HAMILTON, Bermuda – Premier David Burt, who is preparing to step down as head of the Bermuda government later this month, says he is doing so knowing that the economic performance of the British Overseas Territory is on a solid foundation.
Premier David Burt“So, now, as I prepare to step down, this is the progress that I leave to the next Minister of Finance. Not record deficits, not an economy in decline, but an economy that is growing, stronger public finances, increased investment in Bermuda and greater capacity to meet the needs of our people while reducing the burden of debt,” Burt said.
Premier Burt is scheduled to step down as leader of the ruling Progressive Labour Party (PLP) and as Premier this month, fulfilling a pledge he made in 2022 to leave office during his current term.
In a statement he said that while audit work of the government’s Consolidated Fund Financial Statements for the year ending 31 March 2026 is ongoing, based on the preliminary 2025/26 financial performance analysis, total revenue for fiscal year is projected at US1.57billion,10percentabovetheoriginalestimateofUS1.43 billion.
Burt said that the continued growth in the economy improved the revenue estimates with an increase in Corporate Income Tax collections, which are projected to be US$291 million, which is $103.5 million above the original estimate of $187.5 million, along with Payroll Tax receipts of $637 million, $15 million above the original estimate of $622 million.
Burt said that the current account expenditure, excluding interest, is expected to be US$1.13 billion, a 2.2 per cent increase above the 2025/26 original estimate of $1.11 billion.
According to the government capital account expenditures are projected to be US142million,anestimatedUS7.8 million below the 2025/26 original estimate of 149.8million.ItsaidinterestandguaranteemanagementcostsareprojectedtobeUS127.8 million, compared with the original budget estimate of US$127.5 million.
Burt said that the preliminary analysis projects a budget surplus of 169.6millionfor2025/26.“ThatisUS126.3 million above the original budget estimate of US$43.3 million, and almost four times the surplus originally projected. It is a significant improvement in Bermuda’s public finances, achieved while continuing to invest in the services and infrastructure our people need,” Burt said.
He said this included a US30millionsubsidygranttotheBermudaHospitalsBoardtosupportitsobligationstoemployeesfollowingwagenegotiations;US2.4 million for Public Service Superannuation Fund overhead costs; one million dollars for mental health support for the government Employees Health Insurance clients and one million for additional police officers.
He said capital expenditure also supported essential investments with US18.5millionincapitalgrantfundingfortheBermudaHospitalsBoard,US8.9 million for the Bermuda Housing Corporation to invest in more affordable housing and US$8.6 million for two new fast ferries,.
Burt said that stronger public finances give the government the capacity to invest in the services and infrastructure Bermudians depend on.
“This government has made those investments before, and we will continue to do so. But we know that many Bermudians are still struggling with the cost of food, housing, healthcare and other necessities. An improvement in the government’s finances must mean relief for those families and more of their hard-earned money staying in their pockets.”
Burt said his government’s record over the last four years is clear in that “we have reduced taxes, provided relief and returned more money to hardworking Bermudians.
“As our finances continue to improve, this Government will continue to share that success with the people we serve,” he said, adding that when Parliament resumes in November he will provide a further update on the government’s financial performance for the current fiscal year and announce the next phase of tax reductions and relief for Bermuda’s workers and families.
