In this work, a double-effect absorption combined cooling and power (DECCP) cycle with an adjustable cooling-to-power ratio is proposed. This cogeneration cycle uses water-LiBr as the working fluid. The novel cycle upon which this system is based has been mathematically modeled, simulated, and parametrically analyzed to generate the system's performance characteristics for several scenarios. The performance has been compared with those of other similar combined cogeneration cycles. It was found that the proposed cycle outperforms the other cycles from the vantage point of the power produced and the cycle's ability to produce cooling. For specific operating parameters, the DECCP cycle achieves an exergetic efficiency that varies between 36.55-59.13% based on the refrigerant split ratio used.