Fundraising to cover the $40 million payout for the Island’s new hospital wing remains several million short of its goal, even though the facility’s completion is just days away.

However, the Bermuda Hospitals Board (BHB) has already covered the full payout to developers Paget Health Services — and will rely on continued donations to recoup the extra money.

The exact scope of the shortfall remains unclear: the Bermuda Hospitals Charitable Trust last posted takings of $32.5 million as of July.

However, there was no response from the Trust yesterday to questions of its latest tally, which is estimated to be about $7 million short of its goal.

But BHB nonetheless footed the bill some three months ahead of the Acute Care Wing’s September 15 opening, a spokeswoman told The Royal Gazette.

“BHB covers the shortfall,” she said. “The $40 million down payment was paid in full to Paget Health Services by BHB on the contracted date — which was two days after the key handover.”

The Board received the keys to the Acute Care Wing on June 12.

“BHCT is effectively paying back BHB for the payment already made — $20m was received in June and whatever has been raised will form the second payment,” the spokeswoman said.

Government has pledged to back up the Board if BHB proved unable to meet its obligations. Earlier this year BHB chairman Jonathan Brewin warned of “serious financial issues” facing the organisation.

However, with its down payment obligation already met, BHB’s biggest challenge now is its monthly payments to Paget Health Services.

For the Acute Care Wing’s first year of operation, those monthly disbursements will run about $2.5 million at a time.

“We’ve made the big lump sum payment and we are now onto our monthly payments,” the spokeswoman said.

“The Government guarantee will only come into effect if BHB got to a point where we couldn’t meet those payments.”