The Olympics and Paralympics wrapped up almost four months ago, but are still grabbing headlines as both the Government of B.C. and the Vancouver Organizing Committee (VANOC) released financial data over the last week.
VANOC said they will balance their budget when their final report is tabled in the fall, although that is most likely the result of up to $100 million in additional funding from the federal and provincial governments and the International Olympic Committee. The IOC approved $22 million in additional support in recognition of the impact of the financial crisis on sponsorship opportunities.
Without that additional funding, the spectacle surrounding the Games would have been cut back, VANOC's chief financial officer John McLaughlin told reporters this week.
VANOC sought the extra funding in early 2009 when it became clear that there was not enough to stage the Games.
The province came through with $49.5 million in additional funding, which came to light when the province disclosed its Olympic costs last week. The federal government provided $34 million, including $20 million for the opening and closing ceremonies and $15 million for the torch run.
Without that money VANOC says the Games would have looked very different. With it, VANOC states it is on track to report a balanced operating budget of roughly $1.75 billion.
For their part, the Government of B.C. disclosed last week that it spent $925.2 million on the Games, or $325 million than originally budgeted. That figure also doesn't include work like the $600 million Sea to Sky Highway Improvement Project, the $2 billion Canada Line extension into Richmond, or other infrastructure upgrades.
The City of Vancouver also borrowed money from the province to complete the Vancouver athletes' village. Whether that money will be completely recovered won't be known until the units are offered for sale.
