Vancouver 2010 releases business plan: balanced budget; healthy contingency; operational excellence and lasting legacies for all Canadians

May 8, 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 with a goal of positive legacies.

“Our objective has been to produce a balanced budget with a healthy contingency and we have delivered that plan today,” said John Furlong, VANOC chief executive officer. “This is the roadmap for three years of hard work ahead. We will continue to work within our available financial resources and we will not spend what we don’t 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 Columbia.

“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 include a portion of the worldwide sale of Games television broadcast rights negotiated by the International Olympic Committee (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 billion operating 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.

Contact

VANOC Communications
mediarelations@vancouver2010.com