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.