BVTIB presentation
The BVI Tourist Board is hosting a “Tourism Stakeholders’ Meeting” today at the H. Lavity Stoutt Community College to discuss the board’s plans to revitalise the tourism sector. Community members are invited to attend the event at the college’s Eileene L. Parsons Auditorium in order to share thoughts on tourism with Premier Dr. Orlando Smith, who is also the tourism minister, and BVITB Chairman Russell Harrigan.
Bermuda
The Bermudian government published a pre-budget report for the 2012-2013 fiscal year last week, giving citizens a chance to comment on the budget before it becomes law. According to the document, the report is part of the government’s “open budget initiative” and includes alternate revenue projections over the medium term in case the economy does not recover as planned. According to the report, the territory’s financial services and tourism industries have grown compared to previous years but are still recovering. “Overall the international business and financial services sectors have experienced a marginal decline in numbers, but as an industry they remain strong,” the report states. Although the Bermudian economy is showing some positive signs and does not suffer from a debt crisis, the territory’s government revenues are often volatile while expenses are elevated and fixed, the report found. “The proportion of public spending that is locked for our annual budget is high. Spending related to public sector payroll is extremely difficult to curb in the short term without making painful cuts,” the report states.