SLOC officials reported to the state Legislature’s Olympic Coordination Committee their financial projects for the 2002 Salt Lake Winter Games. The report was the same given to the committee in May, when the state’s deputy Olympic officer Leo Memmott verified that SLOC was meeting financial goals and paying its bills.
Salt Lake Organizing Committee chief operating officer Frazier Bullock said that as of Sept. 30, revenues remain $46 million short of the $1.3 billion needed to put on the Games. But with a current reserve fund of $108 million, projections should be met, he said.
His calculations included an expected $60 million risk, that is, possible shortfalls in revenues and expenses. “We will break even”, said Bullock. “We’ll pay all the bills”.
Bullock said the budget assumes $153 million from the federal government. SLOC expects $21 million to be appropriated during the current congressional session.
Ticket sales, expected to bring in $180 million, are already at $167 million. “Being 80 per cent sold at this time is better than any other Games in history”, said Bullock.
SLOC chairman Robert Garff asked rhetorically what would happen if the Games were canceled.
“Financially, its impossible not to have the Games”, Bullock answered. With $1 billion in expenditures already committed, “we are too far down the road”.
SLOC’s $159 million cancellation insurance wouldn’t come close to meeting its obligations, he said.
Bullock acknowledged that if certain countries were to boycott the Games, broadcast contracts would be at risk. However, “everybody’s planning on coming at this point in time”, he said. “The federal government, sponsors, everybody, says these Games need to go on, now more than ever”.
