cayman islands registers net

by Caribbean PressReleases.com

Government ended the 2006-07 financial year with a net surplus of $59.3 million, some $28 million above the projected surplus, the end-of-year financial statement for the entire public sector revealed. This positive outcome was due to substantial reduction in government spending in the last financial year.

This statement was contained in a budgetary supplementary application for the last financial year that Government presented to the Legislative Assembly Friday, 16 November, and which was approved yesterday (Monday, 19 November.)

Reporting to the House on the Finance Committee's approval of the supplementary budget, Financial Secretary Hon. Kenneth Jefferson revealed that of the 152 items for which Government had sought approval to alter its original budgetary allocation for the 2006-07 financial year, 80 had increases in expenditure amounting to $18.5 million, and 72 involved reductions in spending equalling $52.2 million. This, he said, resulted in an overall reduction in Government spending by $33.7 million for the last financial year, ending 30 June 2007.

At the end of the period the entire public sector's total net worth -- assets minus liabilities -- stood at $543.2 million.

Total cash and cash equivalents were at $188.4 million.

According to these un-audited statements, total Government outstanding debt is $318.4 million.

The entire public sector comprises government ministries, portfolios, the offices of the Auditor General, Complaints Commissioner, Cabinet, and all statutory corporations and government companies.