The Government has released the 2026/27 Pre-Budget Report, officially opening the Pre-Budget consultation period and inviting public feedback ahead of the next Budget. Alongside this, the 2025 Fiscal Responsibility Panel Report has been published, providing an independent assessment of Bermuda’s fiscal position and recent reforms. Together, these documents outline the Government’s economic priorities, fiscal outlook, and year-end progress, reinforcing its commitment to transparency, collaboration, and sound financial management.

The Pre-Budget Report highlights a significant milestone for Bermuda’s public finances. In the 2024/25 fiscal year, the Government recorded a $29 million budget surplus, the first in more than 20 years, achieved before any Corporate Income Tax revenues were collected. The Fiscal Responsibility Panel confirmed that Bermuda’s fiscal position is now stronger than at any time in two decades. Importantly, these gains were delivered while lowering taxes for workers and families, increasing pensions and scholarships, and investing in social services, healthcare, and childcare support.

Looking ahead, the Government is proposing a disciplined fiscal framework to manage Corporate Income Tax revenues responsibly, reduce debt, build reserves, and support long-term sustainability. Forecasts indicate that net debt is expected to fall from $3.2 billion to below $2.5 billion by 2027/28. The consultation also outlines potential policy proposals aimed at easing the cost of living and doing business, including customs duty reductions, payroll tax relief, vehicle and utility cost reductions, expanded healthcare subsidies, and further targeted tax reforms.

The consultation period provides residents, businesses, and stakeholders with an opportunity to help shape the 2026/27 Budget, which will be delivered on 20 February 2026. Feedback can be submitted via forum.gov.bm or by email to openbudget@gov.bm by 16 January 2026. As the Government reflects on recent achievements across healthcare, education, housing, infrastructure, public safety, and social support, public input will play a vital role in guiding the next phase of economic relief, fiscal responsibility, and people-first progress for Bermuda.