The Cayman Islands Government has introduced legislation seeking parliament’s retrospective approval for supplementary appropriations for the 2024 financial year.
If approved, the Supplementary Appropriation (January 2024 to December 2024) Act, 2026 would apply to the financial year running from 1 January to 31 December 2024.
According to the memorandum accompanying the bill published on 20 July, the legislation would give Cabinet the authority to have incurred executive expenses during those dates.
It would also allow it to have acquired executive assets, made equity investments or loans, and undertaken borrowing needed to deliver government services.
The bill seeks parliament’s retrospective approval for changes to appropriations listed in the schedule, with the revised spending charged against the islands’ revenue and public funds.
Among the largest changes is a CI$7 million equity investment for the Ministry of Education.
The ministry would also be approved for an additional $2m for facilities maintenance and operational school support services, $1.85m for local and overseas scholarships and bursaries, $550,000 for other educational and training assistance, and $300,682 for scholarships supporting students with special educational needs.
The proposed adjustments also retrospectively reduce funding in several education programmes.
They include cuts of $1.5m for secondary education services, $1.55m for the public school meals programme and $480,682 for medical specialisation scholarships.
The Ministry of Investment, Innovation and Social Development would also be permitted to have received additional transfer payments under the bill.
The schedule allocates $5.035m for financial assistance, $2.57m in ex gratia benefit payments to seafarers and veterans, and $1m for housing assistance. It also reduces funding for business initiatives by $150,000.
For the Ministry of Financial Services and Commerce, the legislation permits an additional $1.15m for regulation of the financial services industry.
The ministry would also have been allowed to receive a $500,000 equity investment, along with additional funding for financial services, corporate and intellectual property registers, international tax cooperation and trade licensing.
The bill includes supplementary appropriations for a range of other past government programmes and projects.
These include disaster preparedness and relief, a weather radar upgrade project, land purchases for gazetted claims, infrastructure projects in Cayman Brac, Pirates Week, cultural programmes and public broadcasting.
The Ministry of Finance and Economic Development would also receive additional funding for Caribbean Community membership fees, the Caribbean Catastrophe Risk Insurance Facility premium and pension-related obligations.
If passed, the legislation would authorise the revised appropriations and provide the legal authority for the executive spending, investments, asset acquisitions and borrowing set out in the schedule for the 2024 financial year.
