2011 Bermuda Budget Summary

Bermuda's Premier Paula Cox recently announced the 2011 financial budget for Bermuda. Here is a snapshot of how the budget looks like: 
• Bermuda Music Festival cancelled to save huge cost of organizing the event. 
• No new ferry to be introduced in 2011 
• More bus drivers to be hired. But Bus schedules to be revised to save $500k 
• Payroll tax has been reduced from 16% back to 14% 
• The salary cap for payroll tax will remain at $750,000 
• Existing Government jobs will not be slashed, so nobody loses jobs. 
• However any vacant government positions will not be filled up 
• There will be no temporary jobs any longer in Government 
• Overtime costs to be reduced from $18m to $11m 
• There will be a  $90m reduction in current account spending 
• Capital expenditure will be reduced by $60m 
• Projected revenue in 2011 is $940m, and projected spending $900m 
• However total expenditure including debt servicing will be about $1.08b 
• Borrowing estimated at $136.5m 
• St. George's and Hamilton corporations to get $5.7M in revenue sharing from Government 
• $7.9M reduction in Tourism budget 
• Education budget has been cut by $15M 
• Government to have a jobs website 
• Post office to offer U.S. mailing addresses as a way to raise revenue 
• Cell phone license taxes will go up 
Related Articles 
1) Check out Bermuda's Economy to know about the economic status of Bermuda. 
2) Check out Bermuda News for latest updates on what's happening in the island.