News Release: HAMILTON, Bermuda – In advance of today’s Budget Statement, the Premier and Minister of Finance David Burt signaled that the new target for achieving a balanced budget has now been delayed by one year to fiscal year 2024/25.
The Premier said: “In the last budget presentation, the Government was projected to balance the budget by the next fiscal year, 2023/24. However, people still need help and our most vulnerable will continue to need support. We will also continue to implement the Government’s Economic Recovery Plan, reform Bermuda’s healthcare and education systems, and fund necessary capital investments to replace and repair ageing infrastructure; all of which means that meeting this target will not possible in the next fiscal year.”
The Statement in support of the Estimates of Revenue and Expenditure for the Fiscal Year 2022/23 will be made today, February 25th with proceedings starting at 10am. Following the Statement the budget will be available at https://www.gov.bm/budget.