Organizing Committee maintains fiscal discipline in latest quarter;
Positive variance in capital budget remains steady at $57.5 million;
Hiring and procurement push starting this spring
Full Pan Am sport program officially approved by PASO
Conference call with TO2015 CEO and executives to discuss report at
12:15 p.m. today
TORONTO, Feb. 12, 2013 /CNW/ - As the TORONTO 2015 Pan Am/Parapan Am
Games Organizing Committee (TO2015) shifts gears from planning to
execution, it is bringing on some of the most experienced multi-sport
Games experts in the sport world, TO2015 announced today as part of its
winter 2013 Quarterly Report to the public.
As well, the Pan American Sports Organization (PASO) has formally
approved the full 36-sport Pan Am sport program for the TORONTO 2015
Games, which includes all 28 Olympic sports set for the Rio 2016 Games,
including golf and rugby sevens, as well as Pan Am-only sports such as
bowling, softball and baseball. TORONTO 2015 will mark the first time
golf will be played as a medal competition at the Pan Am Games. The
International Olympic Committee (IOC) will now review the program,
which is traditionally finalized a year before the start of the Pan Am
Charts outlining TO2015's infrastructure budget and quarterly financial
graphs are available at toronto2015.org. TO2015's senior leadership team will be available to the media at 12:15
p.m. today. For details on how media can dial in, please see below.
To create an unforgettable experience for spectators and a world-class
field of play for the 10,000-plus athletes and officials coming to the
TORONTO 2015 Games, this impressive roster of Games experts are playing
key roles in vital areas such as operations, accessibility,
transportation and sport. With decades of experience on five
continents, they have worked for Olympic Games stretching back to
Atlanta in 1996, as well as various Paralympic Games, Commonwealth
Games and Pan Am/Parapan Am Games, among others.
Vice-President, Games Overlay—John Baker (Rio 2016, Glasgow 2014 and
Delhi 2010 Commonwealth Games, Beijing 2008, Rio 2007 Pan Am/Parapan Am
Games, Doha 2006 Asian Games, Athens 2004, Sydney 2000, as well as the
Istanbul 2020 and Toronto 2008 Olympic and Paralympic Games bids).
Vice-President, Project Management and Games Planning—Dena Coward (Sochi
2014, Vancouver 2010, Winnipeg 1999 Pan Am Games).
Vice-President , Venue Management—Jan Damnavits (London 2012,Vancouver
2010, Beijing 2008, Torino 2006, Athens 2004, 2003 Special Olympics
World Games in Dublin, Salt Lake 2002, Sydney 2000, ESPN Xtreme Games
1999 San Francisco, Atlanta 1996).
Vice-President, Transport and Logistics—Irene Kerr (Vancouver 2010).
Director, International Relations and National Olympic and Paralympic
Committee Services—Lambis Konstantinidis (London 2012, Vancouver 2010,
Beijing 2008, Torino 2006 and Athens 2004).
Director, Parapan Planning and Integration—Kristina Molloy (consultant
for Sochi 2014 and London 2012, Vancouver 2010).
Director, Games Overlay Design—Amber Walbeck (London 2012, AFC Asian Cup
Qatar 2011, Vancouver 2010, Salt Lake 2002).
Senior Sport Manager—Holly Abraham (Sport Alliance Ontario, developed
international rules and regulations for high-performance sport, managed
aerobic gymnastics world championships).
Also included in the winter 2013 Quarterly Report are TO2015's latest
financial reports (covering the period ending December 31, 2012), which
show the Games' construction projects continuing to track well under
budget, by $57.5 million. The quarterly financial report was reviewed
and approved by both the TO2015 Board of Directors and Audit Committee.
"We're at an important juncture in our planning for the Games,"
explained Ian Troop, chief executive officer, TO2015. "Up until the end
of 2012, we focused on laying a solid foundation—this meant determining
our priorities, announcing our sport programs, choosing our venue
locations and getting shovels in the ground on our major new builds.
"We're now drilling down into operational planning, which will involve
greater hiring and procurement opportunities as we fine-tune our plans
for overlay and finalize rental agreements. This hiring and procurement
push will start this spring.
"We're looking to create bench strength—the perfect blend of local
talent who know and represent the Games region best with international
experts who know the ins and outs of successfully hosting an event of
this magnitude," he added. "As such, our operational expenditures will
increase in the coming quarters as forecast. Most important, we
continue to be on budget and on time in our planning and our building."
Complementing the global multi-sport experience of TO2015's Games
experts are Ontarians, who make up the bulk of the workforce, with
in-depth knowledge of the local sport, media, community, culture and
government relations landscape. Currently at 123 full-time employees,
TO2015 still has three-fourths of its planned Games-time hiring to
In the third fiscal quarter of 2013, TO2015's operating expenses were
$7.6 million and were predominantly in the areas of broadcast and
workforce. Since inception, the Organizing Committee has spent $48.7
million, or 6.4 per cent, of its total operations budget of $767
TO2015's total venue construction expenditures for the quarter were $6.8
million. Project-to-date venue construction expenditures total $36.4
million, representing five per cent of its total $674 million capital
TO2015's overall capital building program is continuing to come in under
budget. The $57.5 million positive variance in the capital budget
reported in the last Quarterly Report remains unchanged. More than 85
per cent of the capital budget is locked in, with financial
contingencies built into each individual venue budget. Potential for
cost increases has been mitigated by using a project management design
that shifts risk to private sector contractors.
Six sport venues for the Games are currently under construction and will
be substantially complete in 2014, well ahead of planned test sport
events and the Games. Construction starts and critical paths are on
schedule for the remaining venue projects.
