“This is the biggest budget in the history of the Cayman Islands,” said Premier McLaughlin as he outlined his government’s two-year budget plan.

He outlined his initiatives for the two-year budget cycle – 1 Jan. 2020 to 31 Dec. 2021 while speaking in the Legislative Assembly. Chief among them, a 5% increase in cost of living allowances for civil servants starting in January.

He also announced plans for a $100 bump in veterans and seamen’s monthly payments, also in January, taking payments from $750 to $850.

He told legislators that increase will be followed by a further $100 increase in January 2021 to take total payments to $950 for those benefitting from the ex-gracia payments.

McLaughlin, in his final budget statement as premier and the last before the 2021 elections, said the package also includes plans to address the key issues in Cayman; traffic, cost of living, housing and healthcare costs.

He shared that there will be increased efforts to deliver on improvements to the local road networks and capital projects, including the Integrated Waste Management Facility, John Gray High School and the long-term mental health facility.

The Premier said work will begin on delivering new courthouses as well as completing the new Bodden Town health centre and the airfield expansion at the Owen Roberts International Airport.

“The ambitious capital projects we have set out is being paid for from revenue without any need to borrow,” he said.

(Pick up Tuesday’s Cayman Compass for full coverage of the budget)

Other initiatives announced:

-Waiving/reducing 14 fees or duties for Caymanians over 65
-Extending duty-free housing concessions for first-time homeowners
-Creation of a special inter-ministerial committee to develop comprehensive housing plan
-Support for the National Housing Trust Government Guaranteed Housing Assisted Mortgage programme (GGHAM)
-Minimum wage review
-Fuel market prices review
-Doubling of Public Works Department apprenticeship programme
-Focus on implementing new governance structure for local schools
-New Sunrise Centre
-New special needs centre for children in care
-New fire trucks and equipment
-New vessels for Customs and Border Control