(CMR) There are concerns that the Cayman Islands Environmental Protection Fund (EPF), set up primarily to purchase protected lands, could be depleted soon if the Government continues to use it for expenses outside what was originally intended.
This concern was raised after a motion was passed during the sitting of the Finance Committee last week, freeing up CI$38.5 million from the Environmental Protection Fund, $13.1 million of which has been allocated to cover the operations of the Department of Environment, including salary. Another $1.4 million was allocated from the fund for remedial work at the landfill.
The Environmental Protection Fund, which is raised through fees from air and cruise passengers, was created in 1997 for the purpose of defraying expenses incurred in protecting and preserving the environment of the Cayman Islands. The purpose of the fund is reportedly for the acquisition and management of protected areas and the protection of endangered species. However, the Fund only gains about $5 million annually.
Disbursements from the fund can only be made through a resolution made by the Finance Committee and under the authority of the Minister of Finance.
The EPF is usually not used to cover the operational cost of the DoE; however, with the passing of the motion, the Finance Committee was given the power to decide how this 38.5 million can be used.
Minister of Environment Katherine Ebanks-Wilks said that as of 31 October, the EPF balance was $51.339 million. Of that amount, the $38.5 million was previously ‘unencumbered’ but was not used.
An additional $10 million was approved from the EPF for purchasing land for conservation purposes. This means that more than half of the money released has already been used.
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