A good-news Budget awaits lawmakers today in the House of Assembly, with its official reading by David Burt, the Premier and Minister of Finance, expected to show a balanced budget within reach, thanks to higher-than-anticipated revenues, and government expenses keeping largely on target.

Mr Burt told The Royal Gazette: “We cut taxes, raised wages and invested in housing and infrastructure — and still kept spending under control.”

He added: “Some, including the Opposition, said it couldn’t be done. But through sound financial management and a focus on economic growth, we’ve delivered real progress without asking the people to sacrifice more.”

Revenues for the 2024-25 fiscal year are understood to have gone $16.1 million above original figures, hitting $1.248 billion and buoyed by payroll tax receipts.

Payroll collections were about $26 million above expectations, yielding a little more than $606.5 million.

Official figures will be revealed today before MPs.

The Budget’s bright picture is in keeping with the contents of its precursor document, which pledged tax breaks aimed at cutting the cost of living, and the first windfall from the corporate income tax — as forecast in the Pre-Budget Reporttabled last December.

The 2025-26 Budget being unveiled today by Mr Burt is also distinguished by its timing.

The blueprint is typically debated ahead of the end of the Government’s fiscal year on March 1 — but the financial calendar was changed by the February 18 General Election, with the Progressive Labour Party handily regaining government.

The Pre-Budget Report predicted a figure of $187.5 million for forthcoming corporate income tax revenues.

That number will face close scrutiny from an Opposition that gets its chance to reply in a week’s time.

Technically, out of that sum, a budget surplus of roughly $84 million is to be ring-fenced for paying off the island’s debts.

In an address shared last night, Mr Burt continued the optimistic tone, pledging that the Government would “reduce your taxes further, expand access to healthcare and make investments in affordable housing and our infrastructure”.

Saying that the economy was “moving in the right direction”, thanks to the Government “sticking to a plan that’s working”, Mr Burt added that “we have a budget surplus — and because of that, we are able to do what matters most to you: continue to ease pressure on families, support our seniors and invest more in public education”.

Tax breaks for energy and cutting customs duties on building supplies were promised in the report, along with lowering private car licensing fees and land tax rates.

In addition, half of a $100 million rise in government spending would go to healthcare, and $30 million is in the cards for salary increases to the Civil Service.

Last night, Mr Burt called the details coming in the Budget statement “proof that we can manage the country’s finances responsibly and still deliver for working Bermudians”.