.8mn, down from the figure of USD37.7mn
projected in November 2007.
He noted that total operating revenue is projected to decline by some USD7mn
- from USD530.7mn to USD523.3mn.
Total operating expenses are expected to be up to USD489.3mn, from the projected
total of USD476.6mn in November 2007.
More than half of the items considered were reductions in budgeted spending.
For instance, all items considered under appropriations to the Attorney General
were reductions, totalling USD1.4mn.
On the other hand, items necessary to improve citizens' welfare included
18 items under the Ministry of Health and Human Services, with a net total of
USD10.9mn that require additional funding.
Ex-gratia payments to ex-servicemen will account for an extra spending of USD1.2mn,
while providing more poor relief vouchers than previously budgeted for accounted for
USD328,000 in additional spending.
Rental accommodation for persons in need requires USD300,000 more, while poor
relief payments need USD135,500 more.
Other major items requiring significant additional funding included:
Covering the Cayman Turtle Farm's operating loss of USD5,422,534, taking
the total cost to cover this item to USD8.6mn from USD3.1mn;
Providing Cayman Airways services to strategic markets, for a sum of USD4.08mn,
raising the approved appropriation from USD11.5mn to USD15.6mn;
The east-west arterial, USD2.7mn, increasing the funding from USD8.5mn to
USD11.2mn;
Coastal protection projects, USD2.4mn, taking the funding up from USD1mn
to USD3.4mn; and
Additional legal aid services, USD931,000, to augment the appropriation
from USD919,000 to USD1.9mn.
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