1
Unaudited Quarterly Financial Report
Three-Month Period Ended 31 March 2024
Core Government
Government of the Cayman Islands
3
Foreword
This financial report presents unaudited financial information, along with an analysis and commentary
thereof, for the First Quarter, of the 2024 Financial Year, ended 31 March 2024 (the “period”) for Core
Government.
Amounts herein are stated in Cayman Islands Dollars. The results of Core Government along with,
Statutory Authorities and Government Companies (“SAGCs”) are shown in the Statement of Financial
Performance and, collectively, SAGCs and Core Government, are referred to in this report as the Entire
Public Sector (“EPS”).
The information contained herein is based on records obtained from the General Ledger of the
Government’s financial management system. It is also based on the representations and judgments
provided by the Chief Financial Officers of Ministries, Portfolios, Offices, and SAGCs.
As required by section 29 (1) of the Public Management and Finance Act (2020 Revision) (the “PMFA”),
the unaudited quarterly financial report shall be published by notice in the Gazette, within six weeks after
the end of each of the first three quarters in each Financial Year. The Ministry of Finance and Economic
Development aims to Gazette the remaining Second Quarter (1 April to 30 June 2024) and Third Quarter
(1 July to 30 September 2024) Reports by 9 August 2024 and 8 November 2024, respectively.
Government of the Cayman Islands
4
Contents
Executive Summary ....................................................................................................................................... 5
First Quarter of 2024 Financial Year: Statement of Financial Performance – Core Government ................ 7
Revenues ....................................................................................................................................................... 8
Coercive Revenue ..................................................................................................................................... 8
Sales of Goods and Services .................................................................................................................... 10
Investment Revenue ............................................................................................................................... 10
Expenses ..................................................................................................................................................... 11
Personnel Costs ....................................................................................................................................... 11
Supplies and Consumables ..................................................................................................................... 11
Outputs from Statutory Authorities and Government Companies ........................................................ 12
Outputs from Non-Governmental Suppliers........................................................................................... 12
Transfer Payments .................................................................................................................................. 12
Performance of Statutory Authorities and Government Companies ......................................................... 12
First Quarter of 2024 Financial Year: Statement of Financial Position – Core Government ...................... 13
Cash ......................................................................................................................................................... 14
Borrowings .............................................................................................................................................. 14
Responsible Financial Management ........................................................................................................... 16
First Quarter of 2024 Financial Year: Statement of Cash Flows – Core Government................................. 18
Operating Activities ................................................................................................................................. 19
Investing Activities .................................................................................................................................. 19
Financing Activities ................................................................................................................................. 19
Capital Expenditures ................................................................................................................................... 20
Conclusion ................................................................................................................................................... 21
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial Performance (Unaudited) ...... 22
Details of Capital Expenditures & Equity Investments ............................................................................... 34
Capital Projects ........................................................................................................................................... 36
Government of the Cayman Islands
5
Executive Summary
The unaudited financial results of the Core Government for the three-month period ended 31 March 2024
show a $251.8 million surplus ($260.2 million for the EPS). Net Assets of the Government were $2.4
billion, with overall bank account balances of $702.6 million in cash and deposits.
When combined with the performance of SAGCs, the overall surplus ($260.2 million) was $46.1 million
higher than the $214.1 million EPS surplus that the 2024 Budget anticipated for the period. This was
primarily due to higher coercive revenues (a positive variance of $27.4 million – as per page 7)
complemented by lower levels of expenditure in Personnel Costs (a positive variance of $11.5 million – as
per page 7) and Supplies and Consumables (a positive variance of $8.9 million – as per page 7); offset by
higher than budgeted levels of expenditure in Outputs from SAGCs (a negative variance of $5.5 million –
as per page 7), Outputs from Non-Governmental Suppliers (a negative variance of $9.2 million – as per
page 7), and Transfer Payments (a negative variance of $6.8 million – as per page 7).
Compared to the same period in the prior year, Total Revenues of Core Government have increased by
$39.0 million. Additionally, Total Expenses of Core Government have risen by $22.2 million. SAGCs’
results through the first quarter were a positive variance of $11.7 million when compared to the same
period in 2023. Overall Net Surplus for the EPS increased by $28.5 million when compared to the results
through the first quarter of 2023.
Adherence to fiscal policy continues to yield significant overall cash and deposit balances held by Core
Government. Operating Cash and Deposits were $529.1 million and Reserves and Restricted Deposits
were $173.5 million, for a total Cash and Deposits balance of $702.6 million.
It should also be noted that year to date savings in expenses, such as Personnel Costs and Supplies and
Consumables, may not translate into full year savings and may be due to timing differences. Vacant posts
and delayed projects will impact current costs reflected in Personnel Costs and Supplies and Consumables,
respectively.
A summary of the financial results, financial positions and cash flows, is presented on page 6.
Government of the Cayman Islands
6
Executive Summary: First Quarter of 2024 Financial Year
Prior Year Actual Current Year Actual
Current Year Budget
Variance
1 January 2023 -
31 March 2023
1 January 2024 -
31 March 2024
1 January 2024 -
31 March 2024
$000s
FINANCIAL PERFORMANCE $000s $000s
$000s
473,415
Operating Revenue 512,419 476,832 35,587
238,449
Operating Expenses, Financing Costs and Non-Operating Costs 260,647
262,355
1,708
234,966
Operating Surplus of Central Government 251,772 214,477 37,295
(3,307)
Surplus/(Deficit) Made by SAGCs 8,384 (418) 8,802
231,659
Surplus of the Entire Public Sector
260,156 214,059 46,097
Prior Year Actual
FINANCIAL POSITION Current Period Actual Prior Quarter Actual Change
As at 31 March 2023 As at 31 March 2024 As at 31 December 2023
$000s $000s
$000s $000s
496,028
Debt Balance at Period-End
445,766 453,087 (7,321)
2,244,086
Net Assets
2,422,029 2,171,304 250,725
Prior Year Actual Current Period Actual Prior Quarter Actual
Change
As at 31 March 2023 As at 31 March 2024 As at 31 December 2023
$000s CASH BALANCES
$000s $000s $000s
194,524
Net Cash Flow from/(used in) Operating Activities
232,971 74,240 158,731
(32,772)
Net Cash flow (used)/ from in Investment Activities (201,481) (220,704) 19,224
(10,304)
Net Cash Flow (used) by Financing Activities (12,413)
(48,207) 35,794
151,448
Net Movement in Cash from Period Activities 19,077
(194,672) 213,749
302,816
Cash and Cash Equivalents at 1 January (start of year)
108,093 302,765 (194,672)
454,264
Cash and Cash Equivalents at the End of the Period (Deposits held < 90 days) 127,170 108,093 19,077
58,574
Fixed Deposits (Maturity > 90 days)
575,466 412,710 162,755
512,838
Total Cash and Deposits
702,635 520,802 181,832
339,298
Operating Cash and Deposits
511,568 333,632 177,936
173,540
Reserve and Restricted Deposits 191,067 187,170 3,897
512,838
Total Cash and Deposits
702,635 520,802 181,833
All Figures are stated in CI Dollars (Unaudited)
Government of the Cayman Islands
7
First Quarter of 2024 Financial Year: Statement of Financial
Performance – Core Government
The notes which appear on pages 22 to 33 are an integral part of the Statement of Financial Performance.
