VANOC releases financial statement for first year of operations 

With the first year of planing behind them the 2010 Vancouver Organizing Committee has released its financial report.

It shows that, as expected, money is coming in from both levels of government as plans move ahead for venue development. And the audit shows that borrowing continues as operational costs, such as salaries, are incurred.

VANOC has received $51 million in funding from the provincial government. About $30 million of that funding has been placed in trust for the development of the Vancouver athletes village.

The Telus Conference Centre at Whistler also received $3 million, which went toward the renovation of the complex. Another $679,064 was spent on plans and various assessments for the Whistler Nordic Centre development process.

"It’s been Whistler, Whistler, Whistler," said VANOC spokesman Sam Corea of venue expenditures.

Plans surrounding the Whistler paralympic arena, the site of which has yet to be determined, have so far cost $825,000, and $349,694 has been spent on the Whistler Sliding Centre to date. VANOC was also billed $115,925 by the Resort Municipality of Whistler for consultants and contractors on loan.

The federal government has also given $4.4 million as part of its commitment to venue development. Both the federal and provincial governments have committed $620 million for venues and post-Games endowment funds.

The audit, completed by Ernst and Young, covers the period from incorporation (Sept. 30, 2003) to July 31, 2004. In that period, VANOC reports deferred operating expenses of just over $6 million. This covers expenses such as the start-up of the 2010 Games office, staffing and equipment costs.

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