Bermuda’s Treasury released a fiscal outlook for the current year that projects a $170 million surplus, a figure that comes as Finance Minister Burt prepares to step down from the position.

The projection, drawn up by the Department of Finance, is based on a 3.5 percent growth in tourism receipts, a modest rise in offshore insurance premiums, and a 1.2 percent increase in domestic consumption. The surplus is also expected to help the government build a buffer fund to cushion against future fluctuations in global markets.

Burt, who has served as the island’s finance chief for the past five years, announced his decision to leave the post early this month. In a statement, he said he was proud of the fiscal discipline achieved under his tenure and expressed confidence that the Treasury would continue to maintain a balanced budget.

The government has not yet named a successor, but officials say the appointment will be made within the next month. The new minister will inherit the responsibility of managing Bermuda’s public finances while navigating the challenges of an evolving global economy and maintaining the island’s status as a leading offshore financial centre.

The projected surplus is expected to provide the Treasury with additional flexibility to invest in infrastructure improvements and support social programmes, according to the Finance Department’s brief.