Progress is also continuing on the CIBC Pan and Parapan Am Athletes'
Village, now under construction for a year. The village is a separate
project outside of the TO2015 budget.
Recent highlights include:
479 businesses have sold goods and services to TO2015 since inception,
totalling more than $15.9 million as of December 31, 2012. Sixty-two
per cent of the spend went to businesses operating in the Greater
Golden Horseshoe region. Of the suppliers used, 118 are diverse
suppliers, meaning they are 51 per cent owned by women, visible
minorities, Aboriginal peoples or persons with disabilities. Diverse
suppliers accounted for $4 million in business with TO2015.
TO2015 continues to be successful in attracting sponsorship revenue with
its most recent additions of FUSE Marketing Group Inc. and Pattison
Outdoor Advertising L.P. in the Official Supplier category.
The announcement in January of TO2015's tenth capital project: the $20
million renovation of the Etobicoke Olympium, which will be used as a
training facility during the 2015 Pan Am Games. The year-long
construction project will start in July 2013.
The TORONTO 2015 Mascot Creation Challenge is inviting teams of children
and youth aged 16 and under across Canada to design the most
recognizable face of the Games. The competition opened in January and
closes on March 8, 2013.
Last month, TO2015 kicked off its IGNITE program, which offers Games
enthusiasts and community organizations the ability to put their stamp
on the "People's Games." The program, which already has 35 projects
under its belt, marks the first time non-commercial projects have had
the opportunity to be officially recognized as part of an international
multi-sport Games held in Canada. IGNITE is currently accepting
applications until March 1, 2013. Applications are processed on a
quarterly basis. Future application windows will follow on June 1,
September 1 and December 1 from now until March 2015.
In December, TO2015 successfully hosted its first official visit by a
National Olympic Committee (NOC)—the Canadian Olympic Committee (COC).
The COC also announced a one-time
$2.6 million boost for eligible athletes to attend the Games.TO2015 is
currently hosting the International Paralympic Committee (IPC), the
global governing body of the Paralympic Movement, and the Americas
Paralympic Committee (APC). The four-day IPC coordination commission
visit, which concludes Thursday, is the first of four meetings planned
between the IPC, APC and TO2015 to discuss plans for the largest ever
Parapan Am Games.
TO2015 Budget Background
The overall budget for the TORONTO 2015 Games remains unchanged at
$1.441 billion. Of the total amount, $674 million is dedicated to a
capital budget for new venues and renovating existing facilities and
$767 million is dedicated to the operations of staging the Games.
The budget is composed of commitments of up to $500 million each from
the Government of Canada and the Government of Ontario, along with $288
million from municipal governments, universities and venue owners and
an estimated $153 million raised through sponsorships, ticketing and
other revenue measures.
The budget includes the costs of overlay, essential services and the
need for appropriate contingencies for the capital and operating
components of the Games. It has been reviewed and confirmed by
independent third-party financial experts and by experts in staging
large-scale, international, multi-sport events.
In addition to the $674 million capital budget, there are other
supportive investments being made. As per the Bid Book, the
construction of the CIBC Pan and Parapan Am Games Athletes' Village,
which will be a permanent residential community following the Games, is
not included in the TO2015 capital budget. The construction of the
field house in Markham is a separate undertaking funded solely by the
City of Markham. As announced in 2011, the Province of Ontario is
investing an additional $22.3 million in Hamilton's new stadium.
When it announced its budget in May 2012, TO2015 committed to regular
updates to the public. Today's Quarterly Report is the second in an
ongoing series of regular, quarterly organizational updates as the
organization moves forward to Games time.
Like the Province of Ontario, TO2015's financial reporting follows the
fiscal year, which ends April 1, rather than the calendar year, which
ends on December 31. This is why the bulk of the Organizing Committee's
operating expenses, for example, will be paid in fiscal year 2016;
though occurring in the summer of 2015, the Games will take place
during the second quarter of fiscal year 2016.
The next Quarterly Report will be released in May 2013 and will cover
the final quarter of fiscal 2013, ending March 31.
TO2015 Quarterly Report Media Conference Call Details
12:15 p.m. to 1:00 p.m.
Ian Troop, chief executive officer
Barbara Anderson, chief financial officer
Murray Noble, senior vice-president, infrastructure
The call will be chaired by Teddy Katz, TO2015 chief spokesperson and
director of media relations.
To access the conference call by telephone, dial 416.981.9004 within
Canada, 212.231.2929 in the United States, or toll free at
1.800.768.9711 within North America. Please connect approximately 10
minutes prior to the beginning of the call.
About the TORONTO 2015 Pan American/Parapan American Games
The Pan American and Parapan American Games are one of the world's
largest international multi-sport events, held every four years for
athletes of the 41 member nations of the Pan American Sports
Organization (PASO) and 28 member nations of the Americas Paralympic
Committee (APC). The Pan American Games are comprised of all Olympic
Summer Games sports, as well as traditional Pan American sports, while
the Parapan American Games are comprised of the majority of Paralympic
Summer Games sports. The TORONTO 2015 Pan American/Parapan American
Games will draw more than 10,000 athletes, coaches and team officials
and feature 51 sports in municipalities across the Greater Golden
Horseshoe area. The TORONTO 2015 Pan American Games will take place
July 10−26 and the Parapan American Games August 7-14. For more
information about the Games, please visit toronto2015.org.
SOURCE: Toronto 2015 Pan/Parapan American Games
For further information:
Director, media relations and chief spokesperson TO2015