With the Vancouver 2010 Olympic Games kicking off tomorrow, a question remains, will the Games be a gold mine for the local economy or will it cause Vancouver to be in debt and financial turmoil?
Expecting an invasion of tourists visiting Beautiful British Columbia, much money has been spent in preparation for 2010 Winter Games; an amount that has far surpassed estimated budgets.
After the Vancouver City council recently voted unanimously to seek provincial approval to borrow an additional $458 million to fund the completion of the 2010 Athletes Village in False Creek, it is clear that the financing for the 2010 Games may take decades to pay off.
Ever since 2003, when Vancouver won the bid to host the Games, the estimated cost of hosting the event has escalated.
In 2004, The Vancouver Organizing Committee released a long-awaited business plan, estimating the operational costs of the 2010 Winter Games were to be approximately $1.354 billion.
The committee was way off – as of mid 2009, the amount jumped to $10.76 billion.
The Et Cetera believes that as Canadian taxpayers, who will be paying $1,029 per minute for the Games, we won’t see our money unless we visit Whistler or Vancouver.
The total taxpayer-supported cost of the Games is $6 billion – a high price to pay for Canadian patriotism.
VANOC’s main goal is to make sure guests of the Olympics enjoy themselves. “VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X-Paralympic Winter Games in 2010.”
The Et Cetera feels that if VANOC created less of a spectacle in preparation for the 2010 Winter Games, money could have been saved instead of being used wastefully.
For instance, $16.6 million was spent on upgrading facilities at Cyprus Mountain. Also, the BC Place Stadium renovations cost another $150 million dollars.
This money could have been spent elsewhere or saved for more useful purposes, instead of unnecessary revamping taking place throughout the city.
One of the costlier increases, according to a BC auditor-general report was in the construction of the venues. The cost for building the areas, rinks and other facilities started out at $470 million, then escalated to $110 million, to a final price of $580 million.
The Et Cetera believes that this money could have been spent on housing, healthcare or even social services, instead of unnecessary revamping taking place throughout the city. The total cost of the Games is a lot of money unwisely spent, but only time will tell if it will cause an economic crisis.