Hashtag: #2011Budget
Budget: How Will Government Make Money?
In the 2011/12 Budget, the Minister for Finance projects revenue of $940 million. Payroll tax is predicted to be the largest revenue earner, at $350 million, with Customs the second biggest earner for the Government, with $200 million predicted. Payroll tax and customs fees combine to create almost 60% of the Government’s predicted income. Listed,... Read more of this article
Health Budget Down 5% to $172.2 Million
The Ministry of Health received the largest percentage of funding in the 2011/12 Budget, with approximately 15.9% of estimated expenditure going towards the Health Ministry. The budget allocated the Health Ministry a total of $172.2 million in current account funding in this year’s budget, which is a reduction of 5% from last year. Health Minister... Read more of this article
Videos: Minister’s Post Budget Statements
Yesterday following the delivery of the 2011/12 Budget by Premier and Finance Minister Paula Cox, Government Ministers held a post-budget press conference, with them all speaking individually about their portfolios. Links to each Minister’s full video statement are below. Health Minister Zane DeSilva here National Security Minister Lt Col David... Read more of this article
Live Blogging: 2011/12 Budget
This morning [Feb 18] Premier and Minister of Finance Paula Cox will deliver the 2011/12 Budget in the House of Assembly. Speaking yesterday UBP Leader Kim.Swan said: “Virtually everyone in the country is aware that Bermuda is in the grip of its most serious economic challenge in many generations, and that the Government’s spendthrift ways –... Read more of this article
UBP’s Richards On Budget: No Plan, Direction
Shadow Minister of Finance Bob Richards spoke about today’s budget saying “The Budget offered no plan, no direction and very few concrete steps that would give the country hope that recovery was within reach.” Mr Richards said the budget failed to “address soaring public debt, with interest charges set to nearly double to $70... Read more of this article
2011/12 Budget: Business & Tourism
[Updated with video] Minister of Business Development and Tourism Patrice Minors spoke at a post-budget press conference this afternoon [Feb 18] providing details of the financial provisions allocated to her Ministry in the 2011/12 Budget. The Minister said the Bermuda Music Fest will be eliminated as it “was not attracting enough tourists to... Read more of this article
Deloitte Budget Snapshot 2011
Deloitte has released a ‘Budget Snapshot’ for 2011, it follows in full below: Revenue Estimates 2011/2012 Estimate of total revenue $940 million, 4% lower than 2010/2011 revised estimate of $977 million. Expenditure Estimates 2011/2012 Estimate of total expenditures $1.08 billion including $84.2 million of capital expenditures, $70.0 million... Read more of this article
Chamber of Commerce’s Budget Overview
By the Bermuda Chamber of Commerce’s Peter Everson We congratulate the Premier and her Cabinet colleagues for having listened to the Chamber and adopting some of the recommendations that we have made during the past year. The headline change is the reversal of the 2% increase in the rate of payroll tax introduced last year. Unfortunately it has... Read more of this article
Budget: Stimulating Tourism Job Creation
While emphasising there is “no silver bullet to deliver faster growth, employment and poverty reduction”, Premier and Finance Minister Paula Cox said in her Budget Statement today [Feb. 18] Government hopes to stimulate the economy and encourage job growth by revitalising the island’s tourism product. Premier Cox told Parliament the... Read more of this article
Video: BDA’s Fahy Responds to Budget
[Updated] Bermuda Democratic Alliance financial affairs spokesperson Michael Fahy spoke with us today [Feb 18] after the Premier and Minister of Finance Paula Cox delivered the 2011/12 budget. He praised the Premier for the payroll tax rollbacks, saying “The BDA is very pleased to hear about the reducation in payroll tax,” saying “they... Read more of this article
2011 Budget: Payroll Tax to be Rolled Back
During her presentation of the 2011/12 Budget this morning [Feb 18] in the House of Assembly, Premier and Minister of Finance Paula Cox said that payroll tax would be rolled back, which would return approximately $50 million of spending power to taxpayers in 2011–2012. The Premier said: “This was not an easy decision given the Government’s... Read more of this article
Tony Brannon: Budget Day Theme Song
Veteran musician and tourism activist Tony Brannon has provided Bermuda with a theme song for Budget Day, which you can listen to here. Mr. Brannon, recently appointed to Government’s Tourism Board along with fellow entertainer Shine Hayward, has been a longtime critic of public spending under successive United Bermuda Party and Progressive... Read more of this article
Charts: 2011/12 Bermuda Budget Explained
This morning [Feb 18] Premier and Minister of Finance Paula Cox delivered the 2011/12 Budget in the House of Assembly. The charts show an estimated revenue of $940 million, and the estimated expenditure is $1,079.5 million – a shortfall over over $130 million. You can read the full 2011/12 Budget here, or view charts extracted from the budget... Read more of this article
Full Statement: 2011/12 Budget
The full 36-page statement detailing the 2011/12 Budget which was delivered this morning [Feb 18] by Premier and Minister of Finance Paula Cox in the House of Assembly is below. The Premier started off by saying: “There are times when Government leaders take pleasure in seeing their predictions come true. This is not one of them. A year ago, I... Read more of this article
Premier on Budget: “Unprecedented Challenges”
Premier Cox has released a statement about the 2011/12 Budget – which is due to be delivered today [Feb 18] in the House of Assembly. The Premier said: “The mainsprings that underpin Bermuda’s economy(International Business and Tourism) have been weakened. We are facing sluggish growth in revenue and upward pressures on expenditure.So... Read more of this article
UBP’s Kim Swan: Pre Budget Statement
[Pre budget statement by Opposition Leader Kim.Swan] Virtually everyone in the country is aware that Bermuda is in the grip of its most serious economic challenge in many generations, and that the Government’s spendthrift ways – enabled since 2004 by the Premier/Finance Minister – have made the situation much worse. The Budget tomorrow must lay... Read more of this article
