VANOC had a $78.2 million deficit for the quarter ended Oct. 31, according to the Monday released financial report. But the 2010 Winter Olympics' organization claims it is "on track" for a balanced budget.
How much aid it's getting from governments was not disclosed by chief financial officer John McLaughlin.
"I'd have to actually find that out for you," McLaughlin said. "It is a relative small number compared to all the private sector revenue we've got."
At the depth of the recession on March 26, McLaughlin sought more taxpayers' money for the opening ceremony and torch relay in a letter to B.C. Winter Games Secretariat president Philip Steenkamp. The letter was censored before it was released to 24 hours. Despite repeated requests, McLaughlin has refused to disclose the amount of the bailout.
Monday's report included an $8 million infusion from B.C. Housing "as a contribution towards legacy social housing." In October 2008, the provincial Crown agency announced it would help fund the move of Whistler Olympic Village portables to communities like Sechelt and Surrey.
McLaughlin did not explain the funding formula for VANOC works at B.C. Place Stadium. He invoiced Steenkamp for $3.5 million in February after only $300,000 was spent on the dome. On May 20, the VANOC board approved an $8.3 million withdrawal from the construction rainy-day fund for secret construction in the stadium.
The International Olympic Committee agreed in August to pay cash-strapped VANOC up to $22 million to cover losses because it failed to deliver two more global sponsors. B.C. taxpayers, however, are ultimately liable for losses.
