Government would have enough money to largely pay for Bermuda’s new hospital if it had kept its running costs in line with its tax revenue during 2010/11, according to Peter Everson.The Chamber of Commerce’s economic chairman put recent Government current account figures into perspective as he urged Premier and Finance Minister Paula Cox to set out a clear plan towards a sustainable future.Taxpayers paid Government $917 million in the fiscal year ending March 31, 2010, yet during that period Government spent $1.1 billion on its current account excluding capital projects. Mr Everson said the $259 million deficit means that, every day Government employees went to work, Government took out a loan of $1 million to meet their wages, salaries, health care costs and pensions.“Thus the taxpayers of Bermuda took out a new mortgage of $1 million each and every working day in that year,” he told The Royal Gazette.The collective bill for that overspending in 2009/10 now results in a monthly payment of $1.7 million for the next 30 years, he said.“To look at this another way,” said Mr Everson, “if the Government employment numbers, wages, salaries and benefits were in line with the tax revenue then the savings of $259 million would have largely paid for the new hospital. “In fact because this level of overspend continued into 2010/11, with a $97 million current account overspend in the first three months of 2010, the entire $350 million cost of the hospital would have been paid for before the end of June 2010.”He said Government cannot blame the current overspends on the global recession claiming this year is certain to produce the seventh current account deficit in a row.He predicted the cumulative deficit for that period would reach $1 billion before Cup Match.“There is one and only one aspect that is fundamental to the entire multitude of wishes of the members of the Chamber of Commerce and that is that this Budget be based upon a sound acknowledgement of where we currently are,” said Mr Everson.“If this is not met then whatever the Budget seeks to achieve it will fail.”Calling for Government to work hand in hand with the unions, he said: “There are no easy solutions. Many, many changes must be made: some small and easily achieved; some difficult and painful.“The Budget must acknowledge the painful reality of where we find ourselves today and set out a clear plan towards a future of sustainable prosperity based upon realistic assumptions.”Useful websites: www.bermudacommerce.com