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Revenues
455,863 Coercive Revenue 489,466 462,105 27,361 1,033,428
10,845 Sales of Goods & Services
14,413 11,904 2,509 50,153
6,376 Investment Revenue 8,432 2,792 5,640 11,167
105 Donations 87 7 80 30
226 Other Revenue 21 24 (3) 94
473,415 Total Revenues of Core Government 512,419 476,832 35,587 1,094,872
Expenses
106,683 Personnel Costs 112,768 124,249 11,481 500,720
29,903 Supplies and Consumables 32,071 40,975 8,904 162,375
2,505 Leases 2,732 3,259 527 13,036
13,219 Depreciation 14,317 14,685 368 58,976
4,333
Finance Costs 4,543 4,589 46 18,358
78
Litigation Costs 216 431 215 1,786
45,182 Outputs from SAGCs
50,258 44,774 (5,484) 179,098
17,732 Outputs from Non-Governmental Suppliers 20,110 10,944 (9,166) 43,767
18,339
Transfer Payments 23,389 16,628 (6,761) 66,512
(1,429) (Gains)/losses on financial instruments (1,470) 11 1,481 43
64 (Gains)/losses on non-financial instruments (16) - 16 -
1,840
Other Operating Expenses 1,729 1,810 81 7,227
238,449
Total Expenses of Core Government 260,647 262,355 1,708 1,051,898
234,966 Net Surplus/(Deficit) of Core Government 251,772 214,477 37,295 42,974
(3,307) Surplus/(Deficit) of SAGCs 8,384 (418) 8,802 (1,676)
231,659 Net Surplus/(Deficit) of EPS
260,156 214,059 46,097 41,298
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
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Revenues
Coercive Revenue
(See pages 22 to 25)
Coercive Revenue recorded for the period was $27.4 million more than budgeted expectations and $33.6
million higher than the prior year-to-date (2023) actual results. The positive variance to budget, (the
amount of each variance is shown in brackets in the details that follow), was mainly attributable to:
Other Company Fees – Exempt Companies ($15.5 million positive variance) were higher than the $78.5
million expected budgeted amount for the first quarter due to increased registration. When compared to
prior year-to-date performance, the 2024 results were $15.6 million better. Partnership fees ($8.1 million
positive variance) exceed budget owing to higher than anticipated registration in this category. Compared
to the prior year actual there is a $5.7 million positive variance. Private Fund Fees ($4.1 million positive
variance) performed better than the $54.1 million anticipated due to an increase in the volume of funds
registered. The current year results for these fees are $2.2 million higher, when compared to actual results
for the prior year-to-date performance. The aforementioned fees are regulatory licences due at the
beginning of each calendar year and, tend to be favourable to budget throughout the first quarter and
then level out for the remainder of the year.
Government of the Cayman Islands
9
Stamp Duty – Land Transfers ($4.8 million positive variance) was higher due to higher volumes of property
transactions coupled with increasing property values. The 2024 duties of $21.7 million are $4.3 million
more than the comparable quarter in 2023.
Notwithstanding the overall favourable results in revenues, when compared to the 2024 Budget, there
were certain areas that fell short of projected expectations; in particular Other Import Duty ($5.7 million
negative variance) and DITC Filing Fees ($3.2 million negative variance). However, when compared to the
results for prior year-to-date Other Import Duties are on par. DITC Filing Fees are a new coercive revenue
that commenced in 2024.
The first quarter generated coercive revenues of $489.5 million, which was 7.4%, or $33.6 million, more
than the first quarter of 2023 coercive revenue of $455.9 million. The majority of this change is
attributable to higher Levies on International Trade and Transactions ($3.4 million positive variance),
higher Domestic Levies on Goods and Services ($24.6 million positive variance), and increased Levies on
Property ($4.1 million, positive variance).
Foregone Revenues
The value of revenue forgone within the ambit of the Ministry of Finance and Economic Development for
the first quarter of 2024, is shown by the table on the next page. Many revenues foregone are statute-
based (e.g. Stamp Duty Waivers for First Time Caymanian Property Buyers) and are granted once certain
specified criteria in statutes are satisfied, whilst others are based on judgement and discretion.
Foregone Revenues for the Three-month Period ended 31 March 2024, within the
Ambit of Ministry of Finance and Economic Development
Government of the Cayman Islands
10
Sales of Goods and Services
(See pages 22 and 26 to 28)
Sales of Goods and Services of $14.4 million were $2.5 million more than the 2024 projections and $3.6
million prior year-to-date results.
Investment Revenue
(See page 22)
Total Investment Revenue has produced $8.4 million, which was $5.6 million more than the 2024
budgeted revenue for the three-month period. Higher cash balances have afforded higher values to be
placed on deposit and this has driven higher income earned on investments.
Government of the Cayman Islands
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Expenses
Personnel Costs
(See page 22)
Costs relating to personnel for the first three months of 2024 amounted to $112.7 million, resulting in a
savings in Personnel Costs of $11.5 million when compared to a budget of $124.2 million. This favourable
variance is the result of vacant posts across several Ministries, Portfolios and Offices. The 2024 personnel
costs are higher than the same period in 2023 by $6.1 million.
Supplies and Consumables
(See page 22)
Expenses for supplies and consumables of $32.1 million were recorded for the three-month period of
2024, which is $8.9 million less than the $41.0 million budgeted. Costs were $2.2 million higher than prior
year-to-date costs of $29.9 million.
Ministries, Portfolios and Offices anticipate that as the year progresses costs will align closer to budgeted
projections as more projects come online.
Government of the Cayman Islands
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Outputs from Statutory Authorities and Government Companies
(See page 30)
Outputs from SAGCs of $50.3 million were $5.5 million more than the anticipated year-to-date budget of
$44.8 million. Payments to the Health Services Authority (HSA) exceeded the year-to-date budget by $5.6
million. The adverse variance with respect to the HSA is due to actual costs for the Care of Indigents of
$8.4 million exceeding the budget for this category.
When compared to the prior year-to-date actuals of $45.2 million, the 2024 expenses of $50.3 million are
$5.1 million more – mostly related to increase funding paid to the CINICO and the HSA in 2024 when
compared to 2023.
Outputs from Non-Governmental Suppliers
(See page 30)
Outputs from Non-Governmental Suppliers of $20.1 million were $9.2 million more than the year-to-date
budget and $2.4 million more than the same period in the prior year. The increase is mainly due to
expenditure on “NGS 55 Tertiary Care at Local and Overseas Institutions” (NGS 55) being $8.1 million more
than its year-to-date budget. The costs for NGS 55 are currently $12.8 million and exceeds prior year-to-
date spending by $2.5 million.
Transfer Payments
(See page 31)
Transfer Payments of $23.4 million were $6.8 million more than budgeted for the three-month period.
This variance is mainly due to the overages in spending on Scholarships and Bursaries ($4.9 million
negative variance) and Financial Assistance ($2.0 million negative variance).
Performance of Statutory Authorities and Government Companies
(See page 33)
SAGCs recorded a combined net Operating Surplus of $8.4 million for the first three months of 2024;
which was $8.8 million more favourable than budgeted Operating Deficit of $0.4 million. Based on the
most recent information received from SAGCs, this favourable variance is mainly attributed to results
being better than expected at the Cayman Islands Monetary Authority, CINICO, Port Authority and the
Water Authority Cayman. These favourable variances were partially offset by the unfavourable
performance of Cayman Islands Airports Authority.
SAGCs overall performance when compared to the prior year-to-date, is $11.7 million better.
Government of the Cayman Islands
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First Quarter of 2024 Financial Year: Statement of Financial Position –
Core Government
Government of the Cayman Islands
14
Comments with respect to balances reflected in the Statement of Financial Position for the period ended
31 March 2024 are as follows:
Cash
(See page 13)
Cash and Cash Equivalents (including fixed deposits with maturity durations not exceeding 90 days) were
$127.1 million and Marketable Securities (comprised solely of fixed deposits with maturity durations
exceeding 90 days but not exceeding one (1) year) were $575.5 million, for a total of $702.6 million with
respect to bank account balances. Due to the significant cash balances on-hand, the Government
continues to place funds on fixed deposits.
Borrowings
(See page 13)
The Debt Balance which stood at
$445.8
million as at 31 March 2024
($48.1 million of which is due within
one year). The Debt balance will
decline with scheduled principal
repayments being made.
As at As at
31 March 2023 31 March 2024
$'000 $'000
Foreign Currency Debt (US$s stated in CI$)
51,108 Not later than one year 48,091
48,091 Between one and two years 48,091
121,139 Between two and five years 105,716
275,690 Later than five years 243,868
496,027 Total Foreign Currency Debt 445,766
496,027 Total Outstanding Debt 445,766
Debt Maturity Profile
Government of the Cayman Islands
15
Unfunded Pension Liability
The Unfunded Pension Liability was $434.8 million (at 31 December 2022) with respect to the Defined
Benefit portion of Public Sector pension plans.
Government Guaranteed Loan Programme (GLP) for Medium Size Businesses (MSBs) and Large Size
Businesses (LSBs)
On 7 December 2020 the Government entered into an agreement with five (5) participating local banks
to guarantee a loan program to offer and provide new credit facilities (NCFs) to qualifying MSBs and LSBs
that were under financial duress for the purpose of providing critical working capital, critical capital
expenditures and loan restructuring necessary for the economic viability of the eligible borrowers. The
amounts guaranteed by the Government equal 50% of the aggregate of the outstanding principal, unpaid
interest and other NCF costs of the eligible borrowers, provided that at no time the guaranteed amount
exceeds $375,000 for an MSB and $1,500,000 for an LSB. As at 31 December 2022, 10 loans amounting
to $5.3 million have been approved for NCFs under the GGLP. The GGLP was closed on 30 November 2021
and thus Government’s exposure will not increase.
