- 25 Nov 2004
- IOC News
Vancouver 2010: financial update on the first year
The Vancouver Organising Committee for the 2010 Olympic and Paralympic Winter Games has issued audited financial statements that cover the period from incorporation (30 September 2003) to 31 July 2004. In that period, VANOC reports deferred operating expenses of just over CAD 6 million. This covers expenses such as the start-up of the 2010 Games office, staffing and equipment costs.
Expenditure in the venue development fund totalled CAD 35.4 million. The largest part of this venue development activity was CAD 30 million put in trust for the development of the Vancouver Athletes' Village.
Grant to Whistler Conference Centre
Expenditures also included a CAD 3 million grant to Tourism Whistler for the expansion and environmental upgrading of the Whistler Conference Centre. Other venue expenditures included a variety of preliminary design and environmental work for projects, such as the Whistler Nordic Centre and Whistler Sliding Centre.
Funding from Federal and Provincial Governments
VANOC received funding of CAD 51 million from the Province of British Columbia and CAD 4.4 million from Canada as part of their respective commitments towards venue development required for the Games. The Federal and Provincial Governments have committed CAD 620 million for venues and a post-Games endowment fund.
As expected, operating revenues during the fiscal year were minimal, as marketing activities get underway in fiscal year 2005.
From 12 to 28 February 2010
The International Olympic Committee selected Vancouver as the host city of the 2010 Olympic and Paralympic Winter Games at its Session in Prague on 2 July 2003. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from 12 to 28 February 2010. Whistler will host the Paralympic Winter Games from 12 to 21 March 2010.
Learn more on Vancouver 2010
Official website of Vancouver 2010