Burt: Balanced budget first since 2003 - Royal Gazette

Jonathan Bell

Published Feb 25, 2019 at 1:07 pm (Updated Feb 25, 2019 at 1:07 pm)

Curtis Dickinson, the Minister of Finance, gives highlights of the 2019-20 Budget with David Burt, the Premier (Photograph by Blaire Simmons)

The 2019-20 Budget is the Bermuda’s first balanced Budget in 16 years, according to David Burt, the Premier.

Mr Burt said that the island’s debt is to fall “for the first time since 2003”, in a Budget that “reflects our vision, and clearly demonstrates fiscal discipline while continuing our commitment to the needs of our citizens”.

The Premier commended the Budget’s mortgage relief, the provision of scholarships for high-achieving students to attend Bermuda College, and payroll tax relief for retailers and local musicians.

He said: “The people of Bermuda were our priority in the last Budget, as they continue to be in this Budget, while we grow Bermuda’s economy and ensure that the benefits of that growth reach all persons, and not just a select few.”

Curtis Dickinson, the Minister of Finance, emphasised the Budget’s “fiscal discipline during very challenging and uncertain times”.

He said: “I believe we have adopted a fiscally prudent and balanced approach that will move us forward towards a small budget surplus, and consequently, a reduction in net debt.”

Mr Dickinson singled out the European Union’s list of non-co-operative jurisdictions as the greatest threat from overseas to the island’s international business sector and economy.

He described the Government’s decision to suspend mandatory annual contributions to the sinking fund, and use it to repay debt, as a way to avoid “borrowing to save”.

The minister said the Budget, delivered on Friday in the House, would create conditions to foster economic growth, increase jobs, increase incomes and raise the standard of living for Bermudians.

Government revenues are forecast to rise by $28.6 million, while expenditure is to be shaved by four-tenths of a per cent.

He added: “This year the Government can report a budget surplus of $7.4 million, with total revenues of $1.118 billion.”

The Government’s economic plan is to “build on what we currently do well”, he said.

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