“The Ministry of Finance’s mandate is to supervise the economy of Bermuda generally and to provide overall financial control of all Government activities.  In particular, the Ministry of Finance Headquarters directs policy implementation and oversees programme management and Departmental operations within the Ministry.”

Policy Planning & Management

The Policy management unit provides overall direction and management of the Ministry Headquarters and supervisory oversight of the departments in the Ministry of Finance.  Undertakes strategic economic planning, manages the Ministry’s public relations and organizes the co-ordination, review and development of economic and financial policy.

Economic & Financial Intelligence

This unit provides research and analysis of economic and financial conditions to facilitate sound decisions on public policy and fiscal management.  Responsibilities include economic forecasts, economic modeling, projections of GDP and the development of key economic indicator.  Analysis and commentary on economic and financial statistics are provided, and an annual and mid-year review and outlook are produced.  The unit also manages the relationship with credit agencies and government lenders.

Business Development & Regulatory

As a sub-set of the Ministry of Finance Headquarters’ goal of facilitating balanced economic growth and development, the Business Development and Regulatory unit is responsible for managing the growth and development of the financial service sector in Bermuda.  Accordingly, the unit is charged with preserving Bermuda’s reputation as a quality international business jurisdiction via the co-ordination, development and implementation of Government legislative and policy agenda with regard to international business.  The unit also engages in outreach work with international business and services providers in the furtherance of its growth and development objective.

Fiscal Planning & Control

The Fiscal Planning and Control unit is primarily responsible for the management, collection and collation of Consolidated Fund budget data, the monitoring and control of overall government expenditures (i.e. both Capital and Current Account) and the achievement of government revenues.  The unit is also tasked with the responsibility of the review and development of the government’s annual Capital Expenditure Plan together with the overview and control of public debt.  In addition, the unit is also responsible for the roll out of the Zero Based Budgeting initiative throughout government.

The departments that fall under the responsibility of the Ministry of Finance Headquarters are:

• The Accountant General
• H. M. Customs
• The Post Office
• Social Insurance
• The Tax Commissioner
• The Registrar of Companies

The Minister of Finance also has responsibility for the Small Business Development Corporation, the National Pensions Commission and the Bermuda Monetary Authority.