The opposition has said the government’s refusal to disclose details of CI$172 million in new revenue measures makes the budget “incomplete” and undermines transparency.
George Town East MP Roy McTaggart raised the issue during the budget debate on Tuesday, 11 November, saying the lack of disclosure raised serious concerns.
He criticised ministers for withholding specific information about fee increases while external debt is set to reach record levels of $634 million by the end of 2027.
“Why the secrecy? Why not tell the country, including this parliament, what is the amount of revenue you are expecting to raise from each of the existing and new revenue sources?” McTaggart asked.
The former finance minister said the government plans to raise $72.5 million in new revenue in 2026 and $100 million in 2027.
This will be through increased fees on financial services, immigration, stamp duty on high-value real estate, and trade and business licenses – but has not revealed the specific amounts.
McTaggart warned that targeting the financial services industry with fee increases would make Cayman “an even more expensive place to do business”, while questioning the threshold and rates for the proposed high-value real estate duty.
“I wonder if anyone on the government bench recalls that we tried something like this about 25 years ago with disastrous results,” he said.
The government plans to borrow $236 million over two years – $124 million in 2026 and $112 million in 2027 – in addition to a $130 million loan negotiated by the previous government that remains available.
“Such amounts of borrowing will place the country’s debt at levels never seen in our history,” McTaggart said.
“It’s their future that we are mortgaging. With every new loan, we narrow the room to invest in what truly matters – our schools, our hospitals, and the wellbeing of our people.”
Government spending will reach $1.2 billion in 2026, up $71.5 million from 2025, and $1.29 billion in 2027, according to the budget documents.
McTaggart expressed concern about the absence of any mention of ReGen, the abandoned waste-to-energy project, questioning whether outstanding payments to the consortium have been included in the budget.
“The clock continues to tick. Time is running out for the country to address this looming environmental disaster,” he said, calling for the environment minister to provide a detailed update on the project’s status.
The MP acknowledged improvements in projected operating surpluses, which increased to $11.1 million for 2026 and $37.7 million for 2027, up from earlier projections of $6.56 million and $9.37 million respectively.
He welcomed the finance minister’s plans to strengthen forecasting capabilities through a three-pronged approach involving the government’s revenue unit, chief officers and the Economics and Statistics Office, though questioned how this differs from previous practices.
“Fiscal prudence is not merely a financial principle, it is a moral one. It’s about ensuring that the blessings we enjoy today are not borrowed against the hopes of tomorrow,” McTaggart said.
The George Town East representative also raised constituency concerns including flooding in Randyke Gardens, the need for a solution at the Grand Harbour roundabout, and traffic calming measures near Cayman International School and South Sound Road.
He cited instances of vehicles travelling at 85 miles per hour through heavily congested areas of South Sound, calling for immediate action to address speeding.
McTaggart criticised government ministers for not defending their budget allocations during the debate, saying they were “just sitting there warming their seats” rather than giving account of their ministries.
“I expect them to start standing up and give account of themselves and their ministries rather than sitting down and warming benches,” he said.
The MP said he looked forward to the Finance Committee meetings where opposition members would have opportunity to question ministers “more fully and more wholesomely” on their budget appropriations.
