Govt To Present Mid-Year Budget Review In Sept
“When the House of Assembly resumes in September, we will present a mid-year budget review containing measures that will deliver a meaningful difference in the lives of Bermudians now,” Premier David Burt said this evening.
Premier Burt said, “Good Evening Bermuda. Recent losses in our community have deeply affected us all, and our closely-knit island has been reminded of the fragility of life and the importance of unity in the face of adversity.
“Last week, Government ministers, community leaders, and I collectively called for the people of Bermuda to come together to support one another and work towards a brighter future. Our first priority was to support those directly impacted by recent tragedies with compassion, empathy, and tangible assistance.
“Secondly, we assured you that your Government will continue to work with Government House and the Bermuda Police Service to ensure the safety and well-being of our residents. However, we also acknowledged that policing is only a part of the solution and that we will increase our investment in resources and programs that address the root causes of the issues facing our communities.
“We recognise that building a safer and more resilient community requires a comprehensive approach. While maintaining public safety is crucial, we must also address the underlying social and economic challenges contributing to these issues.
“Over the past seven years, your government has continually worked to build a fairer and more equitable Bermuda. We have made significant strides in various areas, including reducing the tax burden on working people, increasing affordable housing stock, and reforming our education system while consistently increasing our seniors’ pensions to keep in line with inflation rates.
“We have increased investment in scholarships, training, and development programmes to ensure our young people have access to quality education and career opportunities. We have expanded summer day camps, making it easier for parents to find affordable programmes for their children. We expanded childcare allowance to support more families and provided significant financial assistance to our athletes, community clubs and youth programs.
“More recently, we have also focused on improving government efficiency to provide you, the people of Bermuda, with the level of service you deserve, and which lives up to our reputation of being a sophisticated jurisdiction. This work is already bearing fruit with the launch of digital fare media through the ShoreLink app for buses and ferries, and the online payment portal for government services.
“We have done this while maintaining prudent fiscal management of the public purse, reducing costs where we can, and making it easier for Bermudians to own their piece of this beautiful rock. In this year’s budget, your government froze the standard premium rate for the third consecutive year, saving all policyholders $540.
“We repaid $50 million and reduced Bermuda’s debt without introducing any new taxes or fees. We allocated the highest capital expenditure in 16 years to improve our infrastructure, including doubling the budget for road paving. Additionally, our Mortgage Guarantee Programme has helped dozens of Bermudians achieve homeownership, providing security and stability for their families.
“Our efforts to rebuild our economy after a once-in-a-century pandemic have yielded positive results. We have seen unemployment in Bermuda fall to a level not seen since 1980, we presented a balanced budget to parliament this year as we prepare to implement a new corporate income tax regime next year that will bring additional revenue to the Government, which we will use to further reduce costs for residents and businesses.
“Though we are proud of the work done thus far, your Government recognises our work is not done and that more is needed. There are people in our community who are hurting and who do not feel that enough has been done. They need to see and feel the benefits of our efforts now, not simply given a promise that they will feel it in the future. The recent tragedies further highlighted our community’s need for additional resources to tackle anti-social behaviour and confront a mental health crisis.
“A balanced budget means little if the people we serve struggle to pay their bills and put food on the table. Great credit ratings do not help Bermudians as they are confronted with high prices at our grocery stores. And a surplus on financial reports is nowhere near as important as Bermudians knowing that their government hears them and will do whatever it can to foster harmony on our island and support initiatives that lead to collective community healing.
“We have heard from residents on the doorstep about their difficulties, specifically how the cost of living is a significant burden for many Bermudians – and the challenges of coping with the stress that has been compounded when we experience tragedy.
“In my remarks following our recent tragedies, I said that Bermuda and Bermudians must not be defined by these events, but by our response to them and to one another. As your Government and elected leaders, it is our responsibility to lead by example.
“Therefore, our response will be to increase our efforts to provide the assistance our people need. Your Government will immediately focus its work and financial resources on further tackling the cost of living with direct interventions aimed at reducing the prices of essential goods. Last week your Government did just that, by cutting the tax on electricity by 60%. And, we are committed to do more to invest in social support, mental health, and care for our ageing population.
“Over the coming weeks, your government will focus its efforts on implementing additional ways in which it can intervene to provide more relief for you and your family. When the House of Assembly resumes in September, we will present a “mid-year budget review” containing measures that will deliver a meaningful difference in the lives of Bermudians now.
“Unlike previous governments, we will not ask the people of Bermuda to give more than they already have. There will be no cuts to essential services, no implementation of furloughs, no increase in taxes, and no withholding of support from our seniors or our most vulnerable. This government will leverage our improved economic performance and finances to provide even more relief and support, ensuring that every Bermudian can experience the benefits of our collective progress.
“Your Government will not wait for future fiscal years to take action; we will act now to provide the support that our community desperately needs. We will put the needs of the Bermudian people above the desire for an impressive balance sheet – and the additional measures will be thoughtful, sustainable and financially prudent, as all of our decisions have been.
“I know that many will ask why the Government is making this announcement at this time. The simple answer is that it is the right thing to do. If we want our community to come together and work hand in hand to address the social challenges we face, we must do what we can to ensure that people in the community can focus on unity and supporting one another rather than being overwhelmed by the costs of their everyday needs and have access to the support needed to tackle community violence.
“This is about doing what is necessary to ensure that all Bermudians can live with dignity. This is about ensuring that the hardworking people who are the heartbeat of our economy feel supported and heard, that educators and our social workers have the resources they need, and that Bermudians who are taking care of their ageing parents have the additional support that is required from their Government.
“In closing, as we prepare to celebrate emancipation with Cup Match, rest assured that your Government will be working hard over the summer to deliver an impactful package in September.
“We have achieved much over the past seven years, but we know more must be done.
“This Government remains committed to the mission to support working people, and we will redouble our efforts to ensure that all Bermudians feel the benefits of the collective progress we have made and will continue to make together.
“Thank you.”
