💼 EY secures $1.2 million contract for Cayman Islands Government budget reform

EY, a global leader in assurance, tax, strategy, and consulting services, has been awarded a contract worth over CI$1.2 million by the Cayman Islands Government (CIG). The contract is aimed at reforming and modernizing the government's budgeting process. EY will design and implement an outcome-based budgeting and reporting framework, a shift from the current input-oriented approach. This move comes after the Office of the Auditor General expressed concerns over the lack of accountability in the budget, as it does not adequately reflect the results of public spending or any clear intent. 📑

The finance ministry is seeking to make the budget documents more concise, clear, and transparent, with trusted data and meaningful insight. As part of the contract, EY will collaborate with key stakeholders to tailor the new framework to the specific needs of the Cayman Islands and its government. The redesigned budget process will focus on strategic alignment and outcomes. The government also plans to introduce a budget preparation and reporting tool that can be expanded to report on monthly, quarterly, and annual financial statements. The aim is to make the budget more understandable and accessible to the public, demonstrating more clearly what it has achieved with the taxpayers' money. 💰

Further, the government is seeking advice for legislative changes to the Public Management and Finance Act in line with the updated framework. This would mandate the outcome-based budgeting process going forward. The current budget system has been criticized for not effectively showing how public funds are being spent to achieve the government's stated policies. The new model, however, is expected to take some time to implement. 🕰️