CIG Q3 2022 Unaudited Financial Report

The Cayman Islands Government Unaudited Quarterly Financial Report for the Nine-Month Period Ended 30 September 2022 is available on the official Government website www.gov.ky

The report was noted by Cabinet on Tuesday, 8 November and published in the Cayman Islands Gazette on Friday, 11 November, as required by law.

Surplus

The overall fiscal performance reported for the period shows a Net Surplus of $81.8 million for the Entire Public Sector (EPS), which is 49.8% ($27.2 million) higher than budgeted. This favourable position was due to actual revenues being higher than budgeted revenues by $53.9 million for the period.

Cash Position

Government's Cash position ended at $393.7 million at 30 September 2022: $117.7 million less than anticipated in the 2022 Plan & Estimates; mainly due to the purchase of US Government Treasury Notes ($280.5 million) which is not included in Cash and Cash Equivalents. The accumulation of cash is the result of higher than expected revenues together with a delay in capital projects in the prior year.

Forecast

In conclusion, the report noted that the Third Quarter performance "has positioned the Government to be optimistic about its performance for 2022; however, during the final quarter Ministries, Portfolios, Offices and Statutory Authorities will all make a final push to meet planned 2022 objectives and deliverables. Should planned increases in activity (in both Operating and Capital) materialise during the remaining months of 2022, the current surplus (to 30 September 2022) will be significantly reduced. Over the remaining quarter of 2022, costs will have to be diligently monitored to ensure spending is not incurred unnecessarily."

The Cayman Islands Government Unaudited Quarterly Financial Report for the Nine-Month Period Ended 30 September 2022 can be downloaded at: https://www.gov.ky/publication-detail/cig-unaudited-quarterly-report-for-nine-month-period-ended-30-september-2022