POSTED: Tuesday December 9th 2008
FOR IMMEDIATE RELEASE

VANOC Board of Directors approves revised budget in principle; Jack Poole re-elected as chairman

Final Board meeting of 2008

    VANCOUVER, Dec. 9 /CNW/ - In its final meeting of 2008, the board of directors for the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) today received and approved in principle a revised budget designed to strengthen VANOC’s ability to manage challenges in the face of the global economic downturn or other unforeseen circumstances in
the final year before the Games. The board also welcomed newly elected Vancouver Mayor Gregor Robertson, who attended a portion of today’s meeting in person for introductions.
     The revised budget was recently completed by VANOC’s management team, as committed to in the Organizing Committee’s Version 2 business plan released in
May 2007. The budget is approved subject to fine tuning and further development in certain functions based on input by the board today in areas such as future revenue development, Look of the Games, accommodation and
workforce numbers. The budget will now be forwarded to VANOC’s Government Partners for approval and will be presented again to the board at its next meeting on January 21, 2009 for final approval. The budget will be released
publicly soon thereafter.
     “VANOC’s management team has delivered a solid, well-developed budget and the board was pleased to both approve it in principle and provide direction for the continued work in the next six weeks before it comes back to the board,” said Jack Poole, Chairman of the Board.

“Although the global economic environment presents challenges, we are confident the Organizing Committee’s
final budget will position it well to weather the financial uncertainty ahead and deliver a spectacular Games for the world in 2010.”
     To revise the budget, VANOC conducted an extensive project review in the spring and summer of 2008. Each function area reviewed its operating plans and updated its budget; as the exercise was concluding, the world’s economy took an unprecedented negative turn. VANOC’s management team then went back to review the budget once again with the goal of finding additional, creative ways to protect against unforeseen challenges in the next year. VANOC has also created a new Financial Oversight Team as an additional measure and safeguard during the economic downturn to review potential issues and to find creative
financial solutions.
     “Our senior team has taken the past several months to develop a budget that reflects and reconfirms our absolute commitment to staging the Games responsibly. We appreciate the board’s support and look forward to bringing
the final budget forward,” said John Furlong, VANOC Chief Executive Officer.
“While we remain in a positive financial position despite the downturn in the economy, we know we will need to overcome challenges at some point so we are determined to be ready for any eventualities.”
     The board of directors today also approved prototypes for Olympic and Paralympic gold, silver and bronze athlete medals, as well as the producer for the Paralympic Opening and Closing Ceremonies. Once an agreement is concluded,
the ceremonies producer will be announced. The medals program will be unveiled later in 2009 in partnership with sponsors with Teck Cominco and the Royal Canadian Mint.
     Included in today’s proceedings was the annual general meeting during which the 19 members re-elected Jack Poole as the 20th member and chairman of the board through to the next annual general meeting in 2009, a role he has held since the board was established in October 2003. Today’s meeting also confirmed the officers of the corporation. A full list is included in the attached backgrounder.

     Backgrounder

     Examples of what estimates VANOC’s management team is reviewing in the budget

     -   Look of the Games budget: VANOC will review the proposed Look of the Games budget to ensure enough funds are allocated to create the intended spectacular atmosphere in Vancouver and Whistler during the Games.

     -   Accommodation budget in the Sea to Sky corridor: A review of the revised budget for workforce accommodation in the Sea to Sky corridor will take place to ensure enough funds are allocated. Having met moost of its obligations VANOC is continuing its efforts to secure requirer rooms in the Sea to Sky region for Games time for its workforce.

     -   Workforce numbers: VANOC’s workforce will continue to grow but may end up smaller than anticipated. VANOC plans to review projected workforce numbers to ensure the team is sufficiently resourced to stage successful Games.

     -   Revenue development: VANOC will continue to focus on increasing revenues through innovative programs that respond to opportunities.

     CEO and Senior Management Reports

     In addition to the items mentioned in the media release, the CEO Report to the board included the following items:

     -   Organizational changes: VANOC has made strategic and timely structural changes to reflect a Games-time focus, reducing its divisions from seven to five. The restructured five key divisions are: sport and games operations; services and games operations (including finance); revenue, marketing and communications; celebrations and partnerships; and construction, inclusivity, legal and special projects.

