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Vanoc Gets $110 Million Cash Infusion From Feds And Province


mr.x
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Vancouver Olympics gets cash infusion

Last Updated Wed, 30 Aug 2006 13:25:40 EDT

CBC Sports

Organizers of the Vancouver Winter Olympics will receive an additional $110 million from the Canadian and B.C. governments to cover escalating costs of building venues for the 2010 Games.

Prime Minister Stephen Harper and B.C. Premier Gordon Campbell announced the long-awaited cash infusion during a Wednesday news conference in Vancouver.

Each level of government will contribute $55 million, bringing taxpayers' expenditure on venue construction to $580 million.

Vancouver Olympic organizers originally pegged the cost of building venues at $470 million.

John Furlong, the chief executive officer of the Vancouver Organizing Committee (VANOC), blamed the rising price of materials and a shortage of skilled labour for the skyrocketing costs.

Furlong also said the initial estimate was prepared, according to International Olympic Committee requirements, in 2002 dollars and didn't factor inflation.

To deal with the soaring costs, Olympic organizers offloaded some projects onto municipalities and scrapped other venues altogether.

Earlier this month, Whistler city council voted to kill plans for a Paralympic sledge hockey arena because the building costs jumped from $20 million to $60 million.

The B.C. government had pledged to pony up more cash to VANOC nearly a year ago, but that money was contingent on the federal government matching the offer.

VANOC took its request to a then-Liberal minority government in October 2005, but it was delayed when the Conservatives took power.

Meantime, Olympic organizers were forced to borrow money to fund their summer construction program.

this won't be the last request.

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What I don't like about this is that Canadian tax payers are on the hook for this, not just the Vancouver residents and British Columbia citizens, but the rest of Canadians.

Have we not labelled these Olympics as "Canada's Games"? Are these Games not a national priority? Is Vancouver and B.C. part of and representing Canada?

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Who knows, mr.x. Especially you know who is trying to scare people in believing that the Vancouver Games is going to cost the city like the way the Montreal 1976 Games went. I didn't hear the news correctly, but "he" says that the cost of the Games could be in the TENS of billions of dollars in the end.

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Who knows, mr.x. Especially you know who is trying to scare people in believing that the Vancouver Games is going to cost the city like the way the Montreal 1976 Games went. I didn't hear the news correctly, but "he" says that the cost of the Games could be in the TENS of billions of dollars in the end.

WHO said that?!!!

Unless we start building venues with permanent seating capacities of 50,000 to 150,000, that's a ridiculous statement.

Being reasonable, here are the likely and more realistic additional cost overruns:

- Venues & Facilities: additional $50-250 million

- Security: additional $100-300 million

- Other: additional $10-50 million (Culture programs)

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Have we not labelled these Olympics as "Canada's Games"? Are these Games not a national priority? Is Vancouver and B.C. part of and representing Canada?

Well VANOC is labelling it like that but I doubt most of the country outside of Western Canada will want to pay for them, especially Montrealers.

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Well VANOC is labelling it like that but I doubt most of the country outside of Western Canada will want to pay for them, especially Montrealers.

Well then Canada might as well be a 100% tax free country with that kind of logic.

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Well then Canada might as well be a 100% tax free country with that kind of logic.

??

What I'm trying to get at Mr.X is that most people from Eastern Canada believe we do not get back enough money in tax revenue that we pay out to the federal government. And in fact, it's actual reality that Ontario does not get back the amount of tax revenue that they dish out. That's why most would not want to be on the hook for an Olympic games that isn't even located remotely closeby. I guess the rest of the country see it as spreading the wealth, but if that's the case...go knockin on Alberta's door since they are the richest province and seem to keep the wealth within that province.

Don't tell me that Western Canada would gladly accept paying up to fund a future Toronto Summer Olympics. I'm sure there would be a lot of objection to that. It also makes it worse that the West views Ontario and specifically Toronto in a negative limelight.

Anyways, what happened has happened and hope VANOC construction costs don't escalate any further.

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Looks like this may very well be VANOC's last request for federal and provincial funds for venue construction. According to Jack Poole, the chairman of VANOC, there are only about $200 million (of the $580 million) worth of construction left to be started.

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For sure Federal won't pay any, according to Stephen (PM), Global News reporter questioned the PM and he answered this would be the last 55 million dollars from the nation.

However, this would definently not be the last request from VANOC I believe. The province would probably be funding a lot of it too... VANOC now has 580 million dollar budget. But there is a lot that VANOC is not paying or is paying very little such as the Olympic villages, Canada Line (although it isn't really part of the olmpics, but it was the 'event' that inspired it to be built), Vancouver Exhibition Centre Expansion, etc.

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  • 2 weeks later...
For sure Federal won't pay any, according to Stephen (PM), Global News reporter questioned the PM and he answered this would be the last 55 million dollars from the nation.

However, this would definently not be the last request from VANOC I believe. The province would probably be funding a lot of it too... VANOC now has 580 million dollar budget. But there is a lot that VANOC is not paying or is paying very little such as the Olympic villages, Canada Line (although it isn't really part of the olmpics, but it was the 'event' that inspired it to be built), Vancouver Exhibition Centre Expansion, etc.

The thing is with the debate of funding a vancouver winter games at what level does it become a losing deal for all? If you look at Stephen Harpers point of view representing a calgary riding he would probably think that enoughs enough at the point of vancouver having the same ammount of federal funding as calgary 1988 with inflation from 1988 to 2006 factored in .

The PM is an economist and they dont see the fuzzy logic and good feelings that an olympics or any other games have.

Vancouver will be back at Mr. Harpers door for operations costs, additional security costs and cost overruns from the municipal units that have had facilites downloaded in their budgets.

To me after vancouver is done the government of canada should have a ban on any international

sport festivals for atleast 40 years. A summer olympics , two winter olympics , two commonwealth games, a Pan Am games in the space of 40 years is enough.

Finish the vancouver games and call it a day for canada for a while. A summer games in Toronto or Halifax is just foolish regionism.

jim jones

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All this coming from the guy that said he would rather go to the states to watch NASCAR racing rather than create your own entertainment at home (such as bringing the CFL to the Maritimes) - all of which reflects on your sad character...........it's expected and not surprising that you wouldn't want Canada to hold more major international events, and in fact would want a "ban" on it. You must be a really boring [and cheap] individual.

Again, only $200 million left of venue construction projects have not been started and there are exactly two years left of construction.....not much room for a lot of additional major construction cost overruns.

Don't forget either that with regards to venues, facilities, and operations Vancouver will be spending significantly less than that of Torino and Salt Lake City.

An Olympics in Toronto would bring much needed redevelopment to the waterfront, much needed spending in new and improved infrastructure (Toronto needs $10 billion to fix its crumbling infrastructure - such as sewers and the TTC), and last since when has Toronto received a major cash injection? Don't forget that Toronto/Ontario doesn't get its fair share from the federal government in regards to equalization payments, and it pays for a large chunk of everybody else's bills in Canada.

Considering that Canada is one of the wealthiest and most powerful nations in the world and can host both summer and winter sport events (unlike the UK and Australia), it's not surprising that we have hosted a number of major sport events over the years.

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