Cayman debt falls below $400m
The unaudited quarterly financial report of the Cayman Islands Government for the three month period to the end of March has debt sinking from less than $400 million.
As of March 31, public sector debt had dropped to KYD $396.8 million (US$476.4 million), down from $445.7 million (US$535.1 million) at the same point last year.
The first quarter 2025 financial report’s executive summary said: “The unaudited financial results of the core Government for the three-month period ended March 31, 2025 show a $262.2 million surplus ($268.1 million for the entire public sector).
The results of core Government along with statutory authorities and government companies are shown in the statement of financial performance and, collectively, SAGCs and core Government, are referred to in this report as the EPS.
“Net assets of the Government were $2.5 billion, with overall bank account balances of $614.6 million in cash and deposits.”
Core government revenues show the income for the period mainly reflected fees from mutual fund and private fund fees (20 per cent), partnership fees (13 per cent) and other company fees (23 per cent).
Core government operating expenses for the period included salaries and wages (including employee pension contributions) (31 per cent).
The Government report concluded: “The overall fiscal performance reported for the period shows a net surplus of $268.1 million for the EPS, which is 26 per cent ($54.6 million) higher than budgeted. This favourable position was due to actual revenues being higher than budgeted revenues by $65.7 million for the period.
There are 18 statutory authorities and seven government companies, which are semi-autonomous bodies, with the Cayman Islands Government as the sole shareholder.
Each has its own governing body, generally a board of directors, which is appointed by Cabinet and answerable to the Legislative Assembly.
SAGCs had a positive impact of $5.9 million on the overall surplus for the EPS. The performance of SAGCs, at the end of the first quarter, was $6.2 million favourable when compared to SAGCs’ expected deficit of $0.3 million.
“Due to the cyclical nature of revenues, the first quarter’s coercive revenue results of $554.1 million are expected to be the highest revenues earned in any single quarter for 2025. This is directly related to financial services fees being due at the beginning of each year.
“Government’s cash position ended at $614.6 million at March 31, 2025.”
Coercive revenue refers to that collected by the government through legal authority, such as taxes, fines or penalties.
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