Bermuda College has no long-term debt, the Minister of Education told MPs.

The news came as Diallo Rabain presented the 2018 and 2019 financial statements for the college on Friday.

Bermuda College had assets in excess of $23.86m and total liabilities of $19.07m last year.

Assets were worth more than $24.67m and the college had total liabilities of 19.47m in 2018.

Cash and equivalents for the two-year period decreased by 5.3 per cent to $3,475,174.

Mr Rabain said there had been “no major capital investment” in the college over the period and that its capital assets, worth $16,64m at the end of March, continued to depreciate.

But he added: “However, with the establishment of the Bermuda College Foundation it is expected that capital funding will be raised to upgrade the campus.”

Mr Rabain said the Government grant to Bermuda College had remained consistent over the two years and other revenue had increased by $666,004 or 12 per cent.

But he added that physical plant and maintenance expenses had increased “significantly”, which caused a deficit of $419,146 at the end of the 2019 financial year.

• To read Diallo Rabain’s statement in full, click on the PDF under “Related Media”