Transport Minister Lawrence Scott told MPs today that Bermuda’s taxpayers forked more than $7 million to Skyport this month in the form of that controversial “guaranteed minimum regulated revenue” to the airport.
 
In a Ministerial Statement delivered in the House of Assembly this morning, Mr Scott said the exact amount paid out was $7,579,778.10 cover “the shortfall between the actual airport regulated revenue collected for the period from the April 1st to June 30th, 2021, and the guaranteed minimum regulated revenue for the same period”.
 
This after he advised his parliamentary colleagues “of the payments being made as set out in the Project Agreement between Skyport and the Bermuda Airport Authority” on May 7th.
 
“Earlier this year I advised the House that the Project Agreement contains a pre-determined payment schedule of the MRG amounts for each calendar quarter of the 30-year contract,” said Mr Scott.
 
“The Government has honoured all of its obligations in this regard, including making this latest MRG payment of $7,579,778.10 to Skyport.
 
“To date we have made four MRG payments to Skyport totaling $32,772,548.48,” he added.

“We received a contractual reimbursement at the end of2020 in the sum of $4,195,088.04 and therefore, to date, we have made net MRG payments to Skyport totaling $28,577,460.44.  We expect to make additional MRG payments in 2021; however, we do not have estimated amounts at this time.”

The Minister concluded: “The Bermuda Airport Authority continues to do an excellent job in managing this complex matter as part of its oversight responsibilities.  The Bermuda Airport Authority has met, and continues to meet, all of its contractual obligations relating to the MRG payments. “