Organizers of the 2010 Vancouver Winter Olympics going on $1-billion shopping spree
Organizers of the 2010 Winter Olympics and Paralympics are spending a majority of the $1.63 billion operations budget over the next 16 months on transportation, energy services, anti-doping, accommodation and food and beverage goods and services.
“There will be a dramatic increase in operating expenses across the organization,” said the report for the year ending July 31, 2008, which was released Thursday.
VANOC, through its auditor Ernst & Young, reported $122.281 million revenue and $170.424 million in expenditures for the fiscal year. Since 2003, it has spent $364.056 million and forecasts a balanced budget despite the global economic crisis.
The report says VANOC believes that future cash flows from international and domestic sponsorship, ticketing, licensed merchandise and governments “will provide sufficient funds to meet future cash requirements.
“VANOC believes it has secured sufficient credit facilities to finance its future operations.”
The report said VANOC will publish an updated business plan and operations budget early in 2009.
During the year, VANOC’s payroll grew to 773 full-time equivalent employees from 426 a year earlier. The five outdoor venues and UBC Thunderbird Arena were substantially completed.
From http://vancouver.24hrs.ca/News/2008/10/16/7108891.html
