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Surplus Budget Presented

Finance Minister Hon. Marco Archer presents his first budget in the House on Monday, 7 October 2013.

Finance Minister Hon. Marco Archer presented the 2013-14 budget with a $100.3 million net surplus, featuring no new revenue measures or borrowings and increased cash reserves.

Taking pride in "practising practical prudency", Minister Archer assured the Cayman Islands that Government has ensured its first budget allocates the necessary resources to meet burgeoning demands for "healthcare, education and social services, while protecting the borders and exploring opportunities for business prosperity." Government's "revenue outlook is stable and is not dependent on any unproven measures," he underscored.

The 2013-2014 budget forecasts a net surplus of $100.3 million for the entire public sector, including $95.3 million for core government and $5 million from statutory authorities and government owned companies. Capital investments are forecast to be $51.9 million. Forecast operating revenues are $644.6 million while expenditures of $549.1 include financing expenses of $31.4 which includes annual servicing of government's debts.

Cash balances are expected to increase by $44.9 million taking the total to $161.9 million at 30 June 2014. Of this, $59.9 million would be in the operating bank account and $102 million in reserve funds including General Reserve, Environmental Protection and Infrastructure Development Fund, the Finance Minister said.

Only one new tax measure will be implemented in the finance industry for licensing and registration of hedge fund directors, which was announced last year by the previous administration and was deferred to allow for proper consultation, he noted.

Outlining the new Government's vision of "Economic Growth through Fiscal Prudence", Minister Archer emphasised, "Our ability to transform the challenges of today into opportunities for tomorrow will be largely dependent on a fiscally prudent government." The budget is geared to restore trust and confidence in the government, uphold fundamental human rights as well as encourage and support appropriate investment, he added.

(GIS)

For further information contact: Bina Mani




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