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TO2015 SUMMER QUARTERLY REPORT - Excitement, Awareness Building in Ontario for TORONTO 2015 Pan Am/Parapan Am Games Français


News provided by

Toronto 2015 Pan/Parapan American Games

Sep 09, 2013, 08:00 ET

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Thousands meet mascot, celebrate countdown to Games and enjoy STREETSIDE as TO2015 maintains fiscal discipline in first fiscal quarter of 2014

Conference call with TO2015 CEO and executives to discuss Quarterly Report at 1:00 p.m. today

TORONTO, Sept. 9, 2013 /CNW/ - The last quarter saw growing awareness and increasing community engagement and ownership of the TORONTO 2015 Games, with a series of highly successful community events, including two-year countdown celebrations and the launch of the official mascot.

The first of more than 20 new or upgraded venues for the Games also officially opened on July 10, a full two years before the start of the Games. Less than a month later, the Welland Pan Am Flatwater Centre successfully hosted its first international competitions; athletes were thrilled with the changes.

Documents outlining TO2015's infrastructure budget and quarterly financial graphs covering the fiscal period ending June 30, 2013 (FY 2014, Q1) are available at TORONTO2015.org.

TO2015's senior leadership team will be available to the media at 1:00 p.m. (ET) today. For details on how media can dial in, please see below.

"It's wonderful to see the growing excitement rippling across southern Ontario for the 'People's Games' — and this is just the beginning," said Ian Troop, chief executive officer of the TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015).

"This summer, we reached out beyond Toronto to almost a dozen municipalities across the Games footprint. Next year, that reach will be even greater as we plan our torch relay route and launch our volunteer recruitment drive," he added.

"These municipalities are taking ownership of the Games and planning unique ways to ensure they make the most of this once-in-a-lifetime opportunity," said Troop. "TO2015 is supporting them in their efforts while ensuring we continue to deliver on our commitment to deliver the Games on budget."

PACHI the Porcupine, the official mascot of the Games, greeted an estimated 2,000 children at CBC Kids' Days on July 17 and 18, and handed out stickers and postcards to about 8,500 people in more than 75 appearances throughout the Games region.

More than 3,000 people helped celebrate the two-year countdown to the Pan Am Games on July 10 and the Parapan Am Games on August 7 in 11 municipalities across the region.

STREETSIDE, presented by CIBC reached more than 12,000 people who came out to see the nine vintage pickups and listen to 26 bands from Central Canada, playing live salsa, samba, reggae, funk and calypso music over seven days in downtown Toronto, Markham and Hamilton.

The TO2015 Community Tour has also seen an increase in demand, reaching its 100th appearance this fiscal year on July 24. By the end of August, the tour and its interactive sport activities had visited 152 events.

Highlights of the first fiscal quarter of 2014 (FY 2014, Q1) include:

TO2015's operating expenses were $12.9 million and were predominantly spent in the areas of broadcast and workforce. Since inception, the Organizing Committee has spent $70.8 million, or 9.3 per cent, of its total operations budget of $767 million.

TO2015's total venue construction expenditures for the quarter were $48.5 million, including the first milestone payment of $44 million for the CIBC Pan Am/Parapan Am Aquatics Centre and Field House. Project-to-date venue construction expenditures amounted to $176.5 million, representing 26.2 per cent of its total $674-million capital budget.

This summer, TO2015 started construction on three new venues: Pan Am/Parapan Am Fields, Etobicoke Olympium and Ajax Pan Am Ballpark. Phase 1 upgrades at Caledon Pan Am Equestrian Park were also completed during this fiscal period, with the second phase set to start this fall.

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 quarterly financials have been reviewed by the Audit Committee.

Other highlights include:

  • TO2015 hosted Sir Philip Craven, president of the International Paralympic Committee, as well as the United States Olympic Committee, Canadian Olympic Committee and the Barbados National Olympic Committee this summer.  As Sir Philip said: "I'm greatly encouraged with the way TO2015 is going about this mammoth project and leave fully confident that they will deliver the best Parapan American Games to date."

  • The Organizing Committee continues to be successful in attracting sponsorship revenue. In July, Beanfield Metroconnect joined the TO2015 sponsorship family as the Official Waterfront Communication Services Supplier for the Games.

  • Currently at 198 full-time employees, TO2015 is continuing to ramp up hiring for Games time with half of staff yet to be recruited.

  • Since inception, 672 businesses have sold goods and services to TO2015, totalling more than $22.6 million as of July 31, 2013. Sixty-six per cent of the spend went to businesses operating in the Greater Golden Horseshoe region. Of the suppliers used, 155 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 $4.4 million in business with TO2015.

This fall, TO2015 will host the Pan American Sports Organization (PASO) Coordination Commission from October 8-12 and the Brazil Olympic Committee the following week. TO2015 will also release its second annual diversity report.

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 up to $500 million from the Government of Canada, $500 million from 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 fifth 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 March 31, 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 November 2013 and will cover the second quarter of fiscal 2014.

TO2015 Quarterly Report Media Conference Call Details
   
When:    Monday, September 9, 2013
  1:00 p.m. to 2:00 p.m. (ET)
   
Who:   Ian Troop, chief executive officer
  Barbara Anderson, chief financial officer
  Murray Noble, senior vice-president, infrastructure

To access the conference call by telephone, dial 416.981.9039 or toll-free 1.800.909.4195 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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Toronto 2015 Pan/Parapan American Games

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