Government Releases 2024 Pre-Budget Report
The Government has released its pre-budget report and “invites and welcomes feedback on this document,” with the deadline for submissions set for January 17, 2024.
A spokesperson said, “The pre-budget report [PBR] is a document produced annually by the Government to provide the public with a better understanding of our fiscal aims and objectives, an update on our economy, a summary of the policies under consideration, and to solicit feedback
“Like most small states and territories, Bermuda’s economy is vulnerable to external events, underlining the need for financial and fiscal prudence. This vulnerability is compounded by Bermuda’s continuing budget deficits and government net debt, standing at $3.1 billion.
“The Government must take appropriate action to address the problems the island faces head-on. It is also important that stakeholders and citizens understand these challenges, are aware of the factors influencing the government’s fiscal policy decisions, and utilise the opportunity to give their views, as it will help to ensure we achieve the best outcome for Bermuda.
“The Government invites and welcomes feedback on this document. In addition to electronic communication, the Government will engage the public and stakeholders in January 2024 to discuss the principles laid out in this document and to solicit public feedback. If you wish to log your comments/feedback please visit forum.gov.bm or email openbudget@gov.bm. The deadline for submissions is January 17, 2024.”
The Pre-Budget Report for 2024-2025 follows below [PDF here]:
“Bermuda’s economy is vulnerable to external events, underlining the need for financial and fiscal prudence. This vulnerability is compounded by Bermuda’s continuing budget deficits and government net debt, standing at $3.1 billion.”
Sadly, Bermuda’s “net” debt is no where near as little as $3.1 billion. Our current account debt might be that little, but our unfunded pension liability is likely to be the same amount again.
This is far to lengthy to understand. Can someone point to the pages where Government administration expenditure is going to be reduced? Funds need to be re directed to infrastructure, not more bottoms on seats. Close BGC (and take the hit of $10m+ debt because it will never be repaid), slim down the BTA, reduce the RA, use technology more and the reduction in schools means the Min of Education can be significantly reduced. Must be close to $50m savings easy to be used for infrastructure.
“Can someone point to the pages where Government administration expenditure is going to be reduced? ”
Sorry. No.
I am not sure when the Pre-budget Report was prepared, but it predicts that “$50 million repayment from the Sinking Fund expected to be made in December 2023″. So apparently the Pre-budget Report was prepared before December 2023.
Climate change! Climate change!
Why can’t just one Minister ever define climate change? Please, please, please…
Bermuda’s one (1) NOAA sea level gauge that has not been checked for accuracy in years, and has a known double-digit error for readings. Who really cares about a study of Greenland based on satellite readings that are known to be wrong? Satellite readings & sea-level gauges rarely agree with satellite readings overstating sea level.
- Together with the “possibility” of increasingly intensive hurricanes, storm surges could threaten more frequent and extensive flooding over wide areas of Bermuda. -
Hurricanes are not increasing in intensity. We all know the main reasons for flooding in Bermuda are inadequate drainage, blocked storm drains, and pumps that are poorly maintained.
Cut Government spending by at least 20% – period!