Pan Am Games within $2.4-billion budget, Ontario government says
Posted November 5, 2015 2:09 pm.
Last Updated November 5, 2015 2:28 pm.
This article is more than 5 years old.
TORONTO – The Ontario government says this summer’s Pan Am and Parapan Am Games came within the $2.4-billion budget.
Both the province and the TO2015 organizing committee say they found tens of millions of dollars in savings compared with their March budget projections, which estimated the final cost of the Games to be upwards of $2.5 billion.
The government says the final tally will be determined after all invoices are reconciled and audited statements have been prepared.
The committee had previously reported a $56-million surplus in capital expenses and Minister of Sport Michael Coteau predicted there would also be a surplus on the operations side.
Executives with the organizing committee have been told they will split $5.7 million in bonuses if the Games come in under budget.
Ontario’s auditor general will also conduct a financial audit of the Games but will not rule on the bonuses issue.
Auditor General Bonnie Lysyk has told the public accounts committee her financial audit would not determine who should get a bonus, but would provide the facts in order for others to make the decision.
Spending for the Games – particularly when it comes to executive compensation – has been under scrutiny for years, and both opposition parties have expressed concerns about what they consider a lack of financial transparency.
Complaints over executive expenses emerged long before the Games began and a second budget was discovered for the event.
The province said in 2013 that the original $1.44-billion budget didn’t include the $700-million cost of building the athletes’ village or $10 million for the provincial Pan Am secretariat.
Two years ago, the province ordered the organizing committee to tighten its expense rules after some of its well-paid executives, including the committee’s former president and CEO Ian Troop, billed taxpayers for items such as a 91-cent parking fee and $1.89 cup of tea.
Troop was later replaced by former deputy minister Saad Rafi, who is eligible for a $428,000 bonus.