The outstanding principal on these loans at 31 March 2024 was $4.8 million; and the maximum
Government exposure on these GGLP loans was 2.4 million. For the life of this program one bank has
called in the guarantee of one loan totalling $21.3 thousand which has been paid. No provisions have
been made in these financial results for the possibility of a default on the remaining loan amounts.
Loan to the Cayman Islands Airports Authority
An interest free loan of CI$50.0 million to the Cayman Islands Airports Authority (“CIAA”), in order to
complete a number of additional capital works for the enhancement of airport facilities, has been made
available by Government. As at 31 December 2023, the full amount of CI$50.0 million has been drawn
down.
Government of the Cayman Islands
16
Loan to Cayman Turtle Conservation and Education Centre
A loan of CI$10.0 million to the Cayman Turtle Conservation and Education Centre (“CTC&EC”) was
executed on 17 January 2022. As at 31 March 2024, the full amount of CI$10.0 million has been drawn-
down. No interest was accrued to the loan for the 2022 and 2023 financial years.
Responsible Financial Management
The Table below outlines the requirements of the Principles of Responsible Financial Management.
Principle
Core Government Operating Surplus : Should be positive Complies Complies Complies
(Operating surplus = Core Government operating revenue – Core
Government operati ng expens es)
Surplus = $251.8 million Surplus = $49.0 million Surplus = $43.0 million
Net Worth: Should be positive Complies Complies Complies
(Net worth = Core Government assets – Core Government
liabilities)
Net Worth = $2.4 billion Net Worth = $2.4 billion Net Worth = $2.2 billion
Borrowing: Debt servicing cost for the year should be no more
than 10% of Core Government revenue
Complies Complies Complies
(Debt servicing = interest + other debt servicing expenses +
principal repayments for Core Government debt, Public Authorities
debt and self-financing loans)
Debt s ervi cing = 2.8% Debt servi ci ng = 8.5% Debt s ervi cing = 8.4%
Net Debt: Should be no more than 80% of Core Government
revenue
Complies Complies Complies
(Net debt = outstanding balance of Core Government debt +
outstanding balance of self-financing loan balance + wei ghted
outstanding balance of Public Authori ties guaranteed debt - Core
Government liquid assets)
Net debt = < 0% Net debt = < 0% Net debt = 17.5%
Cash Reserves should be no less than estimated executive
expenses for 90 Days:
Complies Complies Complies
(Cash Res erves = Core Government cash and other liquid assets at
lowest poi nt)
Cas h Res erves = 217.9 days Cash Res erves = 218.4 days Cas h Res erves = 94.1 days
Financial risks should be managed prudently so as to minimise risk Complies Complies Complies
Ins urance cover exis ts for
all government buildings,
vehicles and major
potential liabilities.
Hurricane Preparedness
Strategy in pl ace.
Ins urance cover exis ts for
all government buildings,
vehicles and major
potential liabilities.
Hurricane Preparedness
Strategy in pl ace.
Insurance cover exists for
all government buildings,
vehi cl es and major
potenti al liabilities.
Hurricane Preparedness
Strategy in pl ace.
Unaudited Actuals
for the 12-month period
ended 31 March 2024
Approved
2024 Budget
Degree of Compliance
Unaudited Actuals
for the 3-month period
ended 31 March 2024
Government of the Cayman Islands
17
Responsible financial management as defined by section 14(3) of the PMFA is as follows:
• Total core government revenue less total core government expenses (measured using generally
accepted accounting practice), should be positive;
• Total core government assets less total core government liabilities (measured using generally
accepted accounting practice), should be positive;
• borrowing should not exceed an amount for which the sum of interest, other debt servicing
expenses, and principal repayments for a financial year are more than ten percent of core
government revenue (calculated using generally accepted accounting practice) for that financial
year, where, for the purposes of this principle, borrowing is defined as all borrowing that is in the
name of the Government regardless of whether it is serviced directly by the core government, a
statutory authority or government company;
• Net debt should be no more than eighty percent of core government revenue, where, for the
purposes of this principle, net debt is defined as:
o Central government borrowing less core government liquid assets;
o Borrowing that is serviced directly by a statutory authority or government company but is in
the name of the Government; and
o The percentage of statutory authority and government company debt guaranteed by the
Government that regulations made under this Act specify is to be included in the net debt
calculation;
• Cash reserves should be maintained at a level no less than the estimated executive expenses
(measured using generally accepted accounting practice), for the following ninety days where, for
the purpose of this principle, cash reserves are defined as core government cash and cash
equivalents, marketable securities and deposits, and other liquid assets, including any amounts
held for restricted funds and reserves purposes; and
• The financial risks, including contingent liabilities, facing the core government should be managed
prudently so as to minimize the likelihood of any such risk resulting in an expense or liability.
Government of the Cayman Islands
18
First Quarter of 2024 Financial Year: Statement of Cash Flows – Core
Government
Government of the Cayman Islands
19
Operating Activities
(See page 17)
Net cash inflows from Operating Activities totalled $233.0 million for the period.
Investing Activities
(See page 17)
Net cash outflows from Investing Activities totalled $201.5 million.
Inflows from Investing Activities totalled $201.5 million, principally related to the maturity of fixed
deposits ($97.2 million).
Investing Activities used $298.6 million, of which $259.8 million relates to placements of fixed deposits.
The effect of the movement (i.e. $259.8 million less $97.0 million) is an increase in the net amount placed
on fixed deposits of $162.8 million. Additionally, $38.8 million was utilised for: Capital Investment and
Expenditures relating to purchases of Property, Plant & Equipment ($31.0 million) and Equity Investments
in SAGCs ($7.7 million).
Financing Activities
(See page 17)
Net cash outflows from Financing Activities totalled $12.4 million; $7.3 million was used to repay debt
principal, and $5.1 million was repaid to SAGCs. Funds are placed on deposit with Government by SAGCs
and these amounts have to be repaid to the them, when such funds are requested by the SAGCs.
Government of the Cayman Islands
20
Capital Expenditures
(See pages 34 to 35)
Total Equity Investment and Executive Assets Appropriations drawn-down to 31 March 2024, totalled
$14.9 million (versus a total capital cash outlay of $38.8 million on page 18 – i.e. purchases of Property,
Plant & Equipment ($31.0 million) and Equity Investments in SAGCs ($7.7 million): establishing a $23.9
million differential (this is a timing difference between the funds being spent and the budget
appropriations being drawn-down).
Equity Investment Appropriations drawn by Government’s Ministries, Portfolios and Offices, as at 31
March 2024, were $2.2 million.
Appropriations drawn to enable Equity Investments in SAGCs amounted to $7.7 million ($3.0 million to
Cayman Airways Limited; 1.8 million to National Housing Development Trust, $0.8 million to Cayman
Islands Airport Authority, $1.4 million to Cayman Turtle Centre, $0.8 million to Cayman Islands
Development Bank) as at 31 March 2024.
Appropriations drawn by Government’s Ministries, Portfolios and Offices, to incur Capital Expenditures
for the creation of Executive Assets amounted to $5.0 million as at 31 March 2024.
See pages 36 to 37 for a summary of capital projects currently underway or expected to commence over
the next five years.
Government of the Cayman Islands
21
Conclusion
The overall fiscal performance reported for the period shows a Net Surplus of $260.2 million for the EPS,
which is 22% ($46.1 million) higher than budgeted. This favourable position was due to actual revenues
being higher than budgeted revenues by $35.6 million for the period. SAGCs had a positive impact of $8.4
million on the overall surplus for the EPS. The performance of SAGCs, at the end of the First Quarter, was
$8.8 million favourable when compared to SAGCs’ expected deficit of $0.4 million.
Due to the cyclical nature of revenues, the first quarter’s Coercive revenue results of $489.5 million are
expected to be the highest revenues earned in any single quarter for 2024. This is directly related to
Financial Services fees being due at the beginning of each year.
Government’s Cash position ended at $702.6 million at 31 March 2024. Cash and Cash Equivalents are
$36.0 million more than anticipated in the 2024 – 2025 Plan & Estimates, higher than expected revenues.
