Organizers for the 2010 Games approved a revised budget today that’s roughly the same size as the previous one, senior VANOC officials announced.
Games CEO John Furlong said the public won’t learn the specifics until next week, but said the new balanced budget contains a “reasonable” amount of contingency to address the economic slowdown.
Furlong suggested some of that financial flexibility might come from cutting medal awards ceremonies at Whistler’s Celebration Plaza.
“For the question of presenting medals there, our view is we will probably not,” he said.
Asked whether the revised operating costs approved by VANOC’s board of directors are in line with the current $1.6 billion budget, Furlong said they’re comparable.
“The order of magnitude of the budget is in the same ball park,” he said. “We’re roughly talking about the same scope and size.”
Executive vice president Dave Cobb said “95 per cent” of the cost projections in VANOC’s previous budget would apply today, meaning that no major changes have been made. He said the main revisions consist of reductions in overhead costs such as fewer Games employees.
Cobb added that VANOC is trying to secure deals with four or five companies to make up the nearly $10 million the organizing committee says it needs to reach its sponsorship target of $760 million.
Though major Games sponsors such as General Motors, Nortel Networks and Teck Cominco have experienced financial difficulties of late, Cobb said there’s been no indication that any of them will break their commitments.
Asked if any sponsor would face financial penalties for withdrawing from the Games, Cobb suggested it would be a difficult process.
“Every sponsor has a contract to deliver what they’ve said they’ll deliver,” he said. “If sponsors decided they’re not going to pay we wouldn’t accept that.”
Provincial New Democratic Party Olympics critic Harry Bains said he’s concerned that when the details of the revised budget come out next week, the public will forget about the true cost of the Games.
When capital projects such as the Canada Line and the Sea-to-Sky Highway upgrade are factored in, taxpayer exposure for the Olympics could be as high as $7 billion, Bains said.
“When you add all those up it’s a lot of money,” he said. “The taxpayers have a right to know what the total cost will be at the end of the day to host these games.”
Geoff Dembicki is a staff reporter for the Hook.
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Stump
3 years ago
contracts
“Every sponsor has a contract to deliver what they’ve said they’ll deliver,” he said. “If sponsors decided they’re not going to pay we wouldn’t accept that.”
Does Furlong et al have a contract to deliver the Games on budget? If he can't... why should we accept that?
What a revolting mess this boondoggle will be.
realisticman
3 years ago
Vancouver needn't worry
Harry and Carole realize that the rest of BC is there if needed.
"MLA Harry Bains, the NDP's Olympic critic, criticized Campbell for not dipping into B.C.'s surplus to help with cost overruns.
"Why are Vancouver taxpayers being asked to pay $100 million?" Bains asked."
http://www.no2010.com/node/523
quarry bay
3 years ago
Rman
Perhaps you could come up with something a little more current/ your link is from november 8/2008
Let me fill you in on the Liberal farm team`s plan (Ladner/sullivan/NPA)
If Sullivan and Ladner and Gordon Campbell`s NPA team would of come clean about the details of the Bankrupt(on paper) Millennium deal,when they first knew about the pending disaster(9 months ago)
Here is what would of happened---There would of been a referendum(vancouver charter law) on borrowing that money--The people of Vancouver would of voted against the referendum and.......
Drum roll please......
The bill would of fell onto the lap of Gordon Campbell`s Liberals and Vanoc!
Which means the whole province would pay!
Ladner/Sullivan--Kept everything secret until the 11th hour---The reason,to keep it out of the legislature,to shield Gordon Campbell`s liberals/To prevent a referendum do to time constraints.
Have you got the scam figured out yet Rman?
I am always glad to fill you in.
Gordon Campbell might have avoided answering questions on when last spring/summer and fall, Ken Dobell told him about the olympic village disaster,the legislature will open up in febuary,the questions will be asked then,be prepared for fireworks,be prepared for Campbell to be exposed again,along with Hansen/Dobell/Ladner/NPA/ and many others.
This olympic scandal party is just getting started.
FOLLOW THE MONEY
CHEERS--LUKE CHEERS RMAN
Quarry bay
quarry bay
3 years ago
Rman
here is the perspective of the majority of BCers.
http://www.canada.com/burnabynow/opinion/story.html?id=f2823788-387d-4470-bc3d-bbf99f468518
G West
3 years ago
Realisticman - that was old news last time you posted it
That story is from November when the money being talked about was a mere 100 million. At that point, the Campbell forces were still claiming there was a budget surplus....time and events have moved on my friend.
To suggest that's the NDP position now - after all that's happened since is hardly kosher - besides, this was pointed out to you earlier.
Never fear though, Vancouver is a creature of the Provincial Crown - if it screws up badly enough the provincial taxpayer will be paying the bill anyway.
Just like all the other ones....
These are your boys who created this mess and there is no way transference is going to work.
You and they, are going to have to wear it.
And the poor suffering taxpayer is going to pay the bills for Campbell's hubristic sell out of the province's assets and its future....
realisticman
3 years ago
quarry bay
Are you suggesting that the NDP has changed its mind in the space of a couple of months? Are you also saying that the NDP has a limit on how much help the province should give?
It was Vancouver City Hall that promised to provide the Village to VANOC and if they don't then VANOC would almost certainly sue the City and they'd have a very good case based on a signed contract. The province could move in and take over to complete the obligation but Vancouver would almost certainly end up paying big damages to VANOC.
Completion of the Village by the City almost certainly will happen, "Mayor Gregor Robertson is also setting up a ten member advisory committee from the development community to help guide him through the Olympic Village controversy. The city's finance director says taking over financing will save money and make sure the project is completed on time." (http://www.news1130.com/news/local/more.jsp?content=20090122_140050_46988)
Only ten.
Robertson has read the contract and the obligations and intends to ensure that all goes well, with minimal disruptions too.
Robertson has also requested a change to the city's charter so as they can regulate negative advertising and quickly remove graffiti during the Olympics.
I believe I also heard a clip today that had him saying that the city expects to make a profit on the Village too.
Maybe Happy Planet will come on board as an Official Sponsor :)