TO2015 Spring Quarterly Report-Including 2013 Year-End Results
Building on successful visits by PASO, IPC as two-year countdown
Promising to deliver great Games, TO2015 maintains fiscal discipline in
Conference call with TO2015 CEO and executives to discuss Quarterly
Report at 11:00 a.m. today
TORONTO, July 5, 2013 /CNW/ - During the last quarter, preparation for
the TORONTO 2015 Games entered an important new phase, with the
Organizing Committee welcoming inspection visits from high-profile
international sport delegations.
The TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015)
hosted successful site tours and comprehensive briefing sessions with
the International Paralympic Committee (IPC), the Pan American Sports
Organization (PASO) Coordination Commission, the Americas Paralympic
Committee (APC), the Canadian Olympic Committee (COC), the Canadian
Paralympic Committee (CPC), as well as a delegation led by Chilean
President Sebastián Piñera.
The international visits will ramp up as TO2015 nears the two-year
countdown celebrations this summer for the Pan Am and Parapan Am Games.
On July 22, TO2015 will host the Barbados National Olympic Committee
for a two-day visit in Toronto, followed by Team USA officials on July
30 and Brazil in October.
"TO2015 has clearly heard our goals for these Games—I believe they can
be the best ever held—and has taken the advice and experience of PASO
members, as well as lessons from past Games held in the region, to
heart," PASO President Mario Vázquez Raña said in April at the
conclusion of the first of four PASO Coordination Commission visits.
IPC Chief Executive Officer Xavier Gonzalez was also pleased with
preparations when he visited in February. "Toronto has the potential to
put on the best Parapan Am Games ever," he said. "This will be a vital Games for us in increasing awareness and
Their visits were just one high point from TO2015's last quarter.
Documents outlining TO2015's infrastructure budget and quarterly
financial graphs covering the period ending March 31, 2013) are
available at toronto2015.org. TO2015's senior leadership team will be available to the media at 11:00
a.m. (ET) today. For details on how media can dial in, please see
"Thanks to the support of our partners, it has been a privilege to host
and welcome these delegations," said TO2015 CEO Ian Troop. "With the
invaluable advice and guidance from these sport experts, we're fine
tuning how best to meet and, hopefully, exceed their expectations
within our commitment to delivering the Games on budget."
Highlights of the final fiscal quarter of 2013 include:
TO2015's operating expenses were $9.2 million and were predominantly in
the areas of broadcast and workforce. Since inception, the Organizing
Committee has spent $57.9 million, or 7.6 per cent, of its total
operations budget of $767 million.
TO2015's total venue construction expenditures for the quarter were
$91.5 million reflecting TO2015's active construction phase.
Project-to-date venue construction expenditures total $127.9 million,
representing 19 per cent of its total $674 million capital budget.
TO2015's overall capital building program is continuing to come in under
budget. The $57.5 million positive variance in the capital budget first
reported in the November 2012 Quarterly Report remains unchanged.
Ninety-four 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. TO2015 is tracking on
target with its operating budget.
The 2013 year-end financials have been reviewed by both the TO2015 Board
of Directors and Audit Committee. The final audited accounting
statements for 2013 are available online at toronto2015.org under the Reference Documents section.
Other highlights include:
The Organizing Committee continues to be successful in attracting
sponsorship revenue. On June 3, the Greater Toronto Airports Authority
(GTAA) joined the TO2015 sponsorship family as the Official Welcome
Partner and Official Supplier of Airport Services for the Games.
The CIBC Pan Am/Parapan Am Athletes' Village is now approximately 50 per
cent complete after 16 months of construction. The Village is slated
for substantial completion in early 2015. It is a separate project by
the Province of Ontario outside of the TO2015 budget.
In April, TO2015 announced its 11th capital project: the $9-million
upgrade of the Ajax Pan Am Ballpark, located at the Audley Recreation
Complex, which will host all baseball and softball competitions for the
Currently at 140 full-time employees, TO2015 is continuing to ramp up
hiring for Games time with three-fourths of staff yet to join.
On May 2, more than 60 Canadian athletes took part in the first-ever
Athletes' Summit held by the TO2015 Athlete Advisory Council, where
they were encouraged to become Games ambassadors in their communities.
Keynote speaker freestyle skier Alexandre Bilodeau talked about the
thrill of competing at home and winning Olympic gold on home soil.
574 businesses have sold goods and services to TO2015 since inception,
totalling more than $20.1 million as of May 31, 2013. Sixty-six per
cent of the spend went to businesses operating in the Greater Golden
Horseshoe region. Of the suppliers used, 139 are diverse suppliers,
meaning they are 51 per cent owned by women, visible minorities,
Aboriginal peoples, persons with disabilities or LGBTQ. Diverse
suppliers accounted for $4.2 million in business with TO2015.
In the coming weeks, the biggest warm-up event yet for 2015 will take
place: the two-year countdown to the Pan Am/Parapan Am Games on July
10. For the first time, community celebrations will take place across
the Games sprawling southern Ontario footprint.
The July 10 festivities in Toronto, Ajax, Caledon, Hamilton, Markham,
Milton, Mississauga, Oshawa, St. Catharines and Welland will feature
Olympic, Paralympic, Pan Am and Parapan Am athletes, local
entertainment and sport activities for children of all ages. All events
are free and open to the public.
One week later, the winning mascot of the TORONTO 2015 Mascot Creation
Challenge will greet the public for the first time as part of KIDS' CBC
DAYS on July 17.
More than 4,300 mascot designs were submitted by teams of young
Canadians across the country. This spring, they were whittled down to
six, which were then voted on by more than 33,000 Canadians.
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 $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
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 Am/Parapan Am 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 for $34 million. 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 fourth 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 August 2013 and will cover
the first quarter of fiscal 2014.
TO2015 Quarterly Report Media Conference Call Details
Friday, July 5
11:00 a.m. (ET)
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 director, media relations
and chief spokesperson.
To access the conference call by telephone, dial 416.641.6700 within
Canada, 212.271.4651 in the United States or toll-free at
1.800.901.1807 within North America. Please connect approximately 10
minutes prior to the beginning of the call.
The TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015)
is tasked with the responsibility of planning, managing and delivering
the Games. Its mission is to ignite the spirit through a celebration of
sport and culture. The TORONTO 2015 Pan American Games will take place
July 10-26 and the Parapan American Games August 7-14.
The 2015 Games are funded by the Government of Canada, the Province of
Ontario, as well as other partners and sponsors. CIBC is the Lead
Partner of the Games.
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