Finance Minister: “We Will Fund New Projects”
“We will fund new projects, such as investments in renewable energy that will reduce the Government’s electricity bill in the long run while providing jobs for Bermudians,” Finance Minister Curtis Dickinson said.
Speaking at yesterday’s [Sept 2] press conference, Minister Dickinson said, “Although our COVID–19 Pandemic – Fiscal Plan originally called for a delay in some capital projects that have not commenced, we have revised our approach to not only support essential capital projects that must continue, but to support additional projects.
“Therefore, some of the funding from our recent debt raise will be used to bring forward some aspects of the Government’s long term capital plan. These capital projects will support our economic recovery, provide employment for Bermudians, and improve our quality of life.
“Additionally, we will fund new projects, such as investments in renewable energy that will reduce the Government’s electricity bill in the long run while providing jobs for Bermudians.
“These stimulus measures ensure that there is a degree of sustained economic activity in the Bermuda economy until the expected return on cruise visitors next April.
“Some of the projects that will be funded or have been moved up:
- Department of Public Transportation [DPT] Bus Depot Improvement for staff bathroom and changing facilities in St George’s and the Devonshire Bus Depots.
- Improvements to Marine and Ports East Broadway
- Interior fit out for Child and Family Service 131 Front St Offices
- Botanical Gardens Visitors Centre Improvements
- Sessions House [Parliament Building] Exterior and Interior Refurbishment.
- Westgate improvements for new boilers system, HVAC and water supply system. New steel doors and windows.
- Solar installations on 6 Government Buildings
- Shoreside Facility for Local Fishing Cooperative
- Halfway House for the Department of Child and Family Services
- Refurbishment of Parish Clinics
- Reconstruction and repairing of Retaining Walls
- Upgrades to Pembroke Canal
“In addition to bringing forward a number of capital projects, recognizing the importance of empowering and providing financial support for our community clubs additional Capital Grant funding will be provided for community club development.
“We are continually evaluating our Fiscal Plan, and we will make appropriate amendments in line with changing circumstances. However the overall targets remain, bringing our budget back into balance in 3 years, when we expect full economic and tourism recovery to take effect in 2022.”
Reduce the electricity bill? That means less Bermudians working at Belco.
The list of projects are all Government related – why isn’t W & E doing these? We (the taxpayer) are already paying these workers so why spend money on outside companies to do what W & E can do? No wonder debt is increasing. Proof that privatization is the answer.
Urgent projects are the 2 bridges into the airport and St Georges, but no mention of those.
I expected better from MOF. Funding capital projects with minimum I
Impact to sustainable growth is politics.
Now the assumption the debt ceiling would last 3 years is questionable with numbers all over the place.
Congrats Dickinson. You legacy is being solidified and the band plays on as the ship sinks.
Running out of ideas but that’s okay because 52% don’t know what you are talking about. How are we going to pay for any of this c4@p? I hope you sleep at night but I sure can’t. Fishing cooperative? Repairing this and fixing that, creating this and refurbishing that? All hinged on the “expected return” of the cruise industry next year. You have to be kidding me right?
Please be honest with the plp voters for once in your life we have been waiting for tomoorow for 20 years now. There is no system that is out to get them only greedy politicians with no clue what they are doing.
Be honest with them please. Tell them that we need foreign investment and that foreigners are genuinely good people who contribute immensely to our government payroll. Stop being an agent of hate and distrust only for your own benefit.
“Although our COVID–19 Pandemic – Fiscal Plan originally called for a delay in some capital projects that have not commenced, we have revised our approach to not only support essential capital projects that must continue, but to support additional projects.”
Minister, you are part of a government that is likely at least $5 Billion in debt (you will not tell us the true extent of our debt) and you govern over 60,000 people. You cannot continue to borrow and spend. Lack of sound fiscal policy is what got us into the debt we are now in.