VANCOUVER - Olympic organizers needed $2 million from their contingency fund but venue construction for the 2010 Games remains on target, according a quarterly report released Thursday by the Vancouver Olympic Games Organizing Committee.
The report, for the three-month period ending April 2007, says VANOC remains on track to complete most of its venues two full competition seasons before the February 2010 Games so facilities can be tested and athletes can use them for training.
"We remain on schedule to deliver all but three competition venues for training and competition by end of 2007, resulting in the earliest completion of competition venues in recent Olympic history,'' Dan Doyle, executive vice-president of construction, said in a release.
The venue budget for the Games remains at $580 million in taxpayers' money. That includes the additional $110 million the federal and provincial governments contributed to the project when VANOC realized it couldn't complete the venues for the original projected cost of $470 million.
Built into the construction budget was a $66.8-million contingency fund. Rising venue costs have reduced the fund to $53.3 million but this is appropriate for the remaining commitments and risks, the report said.
VANOC's revenue from marketing and sponsorship, the International Olympic Committee and other sources for the quarter ending April 30, 2007, was $75.8 million. Expenses were $22.1 million.
Overall, operating revenue, since VANOC was formed in 2003, totals $197.7 million, while operating expenses total $143.2 million.
VANOC's venue development expenditures for the quarter were $63.0 million and now total $306.0 million since venue construction began.
VANOC's next financial report will be released in October 2007 and will include audited financial statements for the year ended July 31, 2007.
