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VANOC in the black, currency and sponsorship windfalls the culprits
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by ryan | December 18, 2007 at 10:48 am
396 views | 4 Recommendations | 4 comments
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Good news from the VANOC accountants...they are in the black and they even contributed $250,000 back in to the rainy day fund. However, what is worrisome is that the two culprits of the increases cash weren't planned for, so the VANOC committee still has no clue what they are doing but are getting lucky.
A strong Canadian dollar and sponsorship windfalls have left the coffers of Vancouver's Olympic organizing committee in good shape.In its latest quarterly report, released Tuesday, Vancouver's Olympic Organizing Committee, known as VANOC, said it is confident planning for the 2010 Games remains on track and on budget - and they've even managed to save a little cash.
Built into the $580-million budget for venue construction for the Games was a rainy day fund that the committee was forced to dip into earlier in the planning process. But Tuesday's report suggested VANOC was able to funnel $250,000 back into the fund after one venue was completed under budget.
The report for the three month period ending Oct. 31 said revenues since VANOC was formed in 2003 stood at just over $221 million, while expenses were $200 million.
The report also suggests that the strong Canadian dollar is helping keep the budget in the black.
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Eric Flexyourhead
Vancouver (NE Downtown / Harbour Centre / Gastown / Yaletown), British Columbia, Canada
ryan
Vancouver, Canadalucassrg
São Paulo, São Paulo, Brazil
Most RecentMost Recommended Comments (4)
at 11:08 on December 18th, 2007
Nice to hear some positive news about the VANOC...
at 11:10 on December 18th, 2007
So much fuss for a few precious weeks. Hardly seems worth it when the city has so many problems already.
at 11:28 on December 18th, 2007
That's a good news! It's really hard to organize the olympics. It's good to hear that they are in the black! I think the organizing committee has been done a good job to keep the accounts in black.
lucassrg has contributed a photo to this story.
at 16:58 on December 20th, 2007
This photo is from City Centre balcony facing City Hall.
thewongsrx has contributed a photo to this story.