Today, the Minister of Transport, the Hon. Wayne Furbert, JP, MP and the Minister of Education, the Hon. Diallo Rabain, JP, MP, gave remarks at a joint post-Budget press conference.
Good afternoon:
I am pleased to present an overview of the Ministry of Transport’s budget allocation for the fiscal year 2024/2025, along with key highlights for the upcoming fiscal period.
The Ministry of Transport's 2024-2025 fiscal year budget is sixty-eight million, two hundred and forty-six thousand dollars ($68,246,000). This is a decrease of four million, one hundred and five thousand dollars ($4,105,000) from the 2023-2024 prior fiscal year.
The departments within The Ministry of Transport are:
- Ministry Headquarters
- Department of Marine and Ports,
- Transportation Control Department and
- Department of Public Transportation
The Ministry of Transport's estimated revenue for 2024/25 is forty-two million, forty-eight thousand dollars ($42,048,000), the majority of which will be accounted for within the operations of the Transport Control Department.
The Ministry Headquarters oversees the formulation of policies and strategic plans for the transportation infrastructure and related systems. It collaborates closely with its internal departments, quangos, and external partners to foster a collective approach in policy development.
Throughout the last year, the Ministry has worked together with the Bermuda Airport Authority, Bermuda Tourism Authority and Skyport in an effort to increase air service to Bermuda. The collaborative efforts and initiatives have materialized successfully.
I am pleased to report the significant decrease in the Ministry of Transport’s budget of approximately $4.1million mainly attributed to the absence of the requirement of the Guaranteed Minimum Regulated Revenue (GMRR) payment to Bermuda Skyport Corporation Limited. This reduction underscores the growth in air lift in Bermuda. The team has worked on strategically enhancing air service to Bermuda, particularly in response to the challenges posed by the COVID-19 pandemic. This reduction in the budget serves as evidence of the substantial advancements made in this regard.
The Department of Marine and Ports is responsible for regulating and safely operating Bermuda's maritime affairs, including marine border security, search and rescue, and public transportation.
In a significant stride toward enhancing public transportation services, a recent contract signing on the 6th February 2024 with the department and Strategic Marine of Singapore, to purchase two new ferry builds, stands as a beacon of positive news for commuters. A robust procurement process was conducted with the highest bid equating to $36 million, however the department was able to secure a contract significantly lower, specifically $19.5 million, whilst maintaining quality assurance within the contract. The investment into our ferry fleet is the largest budget item in 2024/2025 capital plan. As part of the Ministry’s infrastructure capital plan, the purchase, which will replace the JE Cecil Smith and Warbaby Fox ferries, signals a pledge to modernizing the ferry fleet and cater to the increasing demand for efficient and sustainable transportation options. These new vessels, each capable of carrying up to 550 passengers, not only mark a considerable investment in maritime infrastructure but also promise to improve the overall commuting experience for residents and tourist alike.
In a groundbreaking move, the Department of Public Transportation and the Department of Marine and Ports will be introducing and implementing digital fare media for buses and ferries, marking a historic milestone in public transportation. This initiative, the first of its kind, represents a paradigm shift towards more efficient, convenient, and technologically advanced payment systems. The introduction of digital fare media not only streamlines the ticketing process for buses and ferries but also enhances the overall commuter experience, bringing public transportation into the 21st century.
Commuters will enjoy the convenience of seamless transactions, as digital fare media eliminates the need for physical tickets or cash. The integration of smart card technology and mobile applications offers passengers a range of payment options, providing flexibility and accessibility for diverse user preferences. Beyond the convenience factor, this innovation contributes to more accurate ridership data, aiding in optimizing routes and improving service efficiency. As a positive step towards a cashless and digitally connected society, the implementation of digital fare media not only modernizes public transport but also sets a precedent for future technological advancements in the transportation infrastructure. This forward thinking approach promises a more connected, efficient, and user-friendly public transportation system, bringing about positive changes in the daily lives of commuters and visiting tourists.
Throughout this fiscal year, the Ministry's overarching mandate is to continue the enhancement of Bermuda’s transportation systems, ensuring alignment with present and future demands for transportation services and products. This commitment underscores the government's dedication to "Investing in our people and our future."
Lastly, I extend my gratitude to the dedicated and industrious team at the Ministry of Transport, as well as our valued partners who collaborate closely with the Ministry to ensure the successful attainment of our common goals.
Thank you.