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Approval for $573.6 M

The Financial Secretary, the Hon Kenneth Jefferson

The Members of the Legislative Assembly have approved almost $575 million in appropriations to keep government operating.

Members today (Monday, 29 June) by a vote of 15, with one abstention, passed Government Motion 1/2009-10 that enables government to conduct executive financial transactions not exceeding $573,625,099 for July to October.

Members of the Cabinet clarified that the sum approved does not represent a third of the total budget for the whole fiscal year starting tomorrow nor is it a budget of the new Government. This sum allows government to meet its expenses based on the current budget, as per the terms of the Public Management and Finance Law, in an election year. 2005 was the first year that such a motion was introduced.

Earlier, the Leader of Government Business/Premier Designate, the Hon. McKeeva Bush, OBE, JP, outlined to Members in a statement Cayman's recent initiatives in Europe to increase its tax information exchange agreements.

Financial Secretary, the Hon. Kenneth Jefferson, JP, tabled the Cayman Islands Annual Economic Report for 2008, produced by the Economics and Statistics Office.

At the end of the day, Mr Bush paid tribute to the First Official Member and Chief Secretary, the Hon. George McCarthy, OBE, JP, who retires tomorrow (30 June).

(GIS)

For further information contact: Bina Mani