Hashtag: #BermudaGovernmentSpending

What’s Being Considered For The 2018 Budget?

What’s Being Considered For The 2018 Budget?

[Updated] Not moving ahead with the second phase of the payroll tax proposal by the former Government, payroll tax relief for repatriating jobs back to Bermuda; a Professional Services Tax on legal, accounting & other business consultancy services; a sugar tax, and taxing commercial rents are some of the initiatives being considered for the 2018/19... Read more of this article

Premier Burt Releases ‘Pre-Budget Report’

Premier Burt Releases ‘Pre-Budget Report’

With the 2018/19 Budget set to be delivered on February 16th, Premier and Minister of Finance David Burt has released a 35-page Pre Budget Report and will also host a public meeting on January 30th, saying that Government “want to establish a clear and transparent Budget process.” Speaking at a press conference today, Premier and Minister... Read more of this article

Fiscal Responsibility Panel Report Released

Fiscal Responsibility Panel Report Released

“Debt service now accounts for 17% of government spending and is the single largest item of expenditure” and “deficit and debt reduction should remain a high priority,” the Bermuda Fiscal Responsibility Panel said, with their third annual assessment having been completed, and set to be laid before the legislature when Parliament... Read more of this article

Atherden: ‘Reflects Good Stewardship Of OBA’

Atherden: ‘Reflects Good Stewardship Of OBA’

Following the Government’s statement on the 2017/18 First Half Fiscal Performance, Opposition Leader Jeanne Atherden that it speaks to the “impact of policies established by the OBA Government” and reflects the “good stewardship of the OBA and the progress being made toward balancing the budget.” Ms Atherden said, “It is... Read more of this article

Bob Richards: “Bermuda Back From The Brink”

Bob Richards: “Bermuda Back From The Brink”

Former Deputy Premier and Finance Minister Bob Richards is getting set to release his new book, called “Bermuda Back from the Brink”, with the Bermuda Underwater Exploration Institute [BUEI] getting set to host a lecture and book signing with Mr Richards this Friday. The event poster says, “How did a six quarter recession in the US turn into... Read more of this article

Over $1 Million Paid Due To ‘Late Financials’

Over $1 Million Paid Due To ‘Late Financials’

Over $1 million was paid in penalties after the Government submitted late financials in 2015 and 2016, according to responses in the House of Assembly on Friday. MP Rolfe Commissiong questioned Junior Minister of Finance Wayne Furbert about the “fees paid to Bermuda creditors as a result of the OBA Government submitting late financials”,... Read more of this article

Consolidated Fund Financial Statements

Consolidated Fund Financial Statements

Junior Minister of Finance Wayne Furbert tabled the audited financial statements relating to the Consolidated Fund for the year-ended March 31, 2017 in the House of Assembly today [Dec 8]. Mr Furbert said, “The Consolidated Fund is the general operating fund of the Bermuda Government and is the Fund through which Government conducts the majority... Read more of this article

Govt’s Loan Facility With Bank Of Butterfield

Govt’s Loan Facility With Bank Of Butterfield

The Government is executing a $135 million 18 month loan facility agreement with the Bank of Butterfield, Premier and Minister of Finance David Burt said, adding that “it must be noted that at this time Government has not borrowed $135 million but only is arranging a facility in place to borrow up to this amount.” Speaking the House of Assembly... Read more of this article

List: Payments From Confiscated Asset Fund

List: Payments From Confiscated Asset Fund

A list of payments from confiscated asset fund was provided by National Security Minister Wayne Caines in the House of Assembly on Friday [Sept 22]. The list includes $3,522,350 to ‘Government departments’, $212,366 in ‘court-ordered legal fees and other fees,’ and $667,800 to ‘local beneficiaries’ for a total of... Read more of this article

Premier: $12.69M In ‘Unbudgeted Expenditure’

Premier: $12.69M In ‘Unbudgeted Expenditure’

[Updated with video] Premier and Minister of Finance David Burt tabled a Supplementary Estimate in the House of Assembly today [Sept 15] detailing over $12.6 million he said was a “combination of unbudgeted expenditure items which were incurred by the previous administration” for the America’s Cup, World Triathlon Series, Casino Gaming... Read more of this article

Govt: 2017/18 First Quarter Fiscal Performance

Govt: 2017/18 First Quarter Fiscal Performance

The Ministry of Finance today [Aug 24] reported on the 2017/18 First Quarter Fiscal Performance, saying that revenues for the first quarter ending June 2017 are $249.9 million; current account expenditures, excluding debt service, for the first three months ending June 2017 are $232.3 million; and gross debt at the end of June 2017 stood at $2.494 billion. 2017/18... Read more of this article

National Security Ministry 2017 Budget Briefs

National Security Ministry 2017 Budget Briefs

National Security Minister Jeff Baron delivered the Ministry Budget Briefs in the Senate earlier today [March 22], and the Budget Briefs for the various departments within the Ministry are below. In discussing the budget for the Bermuda Police Service, the Minister said, “The staffing level in the BPS has dipped below 400 officers for the first... Read more of this article

2016 Consolidated Fund Financial Statements

2016 Consolidated Fund Financial Statements

In the House of Assembly on Friday, Minister of Finance Bob Richards tabled the audited financial statements relating to the Consolidated Fund for the year-ended March 31, 2016, saying that Net Public Debt stood at $2.218 billion. The Consolidated Fund is the general operating fund of the Bermuda Government and is the Fund through which Government... Read more of this article