Comments on: Govt: 2019/20 First Half Fiscal Performance https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/ Bermuda's #1 source for 24/7 breaking news, photos & videos Sun, 12 Apr 2026 10:01:52 +0000 hourly 1 http://wordpress.org/?v=3.7.5 By: UBP/oba 4 ever gone https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5202184 Tue, 31 Dec 2019 20:28:34 +0000 http://bernews.com/?p=944044#comment-5202184 Thanks to you UBPers/oba Bermuda has to pay 185 mill for a hotel. Now run along and tell Jetgate Craigy what to say as the strings are pulled.

]]> By: Joe Bloggs https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5202036 Tue, 31 Dec 2019 13:02:40 +0000 http://bernews.com/?p=944044#comment-5202036 “The only ppl lying or omitting truth about the America’s Cup is the OBA and their failure to include the 39 million dollar Cross Island in their little report.”

There we have it, the independent PWC report is clearly being dismissed by the PLP and its supporters as a “little report”.

]]> By: Question https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197941 Tue, 24 Dec 2019 16:55:08 +0000 http://bernews.com/?p=944044#comment-5197941 I can well remember the PLP going around saying the AC had cost $140m during the election campaign. ‘$140m given away to billionaires’ is how they characterized it.

]]> By: saud https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197901 Tue, 24 Dec 2019 15:38:24 +0000 http://bernews.com/?p=944044#comment-5197901 “Then why borrow $50 million more than you needed to borrow?”

25-11
family and friends
plantation questions.

know your place.

]]> By: Ringmaster https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197829 Tue, 24 Dec 2019 13:29:31 +0000 http://bernews.com/?p=944044#comment-5197829 True, but that was a potential problem known about before the budget was released. There should have been a contingency amount included but then the PLP couldn’t say there would be a budget surplus. Not accepting facts come back to bite.

]]> By: Logic https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197813 Tue, 24 Dec 2019 12:51:56 +0000 http://bernews.com/?p=944044#comment-5197813 Please note they intentionally left out the sinking fund along with whatever else to fudge the results.

]]> By: Joe Bloggs https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197778 Tue, 24 Dec 2019 11:39:53 +0000 http://bernews.com/?p=944044#comment-5197778 “Current expenditures, excluding debt service, are presently tracking 0.05% or $0.2 million below budget estimates”

Yes, I could change the appearance of my financial appearance by not paying (or saving to pay principal) and paying interest only. That is the effect of abandoning payments into the sinking fund.

“The increase in borrowing runs counter to the plan that was outlined in this Government’s budget statement in February which stated that we had no plans to incur any additional long-term borrowings in this fiscal year.”

Then why borrow $50 million more than you needed to borrow?

]]> By: We are here https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197729 Tue, 24 Dec 2019 09:42:59 +0000 http://bernews.com/?p=944044#comment-5197729 What lies have the PLP told about the America’s Cup? The only ppl lying or omitting truth about the America’s Cup is the OBA and their failure to include the 39 million dollar Cross Island in their little report.

]]> By: Ringmaster https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197431 Mon, 23 Dec 2019 22:24:52 +0000 http://bernews.com/?p=944044#comment-5197431 Looking at the half year numbers compared to the 2019/20 budget, there needs to be some significant changes in the second half. Revenue will need to be $30m more and spending $56m less to have a budget surplus (ignoring the $50m or so not paid int the sinking fund). Seems highly unlikely. That’s an $86m movement, and to get close to that there will need to be some major spending cuts, or increase in debt.

]]> By: Ringmaster https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197430 Mon, 23 Dec 2019 22:24:52 +0000 http://bernews.com/?p=944044#comment-5197430 Looking at the half year numbers compared to the 2019/20 budget, there needs to be some significant changes in the second half. Revenue will need to be $30m more and spending $56m less to have a budget surplus (ignoring the $50m or so not paid int the sinking fund). Seems highly unlikely. That’s an $86m movement, and to get close to that there will need to be some major spending cuts, or increase in debt.

