Rio 2016 Promises Zero Public $

Five years after winning the 2016 Olympics, Rio organizers finally have a budget.

The figure is $2.9 billion, a budget not out of line with previous Summer Games. In unveiling the budget, Rio 2016 CEO Sidney Levy said he will aim to avoid any need for public subsidies to run the organizing committee.

The budget covers the cost of staging the Games, not the billions more going into construction of venues and infrastructure ahead of the Games as well as the 2014 FIFA World Cup. That money is coming from city, state and national coffers.

The OCOG budget includes expenses such as opening and closing ceremonies, purchasing equipment needed for events, a payroll for 2,000 people through the next two years, and a myriad of other costs that go into staging an Olympic Games.

Levy and OCOG president Carlos Nuzman released the long anticipated budget at a press conference at Rio 2016 headquarters.

"Our obligation to Rio de Janeiro, to Brazil, and to the worldwide sporting community is to deliver a memorable Games, since we are talking about the biggest celebration of sport in the world. We are undertaking the mission of planning and organizing the Games in a responsible manner," said Nuzman.

According to Rio 2016, the budget is 31% higher the figure used in 2008 when the city was bidding for the Olympics. The higher number is the result of adjustments for inflation.

Rio 2016 also points out that four other sports have been added to the Olympic and Paralympic programs sincethe Games were awarded in 2009. Rugby and golf have joined the Olympic program while paracanoe and paratriathlon are new additions to the Paralympics.

The budget has been developed over the past year -- about as long as Levy has held the CEO post. A successful business executive at large corporations, Levy came to Rio 2016 after instability in the office. Building an accurate budget has been one of his main goals since taking the job.

He says Rio 2016 "has undertaken a line-by-line critical analysis of the budget, to balance known spending commitments and be able to meet new obligations as they arise. We are striving to achieve a zero contribution of public funds to the Committee."

There had been talk that a lag in sponsorships could force Rio 2016 to seek help from the government to balance the books, but Levy says he expects to raise enough money.

"The good results achieved with sponsorships and licensing allow us to forecast sufficient private revenue to cover the costs outlined in the budget we are presenting today."

The release of the budget follows by just one day the visit of IOC president Thomas Bach to Rio de Janeiro. Bach, who also met with Brazilian president Dilma Rousseff, expressed confidence in the organizing committee in comments before leaving Brazil. The adoption of a budget was one of the must-do items the IOC wanted from organizing committee.

For a more detailed account of the budget and finances of Rio 2016 check out this link at the Rio website www.rio2016.com/transparencia[DO1] .

Written by Ed Hula.