Cayman Government approves Supplementary Budget
On May 5, 2008, the Cayman government announced the approving of additional spending of USD 5.5 million for the current 2007-2008 budget.
The additional USD 5.5 million will be obtained from two sources – partly from savings in expenses achieved by Cayman government entities and partly from increased funding.
According to Financial Secretary Kenneth Jefferson, as a result of the supplementary budget, the reduced net surplus on June 30, 2008 is now expected to be USD 20.8 million, which is down from the figure of USD 37.7 million expected in November last year.
Financial Secretary said that total operating revenue is expected to decline from USD 530.7 million to USD 523.3 million – so it could decline by some USD 7 million. As regards total operating expenses, they are projected to be up to USD 489.3 million, from the total of USD 476.6 million predicted in November 2007.