VANOC CEO John Furlong says that the requested budget is a balanced one. (ATR/ B. Mackin)Vancouver 2010 is trying to be recession-proof with a revised budget that got interim approval from its board of directors on Dec. 9.
The closed-door board meeting, the last of 2008, was delayed from Nov. 19 because of the global economic crisis.
Chairman Jack Poole, who was re-elected through 2009, said the management team asked for more time to finish the budget and consult with partner governments. Publication is expected sometime after the Jan. 21 board meeting.
"It's a nervous environment, one that demands caution and extra diligence," Poole said.
The May 2007-released $1.3 billion operations budget included a $79.6 million contingency.
CEO John Furlong would not mention the size of the revised budget, other than to say “it’s a balanced budget... roughly in the same place as it was.”
VANOC has not suffered a major sponsor default, so it has not sought a government bailout.
“We haven’t gone to the government and said can you give us money to support the budget,” Furlong said.
VANOC is spending $2 million from the construction rainy day fund on a temporary chairlift at the Whistler Creekside alpine skiing venue. That contingency is now $11.62 million.
The budget for look of the Games -- banners, flags and signs with VANOC’s psychedelic blue and green waves -- is being re-examined. So is Sea-to-Sky workforce accommodation and overall workforce numbers. VANOC is $15 million shy of its $760 million target for cash and goods and services from sponsors.
Dave Cobb commented Tuesday, before heading to Lausanne with prototypes of the 2010 medals, that raising money in the future would be more difficult. (ATR/ B. Mackin)“The ability for us to raise revenue in the future is going to be more difficult,” admitted Executive Vice President of Revenue, Marketing and Communications Dave Cobb.
Cobb left the meeting to catch a flight for Lausanne with very important cargo: the prototypes for the Vancouver 2010 Olympic gold, silver and bronze medals. Cobb was expected to join Rene Fasel at a Wednesday morning update during the year-end IOC executive board meetings.
The Royal Canadian Mint produced the awards using precious metals supplied by mining company Teck.
New Vancouver Mayor Gregor Robertson spent 12 minutes with the board in what Furlong described as a "meet and greet" on the first full day of Robertson's three-year term.
Robertson "convinced everybody in the room that he's a huge fan of the Olympic Games," Furlong said.
Meanwhile, the one-term provincial NDP legislature member's former caucus mate Harry Bains shivered in the rain outside the civic-owned Campus 2010 headquarters of VANOC. The Olympics critic for the Official Opposition party was denied entry to observe the post-board news conference.
With reporting from
Bob Mackin in Vancouver.
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