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28
Oct
2009
VANOC on track to meet balanced budget
Posted by Sandy Hutchens
The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) released its year-end fiscal report, which includes a net positive cash position of $182.2 million. The surplus is largely due to the timing of payments received and expenditures made and VANOC remains on track to finish the Games with a balanced budget. The report, which includes audited financial statements for the period ending July 31, 2009, is available at www.vancouver2010.com.
“Our financial results over the past year were positive despite being in the midst of one of the toughest economic environments in a very long time. And while we’re pleased with the result, it’s important to highlight that we are in a positive cash position because of the timing of payments and expenditures,” explained John McLaughlin, VANOC’s chief financial officer.
“Because of the nature of this project we shouldn’t take these results as necessarily indicative of the future — Games’ budgets simply don’t work that way. We’ve entered into substantial commitments for the goods and services required for the Games and soon our cash outflows will increase dramatically as we pay our suppliers. We need to continue to move forward cautiously with a disciplined financial strategy in the remaining 112 days to ensure we finish with a balanced budget.”
The management discussion and analysis portion of VANOC’s year-end report includes a detailed discussion and analysis of financial results, venue development activities and financial position. In summary:
VANOC’s excess of deferred operating revenues over deferred operating expenditures for the year ending July 31, 2009 was $225.4 million, compared to a deficit of $48.1 million for the previous year. On a project-to-date basis, there is an excess of deferred operating revenues over deferred operating expenses of $198 million. In accordance with Canadian generally accepted accounting principles, all revenues and expenses are deferred until the staging of the Games in 2010.
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