Toronto 2015 Building Program to Come Under Budget
July 18, 2014
Toronto 2015 Pan Am Games organisers have released their four-quarter financial report today, cough saying the overall capital building program is continuing to come in under budget.
The report for the fiscal period ending March 31 says the Games incurred $92.8 million, prescription including $66 million on venue construction during the quarter.
It says operating expenses during the quarter were $26.8 million, mostly spent in the areas of corporate, technology, transportation, events and ceremonies and community and cultural affairs.
With less than a year to go before the Games begin, the organizing committee says it has spent $126.9 million or 15.7 per cent of its total operations budget of $810 million.
The report says corporations have also put in an “incremental $43 million in value” worth of in-kind sponsorships for delivery of the Games.
Saad Rafi, the chief executive officer of the organizing committee, says the Games are expected to create 26,000 jobs.
“So far, of all the funding spent to procure the goods and services we need to make these games a success, 84 per cent has gone to Canadian companies,” he said.
Today’s quarterly report is the seventh in a series of regular, quarterly updates from the organizing committee.
The Toronto 2015 Pan American Games will take place July 10-26 and the Parapan American Games are August 7-15.