Q1 Report Endorses CIG's Financial Good Health

13 May 2019, 05:22 AM

Politics & Government

The Cayman Islands Government’s financial statistics for the first quarter of 2019 reveal that, yet again, the financial performance of the entire public sector (EPS) has exceeded expectations.

The latest financial report released (Friday, 10 May 2019) reveals that for January-March 2019, the EPS achieved a surplus of $216.8 million and bank balances of $747.1 million in cash and deposits.

The Unaudited Quarterly Financial Report for the three month period ended 31 March 2019 was released today by publication in the Cayman Islands Extraordinary Gazette No. 32 of 2019 and can be viewed at http://www.gov.ky/portal/pls/portal/docs/1/12796486.PDF.

The surplus of $216.8 million is for core Government and its statutory authorities and public companies. The improvement in surplus translates as $44.4 million more than the $172.4 million surplus anticipated in the 2019 budget for the first quarter.

The increased surplus and enhanced bank balances were a direct result of improved revenues - $373.7 million compared to a previously expected figure of $343 million.

This was complemented by lower than budgeted expenditures in civil service personnel costs ($76.7 million compared to $80.2 million budgeted), purchase of supplies and consumable goods and services ($19.9 million as opposed to a budgeted figure of $28.7 million) as well as better than anticipated performance on investment revenues.

Commenting on the Q1 report, Minister for Finance and Economic Development, Hon. Roy McTaggart said: “I am delighted and the Government is pleased that the 2019 first quarter’s actual results exceed budget expectations for this timeframe. All things being equal, it bodes well for the remainder of the year.

“As always, we are grateful to the civil service for their contributions and their work to save Government money. We also believe that strong public finances set the tone for the wider economy and of course for the continuing success of our economy.

“At the same time, we will continue fiscal vigilance and monitoring throughout the remainder of the Government’s 2019 financial year, to maintain improvements on budget expectations.”