Hashtag: #2011Budget

Minister Wilson: Full Budget Statement

Minister Wilson: Full Budget Statement

This past Friday [Feb 18] Minister of Economy, Trade and Industry Kim Wilson spoke at a press conference following the delivery of the 2011/12 Budget. In the budget, the Ministry of Economy, Trade and Industry has been allocated a current account sum of $23,613,696 and capital funding of $667,000. Their budget consists of allocations for the Department... Read more of this article

Mayor of Hamilton Responds to Budget

Mayor of Hamilton Responds to Budget

The Mayor of Hamilton, Charles Gosling today [Feb 20] responded to the 2011/2012 budget released by the Premier and Minister of Finance Paula Cox on Friday. Mayor Gosling said, “We are currently reviewing the 2011/2012 budget and will meet with our partners to determine its full impact on the City of Hamilton’s operations. Our initial reaction is... Read more of this article

Video: Premier’s Post-Budget Speech

Video: Premier’s Post-Budget Speech

Following the delivery of the 2011/12 Budget by Premier and Finance Minister Paula Cox on Friday, Government Ministers held a post-budget press conference, with them all speaking individually about their portfolios. You can view videos of all Ministers speaking here, and the Premier’s 9 minute speech summarizing the budget below: Related... Read more of this article

Budget: How Will Government Make Money?

Budget: How Will Government Make Money?

In the 2011/12 Budget, the Minister for Finance projects revenue of $940 million. Payroll tax is predicted to be the largest revenue earner, at $350 million, with Customs the second biggest earner for the Government, with $200 million predicted. Payroll tax and customs fees combine to create almost 60% of the Government’s predicted income. Listed,... Read more of this article

Health Budget Down 5% to $172.2 Million

Health Budget Down 5% to $172.2 Million

The Ministry of Health received the largest percentage of funding in the 2011/12 Budget, with approximately 15.9% of estimated expenditure going towards the Health Ministry. The budget allocated the Health Ministry a total of $172.2 million in current account funding in this year’s budget, which is a reduction of 5% from last year.Health Minister... Read more of this article

Videos: Minister’s Post Budget Statements

Videos: Minister’s Post Budget Statements

Yesterday following the delivery of the 2011/12 Budget by Premier and Finance Minister Paula Cox, Government Ministers held a post-budget press conference, with them all speaking individually about their portfolios. Links to each Minister’s full video statement are below.Health Minister Zane DeSilva hereNational Security Minister Lt Col David... Read more of this article

Live Blogging: 2011/12 Budget

Live Blogging: 2011/12 Budget

This morning [Feb 18] Premier and Minister of Finance Paula Cox will deliver the 2011/12 Budget in the House of Assembly. Speaking yesterday UBP Leader Kim.Swan said: “Virtually everyone in the country is aware that Bermuda is in the grip of its most serious economic challenge in many generations, and that the Government’s spendthrift ways –... Read more of this article

UBP’s Richards On Budget: No Plan, Direction

UBP’s Richards On Budget: No Plan, Direction

Shadow Minister of Finance Bob Richards spoke about today’s budget saying “The Budget offered no plan, no direction and very few concrete steps that would give the country hope that recovery was within reach.” Mr Richards said the budget failed to “address soaring public debt, with interest charges set to nearly double to $70... Read more of this article

2011/12 Budget: Business & Tourism

2011/12 Budget: Business & Tourism

[Updated with video] Minister of Business Development and Tourism Patrice Minors spoke at a post-budget press conference this afternoon [Feb 18] providing details of the financial provisions allocated to her Ministry in the 2011/12 Budget. The Minister said the Bermuda Music Fest will be eliminated as it “was not attracting enough tourists to... Read more of this article

Deloitte Budget Snapshot 2011

Deloitte Budget Snapshot 2011

Deloitte has released a ‘Budget Snapshot’ for 2011, it follows in full below: Revenue Estimates 2011/2012 Estimate of total revenue $940 million, 4% lower than 2010/2011 revised estimate of $977 million. Expenditure Estimates 2011/2012 Estimate of total expenditures $1.08 billion including $84.2 million of capital expenditures, $70.0 million... Read more of this article

Chamber of Commerce’s Budget Overview

Chamber of Commerce’s Budget Overview

By the Bermuda Chamber of Commerce’s Peter Everson We congratulate the Premier and her Cabinet colleagues for having listened to the Chamber and adopting some of the recommendations that we have made during the past year. The headline change is the reversal of the 2% increase in the rate of payroll tax introduced last year. Unfortunately it has... Read more of this article

Budget: Stimulating Tourism Job Creation

Budget: Stimulating Tourism Job Creation

While emphasising there is “no silver bullet to deliver faster growth, employment and poverty reduction”, Premier and Finance Minister Paula Cox said in her Budget Statement today [Feb. 18] Government hopes to stimulate the economy and encourage job growth by revitalising the island’s tourism product. Premier Cox told Parliament the... Read more of this article

Video: BDA’s Fahy Responds to Budget

Video: BDA’s Fahy Responds to Budget

[Updated] Bermuda Democratic Alliance financial affairs spokesperson Michael Fahy spoke with us today [Feb 18] after the Premier and Minister of Finance Paula Cox delivered the 2011/12 budget. He praised the Premier for the payroll tax rollbacks, saying “The BDA is very pleased to hear about the reducation in payroll tax,” saying  “they... Read more of this article