Vexed Bermoothes

Well, Friday’s the big day when the Government will lay out its budget plans for the next year.

It will be an interesting balancing act as during the boom years Government lost control of its expenditures – doubling the budget in just five years – without socking some away for a rainy day or tackling much of the capital projects backlog.

Now we need that money.  Both tourism and international business are in the toilet causing a serious cramp in Government revenues.  Government needs to show prudence, while stoking the rapidly eroding economy, while revealing where it’s going to get the cash.

With all the homespun wisdom coming from PLP Ministers about Bermudians “needing to tighten their belts and be responsible” let’s hope that Government is prepared to do the same.

It’s trade off time!

How many new taxes and how much new debt?  How will these newfangled private financing initiatives (PFI) be policed?  What will non-performing expenditures be reined in?  How will money be spent in Bermuda with Bermudians?  How will results and value-for-money be verified against independent measures?  What measures will be put into place to increase transparency?

It goes without saying that, in this time of financial duress, the Public Accounts Committee must begin meeting more FREQUENTLY and IN PUBLIC.  Stop dodging the subject by saying a sub-committee is looking into it.  Do it!

For those who like doing their homework, here are the past few years of budgets (as PDF).

• Bermuda Government 2008-9 Budget
• Bermuda National Economic Report 2007 (published with 2008 budget)
  
• Bermuda Government 2007-8 Budget

If anyone has PDFs of prior year budgets, please pass them on.