- $1.4 Billion Budget Keeps Within Bid Framework
- Cluster Approach Helps Keep Cost Down
- Contingency Provides Economic Cushion
TORONTO, May 11, 2012 /CNW/ - The Toronto 2015 Pan/Parapan Am Games Organizing Committee (TO2015) today released its updated Toronto 2015 Pan/Parapan Am Games budget.
The overall budget remains unchanged at $1.441 billion, within the fiscal envelope of the Games bid in 2009. 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 Government of Canada and the Government of Ontario each reconfirmed their individual $500 million commitments in their respective budgets in March 2012. Municipal governments, universities and venue owners will be investing $288 million for the infrastructure built in their communities, which will be used by athletes, community groups and students long after the Games have been successfully delivered. The budget calls for an estimated $153 million to be realized through sponsorships, ticketing and other revenue measures.
"This is a prudent, responsible, balanced budget," said TO2015 Chief Executive Officer, Ian Troop. "In fact, we have made significant adjustments to our plans—particularly, reducing the footprint of the Games through our cluster strategy— to ensure that we stay on budget, including setting aside a healthy contingency. These are challenging economic times. Like every institution—like every family—we need to live within our means. Our budget accomplishes that."
TO2015's budget has been reviewed and confirmed by independent third-party financial experts and by experts in staging large-scale, international, multi-sport events. The budget includes the costs of overlay, essential services and the need for appropriate contingencies for the capital and operating components of the Games.
TO2015 has also committed to ongoing regular public status reports, including budget updates beginning in the fall.
"The Finance Committee has carefully reviewed TO2015's budget, and we believe it is a reasonable, disciplined and practical approach for an event on the scale of these Games," said Richard Nesbitt, Chair of the Finance Committee of the TO2015 Board of Directors.
"Our government recognizes the long-term social and economic benefits that come with the hosting of international sporting events in Canada. This is why Economic Action Plan 2012 reiterated our commitment to the Toronto 2015 Pan and Parapan American Games," said the Honourable Jim Flaherty, Minister of Finance. "We continue to work closely with all parties in planning for the Games to ensure facilities are built on time and on budget, leave permanent legacies and contribute to high performance sport in Canada for years to come."
"TO2015's budget will help ensure the 2015 Pan and Parapan American Games are successful," said Ontario Finance Minister Dwight Duncan. "The international multi-sport event will create good jobs, attract hundreds of thousands of visitors to the region and provide a legacy of sports infrastructure that brings important economic, social and urban development benefits."
In addition to the $674 million capital budget, there are other supportive investments being made. As per the Bid Book, the construction of the Athletes' Village, which will be a permanent residential community following the Games, is not included in the TO2015 capital budget. The construction of the Markham Fieldhouseis a separate undertaking funded solely by the municipality of Markham. As announced in 2011, the Province of Ontario is investing an additional $22 million in Ivor Wynne stadium.
About the Toronto 2015 Pan/Parapan American Games
The Pan 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). The Games comprise all Olympic Summer Games sports, as well as traditional Pan American sports. The Toronto 2015 Pan/Parapan American Games will draw 10,000 athletes and officials and feature more than 40 Pan and Parapan 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.
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