Bermuda College records $450,000 deficit
Bermuda College recorded a budget deficit of more than $450,000 last year, the education minister told MPs on Friday.
Diallo Rabain said the college, which is celebrating its 50th anniversary, had total assets worth $22,861,928, total liabilities of $17,877,386 and no long-term debt.
Cash and cash equivalents decreased by 23 per cent, he said, to $2,743,360, reflecting the impact of capital investments, including the start of the Tech Hall roof installation.
“During the period, revenue earned from student fees increased by 3 per cent and there was a 4 per cent decrease in the Government grant,” said the minister.
Overall, total revenue decreased by 2 per cent to $20,046,351, total expenses also decreased by 2 per cent to $20,502,535.
The net result for the Bermuda College audited financial statements 2023-2024, added the minister, was a deficit of $456,184.
The college, has launched its 2025-30 strategic plan and wants input from the community.
The minister added: “Bermuda College has provided stellar service to Bermuda for half a century and it remains steadfast in its mission to ensure that its future direction is guided by the voices of the people it serves.
“The plan aims to address current challenges while seizing emerging opportunities in higher education, positioning the college as a leader in delivering transformative and equitable educational experiences.
"The strategic plan is not just a road map for Bermuda College; it’s a blueprint for the future of higher education in our country.
“I encourage all members of his Honourable House, and indeed all resident of Bermuda, to engage with this process and help shape the college’s vision for the next chapter in its remarkable journey.”
• To read the minister’s full statement and the college financial statements, see Related Media
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