VANCOUVER, June 20 /CNW/ - With the release of its third quarter
financial statements, the Vancouver Organizing Committee for the 2010 Olympic
and Paralympic Winter Games (VANOC) confirms that venue construction and
operational activities continue on track while procurement activity for a
variety of goods and services will increase as planned in the coming months.
VANOC's management team is also continuing to develop and review operating
plans in all functional areas to maintain a balanced budget and to update the
budget for Board approval in early 2009 and then public release.
The latest quarterly financial report covers the period from February 1
to April 30, 2008, highlighting operational expenditures largely in sport and
technology. VANOC's focus remains on the substantial completion of all
competition venues prior to the Beijing 2008 Games, the confirmation of
revenues required to meet budget targets and on advancing its operational
planning and preparation for the Games.
"We are entering an important new chapter in the operational and
financial planning for the Games," said John McLaughlin, VANOC's chief
financial officer. "While the venue construction program is nearing successful
completion, operations and procurement are ramping up. We are now engaging the
marketplace for our needs in infrastructure, technology and other key items
required to host 18 successful Sport Events in 2008 and 2009, in addition to
the Olympic and Paralympic Winter Games in 2010. With the majority of our
operating expenditures expected to be committed in the next six to 15 months,
it is critical that we remain focused and disciplined financially and that our
updated budget reflects that level of vigilance."
VANOC expects the next two quarters will include increased procurement of
a variety of goods and services such as the scaffolding, seating, fencing,
flags, flowers and groundwork services needed for temporary overlay at venues,
as well as housekeeping, laundry, dining and concessionaires for village
VANOC's net deferred operating revenue from sponsorship and other sources
for the quarter ending April 30, 2008 was $15.3 million. On a project-to-date
basis, deferred operating revenues are $279.5 million and are comprised mostly
of sponsorship revenues and contributions from the International Olympic
Committee. This represents approximately 17 per cent of budgeted operating
revenues for the project.
VANOC's net deferred operating expenses in the current quarter were
$47.8 million. Excluding the impact of net foreign exchange losses, deferred
operating expenses were $43.4 million for the quarter ended April 30, 2008. On
a project-to-date basis, deferred operating expenditures total $305.2 million,
or about 19 per cent of the project budget.
VANOC's total venue construction expenditures for the quarter were
$14.6 million, down from $38.4 million in the previous quarter.
Project-to-date venue construction expenditures now total $480.8 million,
which represents 81 per cent of the venue construction budget. Venue
construction expenses can be attributed to areas including the closing of the
roof structure and preparation of the curling rink slab at Hillcrest/Nat
Bailey Stadium Park, construction of the remaining building works at Whistler
Olympic Park, and installation of the wall panels in the High Performance
Centre at Whistler Athletes' Centre.
VANOC's workforce continues to grow substantially as the 2010 Winter
Games approach - increasing by 93 during the reporting period, to reach a
total of 683 full-time staff. A volunteer update was also issued on June 19,
highlighting that approximately 45,000 people now having applied to volunteer
for the Games in 2010.
The third quarter report can be accessed at www.vancouver2010.com.
VANOC's next financial report will be released in October 2008 and will
include audited financial statements for the year ended July 31, 2008.
VANOC is responsible for the planning, organizing, financing and staging
of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The
2010 Olympic Winter Games will be staged in Vancouver and Whistler from
February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic
Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.
For further information:
For further information: Media Contacts: Katie Green, Vancouver 2010,
(778) 328-6473; Chris Brumwell, Vancouver 2010, (778) 328-6269