]]> By: painful truth https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197359 Mon, 23 Dec 2019 20:32:11 +0000 http://bernews.com/?p=944044#comment-5197359 You haven’t actually read the full report, have you? Let me trim the fat just a little.

“The primarily causes of inflation during the last twelve months were increased costs in Health Insurance premiums of 3.1% in April and increases in the average costs of various food items throughout the year.”

“Imports increased by 15.2% over the first two quarters of the year…. due in large part to BELCO’s new generator”. i.e. a on-off

“Air arrivals …. fell by 4.5% while the number of cruise passengers increased by 14.2% over the same time period. Total visitor arrivals were up 7.4% versus a year ago.” Much more income comes from air arrivals.

“Total air visitor spending in the first nine months rose by $12.1 million or 3.8% settling at $327.5 million” Compared to the previous period? Conspicuous lack of data here.

“There were 12,015 international companies and partnerships registered in Bermuda as of September 2019, representing a 1.2% decrease compared to the 2018 total of 12,156.” A decrease, and how many of these employ real people?

“476 new international companies and partnerships were registered in Bermuda during the first nine months of 2019 representing a 19.2% decrease when compared to the 2018 registrations of 589″. A decrease, and how many of these employ real people?

“Total value of new construction projects …. fell by 19.3% from $62.1 million to $50.1 million”.

“The estimated value of construction work put in place was $136.4 million, an increase of 20.3%. The majority of the growth can be attributed to work performed on hotels and guest houses”. Good news, on the face of it. Prwsumably this includes Morgan’s Point?

“Based on preliminary estimates from the Office of the Tax Commissioner, employment income for the first 6 months of 2019 increased by $72.9 million to $1.885 billion, an increase of 4.0% when compared to the first 6 months of 2018. This level of compensation represents one of the highest on record.” And is exactly what will drive employers away.

“Total retail sales …. decreased by 1.5% or $9.8 million to register at $656.3 million.

“Bermuda’s Balance of Payments …. recorded a surplus on the current account of $161 million, which was $29 million less than the corresponding surplus in 2018″

“Bermuda’s money supply contracted by 1.5%, or $52 million, year over year at the end of the first quarter of 2019″

“The Banking sector’s total assets declined by 0.5% or $0.1 billion at the end of March 2019″

“Loans & Advances fell marginally by 1.2% over the first quarter of 2019 while customer deposits contracted by 1.6% or $0.3 billion for the same time period.

And you think that this is good news????

]]> By: saud https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197358 Mon, 23 Dec 2019 20:28:47 +0000 http://bernews.com/?p=944044#comment-5197358 “The narrative that spending is out of control is clearly muted by these statistics although certain segments of society will continue to run with them.”

Similar to all the lies the plp continue to tell about the Americas Cup?

]]> By: We are here https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197337 Mon, 23 Dec 2019 19:58:34 +0000 http://bernews.com/?p=944044#comment-5197337 And it would have been much better if it wasn’t for Caroline Bay…

]]> By: We are here https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197336 Mon, 23 Dec 2019 19:57:28 +0000 http://bernews.com/?p=944044#comment-5197336 Their*

]]> By: We are here https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197333 Mon, 23 Dec 2019 19:57:03 +0000 http://bernews.com/?p=944044#comment-5197333 Ya it doesn’t fit there we are all doomed under the PLP narrative.

]]> By: James https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197293 Mon, 23 Dec 2019 18:40:18 +0000 http://bernews.com/?p=944044#comment-5197293 How much of this is due to suspended payments to the sinking fund?

]]> By: watching https://bernews.com/2019/12/govt-201920-first-half-fiscal-performance/#comment-5197247 Mon, 23 Dec 2019 17:26:13 +0000 http://bernews.com/?p=944044#comment-5197247 The decrease in spending clearly shows financial discipline by the government under Premier Burt and Minister Dickinson.
The narrative that spending is out of control is clearly muted by these statistics although certain segments of society will continue to run with them.

]]>