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Budget Address Delayed

HE the Governor, Mr. Duncan Taylor, CBE

It is proposed that the 2010-2011 Budget Address and Throne Speech will take place on 15 June 2010. This further delay in bringing the budget to the Legislative Assembly is necessary in order to allow the new United Kingdom Government sufficient time to examine the Cayman Islands' 2010-11 Budget and three-year financial plan. Specifically, the Foreign and Commonwealth Office's approval is needed in respect of the borrowing requirement for the coming fiscal year.

The Premier will meet with the Parliamentary Under Secretary of State responsible for Overseas Territories on 8 June 2010. If an agreement has not already been reached by then, the Premier will use this meeting to seek this approval. He will also take this opportunity to enhance Cayman's partnership with the new United Kingdom Government.

The Premier proposes that debate on the Budget and Throne Speech will begin on 18 June 2010, and that the Legislative Assembly will work extended hours until the budget is passed to ensure that an appropriation law is in place by 30 June 2010. The appropriation law gives the Government authority to meet its financial obligations on 1 July 2010 which is the beginning of the 2010-11 fiscal year.