Pan Am Games Report

Inside Halton News reported on a story from the Canadian Press today regarding the Pan Am Games quarterly report.

Still much more to be spent or that already has been spent as this report only reflects on capital infrastructure spending.

[url=http://www.insidehalton.com/pan-am-games-story/5640227-pan-am-games-release-quarterly-report/]http://www.insidehalton.com/pan-am-game ... ly-report/[/url]

Pan Am Games release quarterly report

TORONTO - Organizers for this summer's Pan Am Games say they're about $53.5 million under budget for capital infrastructure spending, with only two venues still to be finished.

In its fourth-quarter financial report released today, the TO2015 organizing committee says it has spent $551.7 million of its $672-million capital budget, which includes venue construction.

It says $15 million of that was spent in the quarter that ended on March 31.

The committee says only the Pan Am shooting centre in Cookstown and the Toronto track and field centre at York University remain to be completed, with 49 days to go before the international competition.

An event to mark the completion of the Hamilton soccer stadium is set for this afternoon.

TO2015 says operating expenses for the quarter were $128.9 million, spent largely on overlay, technology, sports operations, event and ceremonies, transportation and logistics.

In total, the committee says it has spent $344.5 million or 44.7 per cent of its operations budget of $770 million.

It says, however, that because its financial reporting follows the fiscal year, the bulk of its operating expenses will be paid after the Games.

The Pan Am Games will take place from July 10 to 26, and the Parapan Games from Aug. 7 to 15.

By The Canadian Press

BIGCAT:
Thanks for the info.
Personally I couldn't care less about the Pan-Am Games. Still ....I suppose I should not begrudge our Canadian athletes a chance to compete at a bit of a higher level. But to me, it's the Olympics that are the real thing.
If it wasn't for the fact that the Tiger-Cats get a new stadium out of it all, I would probably be ranting at my
useless MPP (he was useless long before the Pan-Am Games!) about this colossal waste of taxpayers money.
We'll see in a few months what the final cost will be. You can be sure there will be some surprises. But 770 million????
I just hope the Games folks clean up their mess at THF before they leave so we can get on with some home field football again.

Every single "Olympic" style athletic event, like the Pan-Am's or the Commonwealth games, always goes over budget. It's as true as the tide coming in. I expect the Pan-Am's to be no different.

It is way over original estimates - the games were supposed to cost $900 million but now budgeted at $2.5 BILLION.
Whether it's the Olympics or the World Cup they are always way over budget and the benefits to the communities are way over blown. The Olympics are usually the worst, look at what happened with Greece, all of their facilities built for the games are crumbling and overgrown and it started the country on it's debt spiral. Brazil is going through the same thing as Greece, massive government out of control spending. But at least London did a pretty good job and it looks like they are using most of their facilities and the private sector did step up and pay for most of the games and they made a profit.

http://en.wikipedia.org/wiki/Cost_of_the_Olympic_Games

Vancouver did a decent job with the cost of the games and legacy projects as well. Then you look at Sochi and they did a horrible job. What it comes down to is which country is bidding for it. Fiscally responsbible countries where citizens can hold their government accountable will do a better job with turning a profit and having legacy uses of facilities.

All I care about is that waste is kept to a minimum and the things that are being built are things that will continue to be made good use of in the future. Waste unfortunately does seem to be happening but the vast majority of the money is being spent on things that good use will be made of once the Pan Am games are over. Some of them facilities that were LONG overdue.

I think the money spent on things like THF, the athletic and aquatic facility at the Scarborough campus of U of T ( http://www.tpasc.ca/view/tpasc/about-tp ... and-venues ), The Mattamy Cycling Centre in Milton ( http://www.mattamynationalcyclingcentre.ca/en/index.asp ), Markham Pan Am Centre - http://www.toronto2015.org/venue/markham-centre, and money spent on other new or much needed renovation and upgrades to some of Ontario's existing sports facilities throughout the GTHA is money very well spent. Southern Ontario badly lacked many first rate athletic facilities.

The housing development for the Athlete's Village has expedited and spurred all kinds of other investment and development in the West Don Lands area of Toronto - which is fantastic for that part of the city, just a few blocks from where I lived for 15 years until three years ago.

The games also expedited some long overdue infrastructure and transit investments that Ontario had been letting slide for WAY TOO LONG - which as even conservative business organizations like the Toronto Board of Trade and various Chambesr of Commerce have pointed out - has been costing Ontario's economy BILLIONS OF DOLLARS EACH AND EVERY YEAR.

So yes - get mad about wasted dollars - but overall this is very good for Ontario IMO.