The First Quarter’s performance has positioned the Government to be optimistic about its performance
for 2024. Over the remaining three quarters of 2024 costs will have to be diligently monitored to ensure
spending is not incurred unnecessarily. Should planned increases in activity (in both Operating and
Capital) materialise during the remaining months of 2024, the current surplus (to 31 March 2024) will be
significantly reduced.
Government of the Cayman Islands
22
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Coercive Revenue
Levies on International Trade and Transactions
57,911 Import Duties 62,055 66,044 (3,989) 264,173
4,645 Other 3,895 3,268 627 13,067
373,069
Domestic Levies on Goods and Services 397,648 369,155 28,493 652,761
18,611
Levies on Property 22,680 19,433 3,247 77,543
1,576
Fines 2,765 1,028 1,737 4,223
51
Other Executive Revenue 423 3,178 (2,755) 21,705
455,863 Total Coercive Revenue 489,466 462,106 27,360 1,033,472
Sale of Goods and Services
8,196
Fees and Charges 12,080 9,098 2,983 38,916
1,484
General Sales 1,561 1,422 139 5,687
338
Rentals 366 342 24 1,370
195
Other Goods and Services Revenue 149 629 (480) 2,519
631
Sales of Goods and Services to Public Entities 257 415 (158) 1,661
10,844
Total Sales of Goods and Services 14,413 11,905 2,508 50,153
Investment Revenue
1 Interest on Loans Made 1 - 1 -
6,375 Interest on Marketable Securties, Deposits and Cash 8,431 2,792 5,639 11,167
6,376 Total Investment Revenue 8,432 2,792 5,640 11,167
Donations
105 Other 87 7 80 30
105 Total Donations 87 7 80 30
Personnel Costs
78,271
Salaries and Wages (including Employee Pension Contributions) 81,619 90,349 8,730 363,993
17,839
Health care 20,165 23,086 2,921 93,454
9,250
Employer/Government Pension Expense 9,482 10,200 718 40,928
972
Movement in leave provision expense 1,186 131 (1,055) 558
351
Other Personnel Cost 316 483 167 1,787
106,683 Total Personnel Costs 112,768 124,249 11,481 500,720
Supplies and Consumables
3,893
Supply of Goods 4,471 5,693 1,222 22,359
16,811
Purchase of Services 17,697 23,376 5,679 91,952
3,987
Utilities 4,019 4,422 403 17,841
2,153
General insurance 3,104 3,193 89 12,436
807
Travel and subsistence 870 1,215 345 5,022
907
Recruitment and Training 708 1,481 773 5,783
1,345
Other Supplies and Consumables 1,202 1,652 450 6,982
29,903 Total Supplies and Consumables before operating leases 32,071 41,032 8,961 162,375
2,505
Operating leases 2,732 3,259 527 13,036
32,408
Total Supplies and Consumables after operating leases
34,803 44,291 9,488 175,411
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
23
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Coercive Revenue
Levies on International Trade and Transaction
Import Duties
5,913 Alcoholic Beverages Duty
5,977 6,242 (265) 24,966
3,135 Gasoline and Diesel Duty 6,415 4,232 2,183 16,928
5,699 Motor Vehicle Duty 6,646 6,461 185 25,842
41,005 Other Import Duty 41,056 46,772 (5,716) 187,090
2,159 Tobacco Products Duty 1,961 2,337 (376) 9,347
57,911
Total Import Duties 62,055 66,044 (3,989) 264,173
Other Levies on International Trade and Transactions
2,837
Cruise Ship Departure Charges 2,402 2,017 385 8,066
1,808 Environmental Protection Fund Fees 1,493 1,251 242 5,001
4,645 Total Other Levies on International Trade and Transactions 3,895
3,268 627 13,067
Domestic Levies on Goods and Services
5,433 Annual Permanent Resident Work Permit Fees
6,287 5,667 620 22,667
1 Bank Charges Reimbursable 1 - 1 -
25,140 Bank and Trust Licences 25,512
24,300 1,212 24,717
29 Birth, Deaths & Marriages 27 40 (13) 149
1,067 Building Permit Fees 575 2,008 (1,433) 8,032
11 Business Staffing Plan Board Fees 7 11 (4) 39
600 Caribbean Utilities Company (CUC) Licence 600 600 - 2,400
27 Caymanian Status Fees 71 202 (131) 811
597 Court Fees
581 588 (7) 2,349
1,061 Debit Transaction Fees 1,059 1,189 (130) 4,757
- Dependant of Caymanian Grant Fee 1 1 - 1
- Directors Register Inspection Fees
- 2 (2) 6
11 Final WP Non-renewal (90days) - Grant 1 1 - 1
7 Firearms Licences 18 8 10 31
65 Foundation Companies 142 43 99 348
448
General Search Fees 667 490 177 1,528
- Grant of Temporary Work Permit - Seasonal Worker 1 3 (2) 14
398 Health Practitioners' Board Fees 530 241 289 966
23 Hotel Licences
25 19 6 308
588 Immigration Non-Refundable Repatriation Fees 531 635 (104) 2,542
1,875
Information and Communications Technology Authority (ICTA) Licences
2,350 2,355 (5) 9,422
8,794 Insurance Licences 9,143 8,849 294 9,380
499 Insurance Stamp Duty 493 591 (98) 2,363
- Issue fee for Certificate of Direct Investment - - - -
327 Issue Fee for Residency & Employment Rights Certificate 241 297 (56) 1,188
15 Issue Fee for Specialist Caregiver Certificate 13 16 (3) 64
280 Land Registry Fees 314 275 39 1,100
954 Law Firm Operational Licences 938 1,056 (118) 4,221
427 Legal Practioner Fees 483 480 3 1,919
3,606 Limited Liability Companies 5,176 3,102 2,074 7,212
41 Limited Liability Partnership 42 22 20 48
11 Liquor Licences 17 6 11 710
4,260 Local Company and Corporate Management Fees 4,138 4,253 (115) 4,268
127
Local Company Control Licence Grants/Renewals 148 362 (214) 1,450
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
24
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Domestic Levies on Goods and Services Contd.
