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Vancouver 2010 Winter Olympics
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Vancouver 2010 releases business plan: balanced budget;healthy
contingency; operational excellence and lastinglegacies for all
Canadians
May 7, 2007
The Vancouver Organizing Committee for the 2010 Olympic and
Paralympic Winter Games (VANOC) today posted to
vancouver2010.com its business plan that includes a balanced
operating budget of $1.63 billion and a venue construction
budget of $580 million. The plan supports the delivery of
outstanding Games w ith a goal of positive legacies.
Our objective has been to produce a balanced budget with a
healthy continge ncy and we have delivered that plan today,
said
John Furlong, VANOC chief executive officer. This is the roadmap
for three y ears of hard work ahead. We will continue to
work within our available financial resources and we will not
spend what we dont have. Our budget will stay balanced.
The VANOC Business Plan blends the experience and lessons from
the Salt Lake 2002 and Torino 2006 Games with the
expertise and knowledge of VANOC staff and its partners. The
plan updates the planning and financial assumptions made in
the Vancouver 2010 Bid and maps out what is required to stage
the Games in 2010. It has been approved by the VANOC
Board of Directors, the Government of Canada and the Province of
British Columb ia.
The VANOC Board of Directors is confident that with this plan
the fiscal framework and discipline is in place to not only
stage
great Games but also to produce community and sport legacies
that will last long into the future, said Jack Poole, VANOC
Board chair.
With this plan we can focus on managing our project efficiently
with flexibility to adjust, and to grow our revenues to protect
the
contingency. This plan is focused on leaving a lasting legacy
and we encourage every citizen to take an active interest in
the
work we are undertaking on their behalf and for the benefit of
future generations, Furlong concluded.
Operating Budget: $1.63 billion (CAD)The 2010 Olympic Winter
Games operating budget is financed by private sector revenue
sources. These sources inc lude a
portion of the worldwide sale of Games television broadcast
rights negotiated by the International Olympic Committe e
(IOC),
international and domestic sponsorships, licensing and
merchandising, ticket sales and fundraising.
VANOC has collected or has received commitments for revenues for
approximately $1.1 billion (69 per cent) of its $1.63
billionoperating budget and anticipates collecting an additional
$505 million.
Of the $1.63 billion in expenditures, $722 million of goods and
services remains to be committed. VANOC is carrying an
operating budget contingency of $100 million to address any
potential shortfalls in these revenues or increased
expenditures.
Capital Budget: $580 million (CAD)The budget for building new
venues and renovating existing facilities to stage the 2010 Winter
Games remains at $580 million
and is equally funded by the Governments of Canada and the
Province of British Columbia. The venue construction program is
on time and on budget and has a current contingency of $55.3
million.
VANOC is responsible for the planning, organizing, financing and
staging of the XXI Olympic Winter Games and the X
Paralympic Winter Games in 2010. The 2010 Olympic Winter Games
will be staged in Vancouver and Whistler from February
12 to 28, 2010. Vancouver and Whistler will host the Paralympic
Winter Games from March 12 to 21, 2010.
ContactVANOC Communications
[email protected]
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