It is not often that the number-crunching calculations of accountants and pen pushers make headline news, but that’s exactly what happened in February.

The month was marked by a financial promise from the Government, with David Burt, the Premier and Minister of Finance, claiming that his administration would deliver a budget surplus for the first time in a generation.

Mr Burt said that excess funds would be spent on social needs such as affordable housing and that there would be further tax cuts for the less well-off.

Presenting the national Budget at Veritas Place on February 16, a beaming Mr Burt said: “It is my privilege to state to this honourable House and the people of Bermuda that this Progressive Labour Party government has successfully balanced Bermuda’s Budget, with a projected surplus of $210,000.”

Mr Burt declared: “This budget surplus is only the second budgeted surplus in 35 years. The last time Bermuda achieved a balanced budget was in fiscal 2002-03, but today, 21 years after that was last achieved, through the turmoil of a Great Recession and after being battered by a once-in-a-century pandemic, we will return this country to a balanced budget.”

Mr Burt acknowledged that the $210,100 “surplus” was propped up by $40 million of borrowed — but unspent — money from the 2023 financial year, but denied any sleight of hand or allegations by the Opposition of dodgy accounting.

The Premier said that in 2020, at the height of the Covid-19 pandemic, the Government borrowed funds “to ensure Bermudian families in need could keep their lights on and had food on their tables”.

He said that at the time the Government expected to accumulate $408 million in deficits “prior to reaching a balanced budget”.

In this year’s Budget statement, he said: “However, due to our sound financial management, combined with significant economic growth, we only accumulated $322 million of deficits over the last four years, leaving us with $89 million more in the bank than we expected a few years ago,” the Premier said.

He had another reason to be buoyant about the economy. Corporate income tax, a global initiative that Bermuda had signed up to, could bring in as much as $750 million a year to the Government’s coffers from 2025, according to the Premier.

Despite that potential windfall, Mr Burt expressed caution.

He said: “It is important that we adopt a conservative mindset towards additional revenues as there are many uncertainties, especially with the package of qualified refundable tax credits that will be recommended by the Tax Reform Commission and the Government’s stated view that companies in scope of the global minimum tax will not be liable for employer payroll taxes.

“Notwithstanding, there are urgent needs in our community — the need for tax relief for workers and businesses, the need for investment in our infrastructure, the need for relief from high electricity and food prices, and, most importantly, the cost of healthcare.”

There was other good news for the Government in February. The Bermuda Tourism Authority said that the industry was finally bouncing back from the effects of the pandemic.

Statistics for 2023 showed visitor arrivals climbing to 714,000 — not too far off the 808,000 recorded in 2019, before the virus struck.

Cruise figures fell just short of pre-pandemic levels at 525,000 arrivals, and an increase in airline services gave visitor arrivals in that sector a lift.

However, other news stories in February suggested that, although economic figures looked strong on paper, an about-turn in financial fortunes had yet to be felt by many residents.

Taxi drivers continued their longstanding protest against the Government’s failure to authorise an increase in fare rates. The last increase was introduced in 2014 by the former One Bermuda Alliance administration.

However, a planned demonstration by drivers at the Transport Control Department’s parking lot was blocked by traffic officers. Police officers were also present, but only to direct traffic.

The island’s pothole problem persisted, with the Government facing accusations that, despite an apparent boom economy, the island’s infrastructure was decaying through neglect.

The Ministry of Public Works was allocated just $5 million for pothole repairs in this year’s Budget, but according to public works minister Lieutenant-Colonel David Burch, $100 million was needed to resurface all of the island’s roads.

As the month drew to a close, the OBA gave its analysis of the economy.

Opposition leader Jarion Richardson said: “Despite the Government patting itself on the back with this Budget, outside of international business, the economic situation for most people in Bermuda has stalled or gone backwards.

“Under this PLP government, our economy has fallen into a gigantic pothole — not unlike most vehicles on our roads today. We are spinning our wheels, struggling to drive out.”