Published 1st November 2011, 9:59am
The Government of the Cayman Islands (the "Government") has achieved another milestone by submitting its 2010/11 Consolidated Financial Statements to the Office of the Auditor General (the "OAG") by the 31 October deadline as prescribed by the Public Management and Finance Law (the "PMFL").
The PMFL requires the Government's Ministries, Portfolios, Offices and its Statutory Authorities, Government Owned Companies and other Public Entities to submit their Annual Financial Statements to the OAG by 31 August each year and, the Consolidated Financial Statements for the Government and the Entire Public Sector by 31 October of each year.
The first milestone was accomplished in August this year when Government's Ministries, Portfolios, Offices and its Statutory Authorities, Government Owned Companies and other Public Entities submitted their 2010/11 Financial Statements to the OAG by the prescribed 31 August deadline.
The Entire Public Sector Unit of the Treasury Department spearheaded the exercise of consolidating the individual 2010/11 Financial Statements of the Government's 13 Ministries, Portfolios, Offices and its 26 Statutory Authorities, Government Owned Companies and other Public Entities into one set of accounts that is referred to as the Consolidated Financial Statements.
The PMFL came into effect on 1 July 2004. The submission of financial statements on 31 August 2011 and 31 October 2011, in respect of the year ended 30 June 2011, represent the first time since the PMFL took effect in 2004 that the deadlines have been met.
The Hon Premier and Minister for Finance, Mr. Bush, stated, "As Minister of Finance and on behalf of the Government, we are extremely pleased that this Administration has met another important milestone by producing the 2010/11 Consolidated Financial Statements by the statutory deadline of 31 October. This adds to our achievement of meeting the deadline of 31 August for the submission of individual financial statements for Government's Ministries, Portfolios and Offices and for its Statutory Authorities and Government Owned Companies. These two accomplishments demonstrate the Government's determination to improve public accountability and reporting. I would like to particularly thank the staff of the Treasury Department and other Civil Servants who helped to achieve this important result."