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2010watch Response to VANOC Budget Announcement
December 21st, 2006
The first thing to note about the newest VANOC media release and financial report is that the latter is unaudited (as was the one before). Given this, there is no reason for anyone to take at face value any of the material contained therein, especially with VANOC's track record of unaccountability.
Next: where is the business plan promised in July 2003 when the Games were awarded? VANOC now claims that the plan will be forthcoming in the Spring of 2007. Why should it take 4 years? Only VANOC CEO John Furlong knows.
Back to the unaudited report, the following are some highlights:
1. Overall revenues since 2003 were $86.7 million. Expendatures in the same period: $92.8.
2. In the 3 month period ending on Oct. 31, 2006, the expenditures over "deferred" revenues was a negative $34.1 million. In the period ending July 31, 2006, it was a negative $4.5 million. In other words, whatever is happening in the good ship VANOC, it is getting worse.
3. The contingency fund, once well over $100 million is now down to $66.8 million. Three years to go and a large fraction is gone. Goodbye legacies, goodbye arts funding...
4. Keep in mind that this same sad crew has already had another fiscal booster shot of $110 million from the Federal and Provincial governments and $19 million more from the IOC.
Summary:
On time? Well, lets see:
1. They've logged much of the Callaghan;
2. Eagleridge is gone;
3. They and the City of Vancouver gave the Athletes' Village contract to a mysterious company (Millennium Southeast False Creek Properties Ltd) that was not registered to do business in BC at the time the contract was announced.
On Budget:
1. See above;
2. Projected costs of all venues have increased by up to 40% (with 3 years to go).
At least, we have to give VANOC one thing: They are in keeping with past Games organizers: Torino (at least $3 billion over budget); Athens (total cost approx. $20 billion)...now there is London with costs more than doubled in the first year after winning the Games in 2012.
Expect it all to get worse...
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