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Inspection Visits by International Delegations Highlight TO2015 Readiness Français


News provided by

Toronto 2015 Pan/Parapan American Games

Jul 05, 2013, 08:00 ET

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TO2015 Spring Quarterly Report-Including 2013 Year-End Results

Building on successful visits by PASO, IPC as two-year countdown approaches
Promising to deliver great Games, TO2015 maintains fiscal discipline in year-end quarter

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 visibility."

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 below.

"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 Games.

  • 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 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 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

When:    Friday, July 5
  11:00 a.m. (ET)
   
Who:   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.

About TO2015
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

Teddy Katz
Director, media relations and chief spokesperson TO2015
C: 647.404.5263
[email protected]

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