Overview
The Vancouver Organizing Committee for the 2010 Olympic and
Paralympic Winter Games (VANOC) is responsible for two key areas
relating to the 2010 Winter Games: the construction of Games
venues, and the delivery of successful Games on behalf of all
Canadians.
Since VANOC’s inception on September 30, 2003, this
Business
Plan represents its second plan that details the Games
operating budget and venue development budget.
As required under the Multiparty Agreement (see section 2.4.1),
VANOC’s first Business Plan was to detail, to the best
extent possible, the planning, organizing, financing and staging of
the Games. VANOC met this requirement with its first Business Plan,
known as Version 1, being approved by the VANOC Board of Directors
in July 2005. That plan updated the Vancouver 2010 Bid Book
assumptions and reflected the state of planning and expectations at
that time. The Version 1 Business Plan included a discussion of
future business plans with an indication that
Version
2 of the Business Plan would be developed in late 2006 when
function managers had been hired, function planning was
sufficiently advanced and when the experience of the Torino 2006
Winter Games could be properly incorporated. The first draft of
this
Version
2 Business Plan was delivered to the VANOC Board of Directors
in November 2006.
The Games operating budget in the
VANOC
Version 2 Business Plan is the product of 50 individual
function business plans that were developed through an extensive
and thorough exercise across the entire organization that took
place in 2006. VANOC will develop three versions of its Business
Plan and budget over the course of its lifespan. These plans will
reflect the stage of organization of the Games and the need to
continuously update financial plans and revenue projections. The
first Games revenue and expense projections were prepared for
Vancouver’s bid and were completed in late 2002. It was
a plan deemed very detailed for its time that was subjected to the
careful scrutiny of British Columbia’s Auditor General.
As directed by the IOC, the plan was prepared in fixed 2002 dollars
and presented to the IOC in US Dollars. Version 3 of the VANOC
Business Plan and Budget is expected to be completed in fall 2008.
It will be based on 18 months of further detailed operational
planning and early Sport Event results. Completion of this budget
at that time will allow functions to properly react to changes in
time for the staging of the Games. Version 3 will essentially be an
exercise in validating financial assumptions, ensuring that the
Games operating budget is realistic and achievable. By then,
operating plans will be well advanced. It will be completed
approximately 16 months in advance of the Games and should reflect
a high degree of confidence about the costs and revenues associated
with the Games.
The Multiparty Agreement requires the VANOC Business Plan to
include the following elements:
-
a values, vision, mission, goals and objectives statement
-
a financial plan that includes all sources of funding, a complete set of financial projections and cash flow projections
-
a plan for achieving sponsorship revenue and value-in-kind support targets
-
an operating budget and capital budget for each of the Olympic Games and the Paralympic Games
-
a deficit avoidance plan that will include the requirement for the OCOG to immediately implement remedial measures to eliminate a deficit and to establish acceptable levels of riska risk management plan
-
a plan for acquiring services required by the Games Organizing Committee (OCOG) for identifying how those services will be provided (for example, by the OCOG, third-party sponsorship, volunteer support, one of the Parties, or by other means)
-
a human resources plan regarding paid staff and volunteers, including an employment equity plan; provision for an environmental scan that is to be regularly updated
-
a plan for concluding development and use agreements with facility owners, as required, for the Games
-
a marketing plan a security plan to be developed in consultation with the Government Parties
-
a cultural plan
-
a health plan to be developed in consultation with the Government Parties
-
a communications plan
-
an evaluation mechanism for ongoing assessment of the OCOG’s progress in planning, organizing, financing and staging of the Games
-
an Official Languages plan that will facilitate OCOG’s delivery of bilingual Games
The
VANOC
Business Plan includes all of the above noted elements within
the plan and its appendices.
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