     -   Sponsorship update: Management confirmed with the board today that a new sponsor has joined VANOC and will be announced in early 2009. To date, VANOC has reached 98 per cent of its domestic sponsorship target total of $760 million.

     Report of the Finance Committee

     The board received reports from two meetings of the Finance Committee, held on November 12 and December 8, 2008. A number of contracts were approved in principle and management was delegated authority to finalize the details of such contracts. VANOC will disclose information once the contracts are finalized.

     Venue Construction Update

     -   Homologation work is continuing at The Whistler Sliding Centre on weather protection and the crash barrier.
     -   The day lodge at Whistler Olympic/Paralympic Park is now open, completing the project.
     -   Work on the Whistler Athlete Centre is continuing. The High Performance Centre and townhomes will be substantially complete by the end of December 2008.
     -   Work is continuing at Vancouver Olympic/Paralympic Centre and the curling venue is now substantially complete.
     -   The Richmond Olympic Oval officially opens on December 12, 2008.
     -   All other competition venues are up and running and in full preparation mode for upcoming Sport Events.

     Venue Contingency Update

     The board approved the transfer of $450,000 from the Construction Overhead Account to the Venue Central Contingency Account and $2 million from the Venue Central Contingency Account to the Whistler Creekside Account for the construction of a chairlift. The venue contingency now sits at $11.62 million. It is expected that this contingency fund will gradually be used for a variety of items, including minor enhancements required after feedback from athletes and coaches after testing of the venues during Sport Events.

     Annual General Meeting of the Members of VANOC

     The meeting today also confirmed the officers of the corporation: John Furlong, Chief Executive Officer; Ken Bagshaw, Chief Legal Officer; Dorothy Byrne, Vice President & Corporate Secretary; Ward Chapin, Chief Information Officer; Dave Cobb, Executive Vice President; Dan Doyle, Executive Vice President; David Guscott, Executive Vice President; John McLaughlin, Chief
Financial Officer and Executive Vice President; Cathy Priestner Allinger, Executive Vice President; Donna Wilson, Executive Vice President; and Terry Wright, Executive Vice President.
     The audited financial statements of the corporation for the period ending July 31, 2008 were received by the members at the AGM. Ernst & Young, LLP, Chartered Accountants were re-appointed as auditors of VANOC for the ensuing year.

     VANOC Board of Directors Background

     The VANOC Board of Directors is made up of 20 members nominated by: the Canadian Olympic Committee (seven); the Government of Canada (three); the Province of British Columbia (three); the City of Vancouver (two); the Resort Municipality of Whistler (two); the Canadian Paralympic Committee (one); a joint appointment by the Band Councils of the Lil’wat and Squamish Nations (one); and one member nominated by the other 19 members. The board is scheduled to meet six times per year, and more often at the call of the chair as required. The meetings are generally held at the Vancouver 2010 offices in Vancouver, although they are occasionally hosted by our Games partners in other locations. The board’s responsibility is to oversee the conduct of the business of VANOC as it works toward achieving its Mission, to touch the soul of the nation and inspire the world by creating and delivering an extraordinary Olympic and Paralympic experience with lasting legacies.
     As part of its commitment to public transparency and accountability, the VANOC Board of Directors has made today’s agenda, discussion topics and decisions available to the public on www.vancouver2010.com, subject to
conditions of confidentiality related to personal information and/or competitively sensitive or privileged information. VANOC is also committed to hosting media briefings following each board meeting with the board chairman,
the CEO and other director(s) or members of the VANOC senior management team to elaborate further on matters.

     Next Meeting

     The next meeting of the VANOC Board of Directors is scheduled for January 21, 2009.

     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 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the 2010 Paralympic Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.



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Keywords · Vancouver Olympics · Vancouver 2010 · winter Games · Vancouver Mayor Gregor Robertson · Jack Poole


Name: Chris Brumwell
Organization: Vancouver 2010
Email:
Phone: +1.(604) 403-1869
URL: http://www.vancouver2010.com/en/-/32678/q0c15c/index.html


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