Edmonton 2001 Board of Directors publish operating budget
3 December 2001 - The Board of Directors of Edmonton 2001, the 8th IAAF World Championships in Athletics, today approved the Local Organising Committee's Operating and Capital Budgets for the event, which will take place from 3-12 August 2001.
Approving the Budget, which forecasts a balanced total of $CAN 119 million, Jack Agrios, QC, Chairman of the Board, said: "The Board of Directors had some very difficult decision to make, but are in complete agreement and pleased with the results."
Revenues for the event are expected to be evenly split between the contribution of the Government of Canada, the Government of Alberta's subsidies and one third from generated revenues, including sponsorship, City of Edmonton services and the sale of the Canadian TV rights. Operating expenses for the World Championship are forecast at $66.7 million, which includes the cost of transporting, feeding and housing a total of 3000 athletes and official, the opening and closing ceremonies, technology, advertising and promotion, services and facilitiesfor an estimated 3000 media and the recruiting, training and outfitting of several thousand volunteers.
Expenditure on Facilities Development Legacies and Project Reserve Budget of $52.3 million includes major expenditure on the Commonwealth Stadium ($22.6M) and some $11 million to be spent on Clarke Stadium, Rollie Miles Park and the University of Alberta. The Board of Directors also notably approved a $5 million non-facility legacy for future generations. The structure, scope and objectives of this legacy will be decided by the Edmonton 2001 Board of Directors at a later date.
"The past year has been a tremendous learning process. It has not been easy moving from the bid budget, to the draft preliminary budget in June, to today's approved budget," said Agrios. "The Board had to consider the many requirements to host the Championships, as well as the desire to leave legacies for the community....It is our duty to host the best ever IAAF World Championships in Athletics within a balanced budget."