Vexed Bermoothes

Auditor General Heather Jacobs Matthews today released the Bermuda Government’s 2008/09 Consolidated Fund financial statements and her report on them.

It includes the stench of damnation of a Qualified Audit Opinion.  Not pretty.  Gee, it seems that Larry Dennis may have been correct in his past criticisms.  Imagine that.

“The trend speaks to financial challenges going forward,” Mrs. Jacobs Matthews told the Bermuda Sun. “These challenges include a weakening cash position as evidenced by a substantial bank overdraft, expenditures significantly outstripping revenues, increasing long-term debt and, by extension, a growing deficit and public debt.”

The following chart says it all.  Paula Cox became Finance Minister in 2004 and Deputy Premier in 2006.  Dr. Ewart Brown became Premier in 2006.  They own this situation.  The out-of-control deficit and debt caused by the utter mismatch between revenues and expenditures occurred under their combined watch.  From prosperity to toilet in 6 short years.

In addition, the Auditor General announced that her office is conducting Special Audits of the new cruise pier at Dockyard and the TCD testing centre.  That’s likely to provide more depressing insights.

Don’t talk to me about Prudent, Platinum, or Gold Standard! In my opinion, there is very little sign of accountability or restraint here.  Governments must be measured by performance … not by spin-laden press releases or celeb-touting photo opps.

In my opinion, this Government is not performing.  Not by a long shot.  It is failing, and taking Bermuda’s future down with it.