18 Miscellaneous Licences 33 18 15 72
49 Money Services Licences 51 59 (8) 59
1,071 Money Transfer Fees 1,006 1,313 (307) 5,250
3,454 Motor Vehicle Charges 99 855 (756) 3,419
215 Motor Vehicle Drivers Licences 629 383 246 1,532
452 Motor Vehicle Environmental Tax 132 1,843 (1,711) 7,373
43,550 Mutual Fund Administrators 44,002 44,719 (717) 53,467
91 Notary Public Fees 112 115 (3) 461
1 Non-Profit Organizations 1 - 1 5
78,446 Other Company Fees - Exempt 94,011 78,481 15,530 121,439
7,651 Other Company Fees - Foreign 10,077 9,028 1,049 12,580
1,473 Other Company Fees - Non-Resident 1,584 1,528 56 2,115
1,959 Other Company Fees - Resident 2,064 2,002 62 2,778
3,580 Other/Misc Stamp Duty 3,663 3,200 463 12,800
297 Package Charges 301 323 (22) 1,294
59,068 Partnership Fees 64,804 56,744 8,060 71,169
1,051 Patents and Trademarks 1,168 - 1,168 -
540 Planning Fees 333 474 (141) 1,896
56,031 Private Fund Fees 58,201 54,088 4,113 63,780
1,004 Provision for continuation of work permit - Grant 688 814 (126) 3,257
3 Public Land Commission Permit Fees 1 - 1 -
30 Public Records 35 32 3 109
5 Public Transport - Drivers Licences 6 - 6 -
2 Public Transport - Operator Licences 1 - 1 -
- Residency and Employment Rights Certificate (Surviving spouse) - 1 (1) 1
77 Residency & Employment Rights Cert. (dependant of a P.R Grant) 82 62 20 248
20 Residency and Employment Rights Cert.(Spouse of Caymanian) 39 33 6 133
138 Residency Certificate for Persons of Independent Means 135 173 (38) 691
1,619 RFI - Permanent Residence - Persons of Independent Means 1,021 1,845 (824) 7,382
61 RJC - Residency Certificate (Substantial Business Presence) 35 30 5 120
22 Royalties and Dredging - 163 (163) 650
7,735 Security Investment Business Licences 7,385 8,139 (754) 8,728
1 Spear Gun Licences 1 2 (1) 5
146 Special Economic Zone Grant Fee 148 165 (17) 661
- Special Marriage Licences - 9 (9) 37
2,762 Tax and Trust Undertakings 2,054 2,375 (321) 9,500
9 Tobacco Dealer Registration fees 5 30 (25) 120
17,165 Tourist Accommodation Charges 16,296 15,793 503 40,182
3,213 Traders Licences 3,254 1,545 1,709 6,180
458 Trust Registration Fees 517 531 (14) 770
74 Virtual Assets (Service Providers) 119 221 (102) 261
74 Website - Recovery Fees 82 82 - 329
20 W.I.Z. - Boat Licensing 30 5 25 20
22,686 Work Permits Fees 23,307 24,186 (879) 96,746
26 Working Under Operation of Law Fees 4 33 (29) 131
373,069 Total Domestic Levies on Goods and Services 397,648 369,155 28,493 652,761
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
25
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Levies on Property
374 Infrastructure Fund Fees 356 1,674 (1,318) 6,694
621 Land Holding Companies Share Transfer Charges 289 375 (86) 1,500
17,382 Stamp Duty - Land Transfer 21,728 16,875 4,853 67,500
234 Timeshare Ownership Charges 307 509 (202) 1,849
18,611 Total Levies on Property 22,680 19,433 3,247 77,543
Fines
65 Compounded Penalties 38 26 12 104
601 Court Fines 747 667 80 2,667
5 Customs Fines - - - -
105 DCI Penalties and Fines 87 25 62 100
571 DITC Penalties and Fines 1,504 - 1,504 -
140 General Registry - Penalties and Fines 200 96 104 500
29 Immigration Fines 110 84 26 334
57 Procedural Fines 79 129 (50) 515
3 Tourism Fines - 1 (1) 3
1,576 Total Fines 2,765
1,028 1,737 4,223
Other Executive Revenue
- DITC Filing Fee - 3,167 (3,167) 12,668
2 Hurricane Ivan Loans Received 1 - 1 -
31 Miscellaneous Income 52 - 52 -
- Save the Mortgage Loan Received 2 11 (9) 44
- Proceeds of Liquidated Entities - - - 8,993
51 Total Other Executive Revenue 423 3,178 (2,755) 21,705
455,863 TOTAL COERCIVE REVENUE 489,466 462,106 27,360 1,033,472
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
26
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Sale of Goods and Services
Fees and Charges
40 Agricultural Department Fees 88 51 37 204
547 Annual Work Permit Application Fees (Entity) 506 689 (183) 2,925
2 Application Fee for Specialist Caregiver Certificate 2 2 - 9
6
APA - Appeal to Board against decision made by an Immigration
Officer Application Fee
5 8 (3) 31
556 Authentication and Apostille of Documents Fee 551 241 310 2,100
4 Business Staffing Plan Fees 6 3 3 13
7 Business Vistors Administration Fees 7 3 4 15
24 BVX - Business Visitors Permit - Express Determination Fee 26 8 18 31
50 Cabinet Appeal Fees 45 17 28 66
36 Caymanian Status Application Fees (Entity) 33 109 (76) 450
56 Cemetery/Vault Sales 37 41 (4) 165
1 Coat of Arms & Other National Symbols Usage Fee - 1 (1) -
15 Customised Motor Vehicle Licence Plate Fees 13 12 1 46
93 Customs Special Attendance Fees 221 234 (13) 851
1 Dependant of a Caymanian Admin Fee 2 2 - 9
124 Drivers Examination Fees 123 116 7 464
18 Duplicate Vehicle Log Books 18 19 (1) 75
3 Electrical Inspection Fees 3 3 - 14
34 Electrical Licence Fees 26 22 4 87
25 Elevator Inspection Fees 20 13 7 51
9 Environmental Service Fees 11 6 5 25
253 Examination Fees 635 560 75 2,313
720 Express Fee - Work Permits 783 610 173 2,662
18 Express Land Registry 22 20 2 80
2 External Training 2 3 (1) 2
- Final WP Non-renewal (90days) - Admin - - - -
6
Funds Received From Department of Tourism (DOT) Events
- - - 4
- Funds Received from RCY Events - - - -
676 Garbage Fees 3,241 685 2,556 2,741
5 Heavy Equipment Application Fees 6 4 2 18
60 Land Survey Fees 64 62 2 250
171 Law School Fees 153 156 (3) 625
3 Local Companies Administration Fees 5 4 1 15
102 Mail Terminal Credits 80 112 (32) 450
54 Mapping Services 57 45 12 180
- Maintenance of Buildings - - - -
579 Motor Vehicle Inspection Fees 579 575 4 2,300
116 Motor Vehicle Licence Plate Fees 96 115 (19) 460
208 Naturalisation and Registration Fees 108 116 (8) 464
42 Online Planning System Fees 48 51 (3) 205
57 Other Company Fees - Exempt (Entity) 49 51 (2) 204
7 Other Fees 13 37 (24) 157
41 Other Immigration Fees 34 520 (486) 2,091
182 Passport Fees 160 60 100 675
58 Pension Plan Registration Fees 274 263 11 1,050
46
Permanent Residence/Residency Certificate for Persons of
Independent means
59 46 13 198
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
27
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Fees and Charges Contd.
17 Planning Inspection Call-Out Fee 27
12
16
46
666 Private Sector Computing Fees
780
729
51
2,918
6 Professional Legal Fees - - -
-
3
Provision for Continuation of WP - Amendment - Admin 2
-
2
4
39
Provision for continuation of work permit - Admin 31
30 1 130
1 Public Land Commission Application Fee - 316
(316)
1,262
6 Public Library Fees 3
6 (3) 25
-
Recycling Fees -
6
(6)
25
1
Refund Processing Fees 22
3
19
12
1
Residency & Employment Rights Cert. (Surviving spouse of a
Caymanian )
1
1
-
3
109 Residency & Employment Rights Certificate Admin Fee 129
120
9
524
11
Residency and Employment Rights Certificate (Dependant of a PR) 14
8
6
31
28
Residency and Employment Rights Certificate (Spouse of a
Caymanian)
24
33
(9)
143
3
Residency Certificate for Persons of Independent Means Admin Fee
4 5 (1) 20
-
RKA - Variation of Residency Certifcate (Substantial Business
Presence) Application Fee
1
-
1
-
9
RJA - Residency Certificate (Substantial Business Presence)
Application Fee
7
1
7
-
9
RFA - Permanent Residence - Persons of Independent Means -
Application Fee
4
-
4
-
2
RGA - Variation of Permanent Residence - Person of Independent
Means - Application Fee
2 5
(3) 19
-
Restoration of Seized Goods
-
3 (3) 12
1 Sale of Custom Forms
2 -
2 -
260 School Fees 258
110
148
330
