Vancouver 2010 officials say construction for the Winter Games is on budget and 13 of the 15 venues will be ready for training and competition for the upcoming season.
CP reports the venue construct budget for the Games is $580 million in taxpayers money, which 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.
According to Vancouver 2010’s latest quarterly report, which covers the period from Nov. 1, 2006 to Jan. 31, 2007, VANOC’s revenue from marketing and sponsorship, the International Olympic Committee (IOC) and other sources was $35.2 million. Expenses were $28 million. Overall VANOC’s operating revenue since being formed in 2003 is $121.8 million while operating expenses total $121.2 million.
VANOC’s venue development expenditures for the quarter were $59.5 million and now totals $242 million since venue construction began.
Venues to be completed and ready for use this year include the Whistler Sliding Centre, the Whistler Nordic competition venue, the skiing venue in Whistler, Cypress Mountain, home for snowboard and freestyle skiing, GM Place in Vancouver and Hastings Park, home to figure skating and short-track speed skating.
Dan Doyle, VANOC executive vice president for construction, said in a release, “we are more than halfway through our venue development program and have allocated less of the venue construction contingency than forecast. We are on schedule, on budget and on target to meet our goals of ensuring early completion”.
The next quarterly report covering the three months ending April 30, 2007, will be available in June.
Tuesday VANOC said its board of directors had approved the Games business plan. The plan still needs final approval by the provincial and federal governments.