149 Special Econ. Zone - Trade Certificate Fee 157 116
41
170
2 Special Marriage License Application Fee 1
1
-
10
477 Temporary Work Permit Application Fees (Entity) 445
433
13 1,888
- Tower Licence Fees - 67
(67)
267
203 Trade and Business Administration Fees 322
225
97 900
2 Transcript Fees 1 1 -
3
15 Variation/Amendment Fee for Business Staffing Plans
21 15
7
65
486 VEA - Extension of a Visitor's Work Visa Application Fee
415 5
410
19
- Vehicle and Equipment Maintenance Fees 3
1
2 -
16 Vehicle Bank Liens 17
12 5
48
62 Vehicle Change of Ownership 66
63 3
250
4 Vehicle Disposal Fees
479 474 5
1,894
37 Visitor's Work Visa Application Fee 55 182 (127) 1,347
323 Warehousage 335 245 90 1,066
189 Web Receipts 239
175 64 700
2 Work Under Operation of Law Fees 1 2
(1) 7
8,196 Total Fees and Charges 12,080 9,098 2,983
38,916
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
28
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
General Sales
- Auction Receipts 2 - 2
-
34 Canteen Sales 31 25 6 100
- Inventory Spare Parts 8
-
8
-
17 Miscellaneous Sales 4
2 2
5
25 Other Postal Business 11 16 (5)
65
7 Plumbers Examination Board Fees 6 41 (35)
163
2 Philatelic Sales 2 2 -
10
305 Police Clearances 300
263 37
1,047
138 Postal Stamps 129
156
(27)
625
8
Prison Craft Sales 8 5 3
20
10
Prison Sales 12 - 12 -
125 Sale of Advertising Space
145
107
38
427
554
Sale of Agriculture Supplies and Produce 676 594
82
2,376
239 Sale of Gazettes and Subscriptions 198 187
11
750
4 Sale of Acts 9 2
7 10
16
Sale of Planning Documents 20 15
5
61
1,484
Total General Sales
1,561 1,422 139
5,687
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Rentals
2 Equipment Rental - (PWD CB) 1 3
(2)
9
272 Post Boxes/Franking Machines 276 262
14 1,050
32 Rental - Canteens 41 36 5
144
16 Rentals- Craft Market 15 15 - 60
2 Rental of Government Housing 2 3 (1)
13
12 Rentals - Other Properties 17
15 2
63
2 Rentals- Town Halls 14
8 6 31
338 Total Rentals 366
342 24 1,370
Other Goods and Services Revenue
29 GIS Applications
11 27 (16) 110
5 GPS Licences 1 5 (4) 20
- Internal Audit Services Fees - 42 (42) 170
21 Miscellaneous Licencing Receipts 20 17 4 66
140 Miscellaneous Receipts 117
539 (422) 2,153
195 Total Other Goods and Services Revenue 149 629 (480) 2,519
631
Sales of Services to Public Entites 257 415 (158) 1,661
10,844 Total Sales of Goods and Services 14,413
11,905 2,508 50,153
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
29
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Depreciation
347 Depreciation of aeroplanes 348 374 26 1,495
73 Depreciation of boats 85 91 6 366
6,358 Depreciation of buildings 6,760 6,464 (296) 25,863
917 Depreciation of computer hardware 1,230 1,479 249 5,951
346 Depreciation of computer software 784 663 (121) 2,686
67 Depreciation of furniture and fittings 100 106 6 431
180 Depreciation of leasehold 177 131 (46) 531
101 Depreciation of office equipment 125 167 42 676
128 Depreciation of other assets 70 177 107 710
473 Depreciation of other infrastructure assets 304 1,622 1,318 6,486
564 Depreciation of other plant and equipment 611 733 122 3,044
20 Depreciation Water Reticulation and Sewerage 20 21 - 83
2,877 Depreciation of roads and sidewalks 2,892 1,694 (1,198) 6,777
768 Depreciation of vehicle 811 964 153 3,877
13,219 Total Depreciation 14,317 14,686 368 58,976
Outputs from Statutory Authorities and Government Owned
Companies
79 Auditors Oversight Authority 79 79 - 318
4,642 Cayman Airways Ltd 4,642 4,642 - 18,569
142 Cayman Islands Development Bank 163 163 - 650
8,231 Cayman Islands Monetary Authority 8,439 8,439 - 33,757
14,139 Cayman Islands National Insurance Company 15,182 14,733 (449) 58,932
105 Cayman Maritime Authority 95 83 (12) 332
223 Cayman National Museum - 223 223 892
775 Children and Youth Services Foundation 258 775 517 3,100
13,406 Health Services Authority 17,166 11,568 (5,598) 46,272
187 National Gallery 188 188 - 750
291 National Cultural Foundation - 290 290 1,160
119 National Drug Council 211 216 5 862
178 National Housing Community Development Trust 178 178 - 710
12 Sister Island Affordable Housing 13 19 6 75
495 Tourism Attractions Board 495 495 - 1,980
1,719 University College of the Cayman Islands 2,240 2,240 - 8,960
439 Utilities Regulation and Competition Office 909 445 (464) 1,780
45,182
Total Outputs from Statutory Authorities and Government Owned
Companies
50,258 44,776 (5,482) 179,098
For the 3 Month Period Ended 31 March 2024
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
All figures are stated in CI$ 000s
Government of the Cayman Islands
30
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Outputs from Non-Governmental Output Suppliers
502 Care of the Indigent, Elderly and Disabled Persons 506 510 4 2,040
(107) Cayman Finance 244 244 - 975
54 Cayman Islands Agricultural Society 47 47 - 187
22 Community Programmes 22 20 (2) 79
10 Elite Athletes Programme - - - -
72 Employee Assistance Programme 75 75 - 300
98 Foster Care for Children 98 98 - 393
7 HIV/AIDS and First Aid Public Education Programmes 10 10 - 39
- Gardening Projects and Landscaping - 3 3 4
12 K-9 Security Services 18 13 (5) 50
656 Legal Aid Services 584 700 116 2,800
58 Management of Small Business Development 58 58 - 230
2 Mentoring Cayman Programme - - - -
10 Other Health and Cultural Programmes - - - -
15
Organize, Administer and Execute the Cayman Islands Fishing
Tournament
- 20 20 80
17 Hospice Care 25 25 - 100
380 Preservation of Places of Historic Significance 285 143 (142) 570
947 Primary and Secondary Education by Private Schools 950 500 (450) 2,000
732 Services for Refugees 336 167 (169) 668
- Spaying and Neutering of pets 15 8 (7) 30
412 Sports programmes 47 322 275 1,289
54 Support for Battered Women and Children 72 107 35 430
63 Teaching of Teritary Education Course 125 62 (63) 250
10,234 Tertiary Care at Local and Overseas Institutions 12,783 4,661 (8,122) 18,646
30 Youth Development Programmes 15 13 (2) 51
13 Meals on Wheels (NGS 86) 44 44 - 175
- Gender Equality Cayman (NGS 87) - 2 2 6
303 Cayman Islands Legal Practitioners Association Ltd. (NGS 89) 200 200 - 800
- Cayman Islands Cadet Corps Committee (NGS 90) 38 - (38) -
3,136 Public School Meals Programme (NGS 91) 3,494 2,875 (619) 11,500
-
Alzheimer's & Dementia Assodication of the Cayman Islands (NGS
92)
19 19 - 75
17,732 Total Non-Governmental Organizations 20,110 10,946 (9,164) 43,767
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
31
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Transfer Payments
123 Children and Family Services support
131 88 (43) 350
17 Emergency Relief Payments
1 32 31 128
4,910 Financial Assistance (Poor Relief)
5,768 3,800 (1,968) 15,200
2
Housing Assistance 141 94 (47) 375
40 Other Educational Assistance 97 200 103 800
234 Pre-School Grants 208 181 (27) 723
8,085 Scholarships and Bursaries 10,553 5,686 (4,867) 22,745
2,584
Seamen Ex-Gratia 3,363 2,723 (640) 10,891
17 Support to the Red Cross 140 17 (123) 70
13
Support to Local Business Associations 26 19 (7) 75
159 Sister Island Home Repairs - Assistance 72 150 78 600
264 Sports and Cultural Tourism Programmes Assistance 272 613 341 2,450
3
Temporary Relief for Young Parents Program Students 2 17 15 70
39 Support for the Bridge Foundation 39 39 - 155
314
Student Enrichment & Support Services (formally After School
270 225 (45) 900
13
Other Cultural Programme Assistance 57 250 193 1,000
88 Assistance for Infrastructure Development 93 50 (43) 200
74
Support for Business Initiatives (TP 80) 1 88 87 350
601
SEN Scholarships (TP 82) 990 362 (628) 1,450
43
Medical Scholarships (TP 83)
43 150 107 600
4
Grants to farmers (TP 84) 30 53 23 212
25
Support to Local Financial Services Associations (TP 85) 38 28 (10) 110
182
Sister Islands Beaches and Community Clean Up Programme (TP
86)
168 175 7 700
28
Assistance to GTR Committee (TP 90) 6 - (6) -
- Private and Public School Grants (TP 93) - 100 100 400
- Superior Auto Apprenticeship Programme (TP 94) - 38 38 150
-
Sister Islands Community Programmes/Projects (TP 101) - 38 38 150
253 Youth, Sport, Culture and Heritage Programs ( TP 107) 415 789 374 3,158
(2) Ex-gratia Stipend (TP 109) - - - -
- Sustainability Programme Support (TP 110) 31 27 (4) 110
- Climate Resiliency Programme (TP 111) - 25 25 100
180
Sustainability and Climate Resiliency - Community Support (TP
112)
-
62 62 250
- Agricultural Sustainable Production Programme (TP 113) - - - -
50
Cayman Finance (TP 114) 50 137 87 550
20
Professional Development and Service Projects in the
Communities (TP 119)
215 - (215) 350
18,339 Total Transfer Payments 23,389 16,542 (6,847) 66,512
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
32
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Other Operating Expenses
-
Caribbean Agricultural Research and Development Institute
(CARDI)
112
31 (81) 122
216 Caribbean Catastrophic Risk Insurance Facility 256 250 (6) 1,000
40 (CARICOM) Fees 40 43 3 170
10
Caribbean Examinations Council Subscription 10 3 (7) 13
57
Caribbean Financial Action Task Force (CFATF) 21 21 - 84
21
Caribbean Regional Technical Assistance (CARTAC) 21 21 - 85
125
Commonwealth Parliamentary Association 150 38 (112) 150
285
Constituency Allowance 285 351 66 1,405
180 Court of Appeal Expense 69 292 223 1,168
2
Credit Card Charges 1 - (1) -
15
Executive Bank Charges 21 32 11 128
359
Judiciary Expenses 217 269 52 1,077
17 OECD - Global Forum 19
14 (5) 55
13
Pan American Health Organization 10 4 (6) 15
- Regional Anti-Doping Organisation 2
2 - 9
2
United Nations Caribbean Environmental Program - 2 2 7
129 University of the West Indies 112
140 28 559
-
World Anti-Doping Agency 2 2 - 6
- Caribbean Public Health Agency (CARPHA) 5 5 - 19
147
Project Future Fund 91 43 (48) 170
76 Regional Security Initiatives 74 - (74) -
-
CIG Core Christmas Stipend - 48 48 193
- Second Chances 26 28 2 110
- Repairs to Governor's Residence
- 4 4 16
- Stamp Tax (Executive Debit Transaction Expense 1
- (1) -
-
Commonwealth Telecommunication Organisation (OE 122) - 5 5 20
-
Global Island Partnership (OE 123) - 3 3 5
- Caribbean Telecommunication Union (OE 124)
- 3 3 12
23
CDEMA Membership (OE 125) 79 23 (56) 90
- Anti- Gang and Child Safeguarding Support (OE 126)
- 25 25 100
-
Caribbean Association of Medical Councils (OE 127) - 2 2 2
68 Emerging Talent Programe (OE 141)
32 50 18 200
-
Oil Spills Tier (OE - 15 15 60
49 Other Executive Expenses
69 21 (48) 86
1,840
Total Other Operating Expenses 1,729 1,812 83 7,227
Financing Expense
4,072 Interest on Borrowings
3,889 4,238 349 16,953
261 Interest paid on SAGC Deposits 640
329 (311) 1,316
-
Other Borrowing Costs 14 22 8 89
4,333 Total Financing Expense 4,543 4,589 46 18,358
For the 3 Month Period Ended 31 March 2024
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
All figures are stated in CI$ 000s
Government of the Cayman Islands
33
Notes to the 2024 Financial Year’s First Quarter - Statement of Financial
Performance (Unaudited) (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Budgeted Results
1 January 2024 to
31 March 2024
Variance: Year to
Date Budget vs.
Actual
2024 Original
Budget
Surplus/(Deficit) on Statutory Authorities and Government Owned
Companies
(2,568)
Cayman Airways Ltd (2,457) (3,272)
815 (13,087)
(1,301)
Cayman Islands Airports Authority (790) 5,044 (5,834)
20,176
(115)
Cayman Islands Development Bank
102 (47)
149 (188)
-
Cayman Islands Monetary Authority
4,098 123 3,975 493
1,248
Cayman Islands National Insurance Company 1,595
350 1,245 1,398
501
Cayman Islands Stock Exchange 696 373
323
1,494
(1,117)
Cayman Islands Turtle Centre (1,811) (2,372)
561
(9,487)
81
Cayman National Cultural Foundation
(121)
(88)
(33)
(353)
100
Children & Youth Services Foundation 94
(104) 198 (414)
1,346
Civil Aviation Authority 1,325 809
516 3,235
(2,715)
Health Services Authority
412
166 246
662
870
Maritime Authority of the Cayman Islands 202 202
-
809
63
National Drug Council 238
- 238 -
32
National Gallery (3)
(20) 17
(79)
(59)
National Housing Development Trust (108) (785) 677 (3,138)
48
National Museum 71
1 70 4
(768)
National Roads Authority
(620) (620) - (2,479)
10
Audit Oversight Authority (3)
(19) 16 (76)
Public Service Pension Board
(151)
Port Authority 2,522 (321) 2,843 (1,285)
(2)
Sister Islands Affordable Housing Corporation
18
(41)
59
(164)
124
Tourism Attractions Board 209
(70) 279
(279)
(163)
University College of the Cayman Islands 164 -
164
-
179
Utilities Regulation and Competition Office 301 -
301
(1)
1,050
Water Authority-Cayman
2,250 271 1,979 1,083
(3,307) Total Surplus/(Deficit) in Public Entities 8,384 (420)
8,804
(1,676)
GOVERNMENT OF THE CAYMAN ISLANDS
STATEMENT OF FINANCIAL PERFORMANCE
For the 3 Month Period Ended 31 March 2024
All figures are stated in CI$ 000s
Government of the Cayman Islands
34
Details of Capital Expenditures & Equity Investments
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Original Full Year
Budget
2024
Equity Investments
- EI 11 - Ministry of Human Resources & Immigration - 5,834
6,647 EI 12- Ministry of Education, Youth, Sports, Agriculture & Lands 2,192 31,870
- EI 21 - Judicial Administration - 602
- EI 34 - Portfolio of Legal Affairs - 245
- EI 35 - Portfolio of Civil Service - 1,580
- EI 36 - Cabinet Office - 6,060
- EI 53 - Ministry of Health & Wellness - 10,031
- EI 60 - Director of Public Prosecutions - 700
- EI 67 - Ministry of Financial Services, and Home Affairs - 2,931
- EI 68 - Ministry of District Administration, Tourism and Tranport - 150
- EI 70 - Ministry of Finance and Economic Development - 53
- EI 71 - Ministry of Commerce, Planning and Infrastructure - 3,951
- EI 75 - Office of the Ombudsman - 25
- EI 78 - Ministry of Investment, Innovation and Social Development - 7,253
- EI 79 - Office of the Commissioner of Police - 3,195
8 EI 84 - Ministry of Sustainability and Climate Resiliency - 641
- EI 85 - Ministry of Home Affairs - 7,433
- EI 86 - Ministry of Youth, Sports, Culture & Heritage - 3,961
160 EI 87 - Ministry of District Administration & Lands - 7,928
- EI 88 - Parliament - 15
2,275 EI 1 - Cayman Airways Limited 3,025 12,100
2,250 EI 4 - Cayman Islands Development Bank 750 3,000
- EI 23 - Cayman Islands National Museum - 30
- EI 39 - Tourism Attraction Board - 45
- EI 46 - University College of the Cayman Islands - 2,130
- EI 47 - Cayman National Gallery - 125
600 EI 49 - Cayman Turtle Farm (1983) Limited 1,400 8,355
- EI 50 - Cayman Islands National Insurance Company - -
- EI 57 - National Housing Development Trust 1,793 8,000
- EI 72 - Cayman National Cultural Foundation - 125
- EI 82 - Cayman Islands Airport Authority 760 760
11,940 Total Equity Investments 9,920 129,628
GOVERNMENT OF THE CAYMAN ISLANDS
CAPITAL INVESTMENT
For the 3 Month Period Ended 31 March 2024
All Figures are stated in CI $ 000s
Government of the Cayman Islands
35
Details of Capital Expenditures & Equity Investments (continued)
Actual Results
1 January 2023 to
31 March 2023
Actual Results
1 January 2024 to
31 March 2024
Original Full Year
Budget
2024
Executive Assets
2,951 EA 4 - Land Purchase: Ongoing 589 3,000
- EA 9 - Land Purchase: Gazetted Claims 518 829
108 EA 36 - Miscellaneous Road Surface Upgrades - 100
- EA 42 - Cayman Brac and Little Cayman Street Lighting - 21
230 EA 55 - Cayman Brac & Little Cayman Roads 234 1,000
- EA 60 - Cayman Brac: Bluff Playfield 27 150
23 EA 78 - Government Office Accommodations Project 9 500
26 EA 95 - Cemetery Vaults - Cayman Brac and Little Cayman - 50
- EA 125 - Cayman Brac Multi -purpose Hall - 100
- EA 131 - Storm, Drains and Deep Wells - 21
- EA 139 - Little Cayman Boat Launch Ramp 31 500
- EA 141 - Upgrades and repairs to LA Building 3 -
(10) EA 142 - George Town Revitalization - -
1 EA 144 - Public Restrooms 61 200
118 EA 145 - Court House 127 1,217
- EA 146 - Land Purchases - Conservation 828 10,000
- EA 147 - Minor District Works - -
330 EA 148 - Major Road Works - Expansion Projects 2,085 14,000
137 EA 149 - Government Solar Charging Stations - -
- EA 150 - Electronic Vehicle Registration Gantries - -
58 EA 151 - Upgrade Ramps and Jetties - -
182 EA 152 - Civic Centre/Town Hall Upgrades - -
38 EA 153 - Upgrade of National Parks 2 -
- EA 158 - Little Cayman Sports Field - 100
8 EA 159 - Waterfront Tourism Experience 38 1,000
- EA 160 - Design and Construction of New Civic Centers - -
- EA 161 - Submarine Cable 78 1,500
- EA 162 - Protected Area Management - 500
5 EA 164 - Central Scranton Park 46 1,200
- EA 165 - George Town Landfill - 1,400
- EA 166 - Public Restrooms - Grand Cayman - 300
- EA 167 -Cayman Brac Public Parks - 300
- EA 168 - Infrastructure and Development 296 4,850
4,205 Total Executive Assets 4,972 42,838
16,145
Total Equity Investments (see previous page) + Executive Assets (as
above)
14,892 172,466
Government of the Cayman Islands
36
Capital Projects
Cayman Islands Government
Capital Projects Tracker
Effective Date of information on costs incurred to date: 31 March 2024
Ministry:
Project Name
Total Project
Cost
Percentage
Complete
(as of 31
March 2024)
Time until
completion
Cumulative
costs incurred
to 1 January
2024
Cost incurred
during period
1 January - 31
March 2024
2024 FY
Year 1
2025 FY
Year 2
2026 FY
Year 3
2027 FY
Year 4
2028 FY
Year 5
Cost to be
Capitalised
Other costs
related to project
to be expensed
Annual
Operational
Costs once
complete
000s 000s 000s 000s 000s 000s 000s 000s 000s 000s 000s
CAB
Weather Service Headquarters 6,600 9% 2 years 571 - 5,329 500 - - - 6,600 TBD TBD
MBCL
Customs Information Management System (CIMS)/
Customs Online System (COLS)
3,638 55% 36 months 1,738 275 900 500 500 - - 3,638 TBD TBD
MBCL
Ministry of Border Control & Labour Customer Portal Enhancements
1,400 86% 12 months 179 1,031 521 200 250 250 - 1,400 300 300
MBCL
Warehouse and HQ Renovation Customs & Border Control 6,500 0% 36 months - - 200 1,500 4,500 300 - 6,500 TBD TBD
MBCL
Ministry of Border Control & Labour Accommodations for Migrants 4,500 1% 36 months - 67 2,000 2,000 500 - - 4,500 TBD TBD
MBCL CBC Equipment, Generators, Computers etc 1,250 3% 48 months - 37 200 450 350 250 - 1,250 TBD TBD
MBCL
Technological Support for the Departments of Ministry of Border
Control & Labour
1,175
3% 48 months - 40 275 300 300 300 - 1,175 TBD TBD
MBCL Border Control System upgrade 1,450 0% 48 months - - - 500 750 200 - 1,450 TBD TBD
-
MBCL
Biometrics for Improved Border Security for Customs & Border
Control
3,000 0% 36 months - - - 1,000 2,000 - - 3,000 TBD TBD
MBCL
Workforce Opportunities & Residency Cayman (WORC) System
Buildout
3,000 0% 48 months - - 900 1,200 600 300 - 3,000 TBD TBD
MDA L
District Administration Main Building 1,400 0% 2 years - 5 400 1,000 - - - 1,400 TBD TBD
MDA L
Accommodation wing 6,600 0% 2 years - - 6,000 600 - - - 6,600 TBD TBD
MFED Budget Software 1,000 0% 2 years - - - 1,000 - - - 1,000 - TBD
MHAF
New Prison Building - Design completed, Pre-construction work
completed construction starts Q3 2025
125,000 0% TBD - - TBD TBD TBD TBD TBD 125,000 TBD TBD
MHAF
Two (2) 1000-15000 gallon Tankers 1,200 0% TBD - - TBD TBD TBD TBD TBD 1,200 TBD TBD
MHAF
Cayman Brac Bay Extension and Vehicle Servicing Pit 1,700 0% TBD - - TBD TBD TBD TBD TBD 1,700 - -
MHAF
Construction of GT Fire Station Bay Extension & Storage Addition 1,011 95% May-24 735 145 276 - - - - 1,011 - TBD
MHAF
Two (2) Dual Appliance Truck for Little Cayman 1,100 0% TBD - - TBD TBD TBD TBD TBD 1,100 - TBD
MHAF
Airport Rescue and Firefighting Vehicles 1,425 56% Late 2024 793 - TBD - - - - 1,425 - TBD
MHW
Long Term Residential Mental Health Facility (LTRMHF) 21,500 97% In FY 2023 19,000 1,867 - - - - 21,500 - -
* TBD - To be determined
Estimated Capital Expenditure expected to be
incurred in a Financial Year (FY)
Government of the Cayman Islands
37
Capital Projects (continued)
Ministry:
Project Name
Total Project
Cost
Percentage
Complete
(as of 31
March 2024)
Time until
completion
Cumulative
costs incurred
to 1 January
2024
Cost incurred
during period
1 January - 31
March 2024
2024 FY
Year 1
2025 FY
Year 2
2026 FY
Year 3
2027 FY
Year 4
2028 FY
Year 5
Cost to be
Capitalised
Other costs
related to project
to be expensed
Annual
Operational
Costs once
complete
MHW
Long Term Residential Mental Health Facility (LTRMHF) 21,500 97% In FY 2023 19,000 1,867 - - - - 21,500 - -
MIISD
Enterprise High End Storage (EOL) 1,500 0% TBD - - 1,500 - - - - 1,500 TBD TBD
MOE
New John Gray High School Project A 90,921 99% Apr-24 89,259 - 1,662 - - - - 90,921 - TBD
MOE
New John Gray High School Project B 14,787
5% Jul-24 2,284 1,391 12,503 - - - - 14,787 - TBD
MOE
New John Gray High School Project C 8,695 1% Apr-25 16 15 5,851 2,828 - - - 8,695 - TBD
MOE
Theoline McCoy Primary School Hall
7,384 71% Nov-24 4,551 164 2,833 - - - - 7,384 - TBD
MOE
New Cayman Brac High School 50,000
8% Feb-25 1,769 248 25,858 22,373 - - 50,000 - TBC
MOE
Red Bay Primary School Reception classes 1,817
80% Apr-24 1,405 - 412 - - - - 1,817 - TBD
MOE
Lighthouse School Expansion
26,828 40% Aug-25 977 34 1,000 - 25,851 - - 26,828 - TBD
MOE
Joanna Clarke Primary Hall 4,052
20% Mar-25 - - 1,000 - 3,052 - - 4,052 - TBD
MOE
New West Bay High School
TBD 5% TBD - - 2,000 2,000 TBD - TBD
MSCR
Re-Gen 25,000 TBD 5 years 16,016 8,344 9,000 TBD TBD TBD TBD 25,000 TBD TBD
MTP
Waterfront Tourism Experience
4,000 35% 4 years 1,217 23 1,000 560 1,200 1,200 - 4,000 TBD TBD
MTP
Central Scranton Park 2,800 9% 4 years 204 37 100 300 1,200 1,200 - 2,800 TBD TBD
MYSH
Cayman Islands Aquatic Centre 4,000 0% 2 years 335 - 1,665 2,000 - - - 4,000 TBD TBD
PAHI
Submarine Cable 1,500 0% TBD 338 197 TBD TBD TBD TBD TBD TBD TBD TBD
PAHI
Major Road Works 14,000 0% Ongoing - 7,038 TBD TBD TBD TBD TBD TBD TBD TBD
PAHI
Development of Online Products & Services - Introduction of:
eDriver’s Licenses, eRegistration of Vehicles, Digital Forms, Vehicle
Safety Standards, Booking of written / road tests, Outreach &
Marketing Plan, Transfers / Termination/Suspension of Vehicles, &
Speed Remote Surveillance Cameras (Tonnjes / Police).
1,420 0% TBD 240 393 393 393 - - TBD TBD 1,420
PAHI
Modern Commercial Centre for the Agriculture Supplies. 1,500 0% TBD - - TBD TBD TBD TBD TBD TBD TBD TBD
Government of the Cayman Islands
38
CAYMAN ISLANDS GOVERNMENT
Unaudited Quarterly Financial Report for Three-Month Period Ended 31 March 2024
END
