$450-million committed to Victoria’s 2022 Games by federal and provincial governments
The federal and provincial governments will write big cheques to underwrite Victoria’s bid for the 2022 Commonwealth Games for at least $450-million, far less than the expected final cost.
Sports Canada will provide $300-million, and the province of B.C. will provide $150-million in funding plus give a guarantee against cost overruns, according to documents obtained by Grumpy Taxpayer$ of Greater Victoria.
“If history is any indication $450-million in government contributions amount to a down payment on the final costs,” says John Treleaven, vice-president of Grumpy Taxpayer$ of Greater Victoria.
“There is a time of crisis for Victoria and B.C. – fires burning an area the size of PEI, opiate deaths daily, critical housing shortages and transportation gridlock – that surely must be a more important priority.”
The local taxpayer can only wonder what the eventual municipal tax levy will be to make up some of the shortfall, says Treleaven.
Revelations about the $450-million initial funding was revealed in a letter from Mayor Steve Price of Sidney offering conditional support to Victoria’s bid to the president of the Commonwealth Games Federation in London, U.K.
This decision was made in a closed-door meeting of Sidney council without public discussion on June 26 and the letter was sent the next day.
This frantic, last-minute bid for the 2022 Commonwealth Games in Victoria, will likely take at least $1-billion to pull it off in a truncated four-year period, three quarters of which will be bled from taxpayers.
Mega sports events don’t come cheap:
In 1994 the Victoria Commonwealth Games ended up costing 50 per cent greater than the initial budget and required significant additional taxpayer funding.
The 2014 Glasgow Commonwealth Games Cost $720-million (U.S.), of which almost 80 per cent was public (taxpayer) funding. At the time, the bill for security alone was $112-million (U.S.).
There’s a 2026 Calgary Olympic bid under consideration that estimates an initial budget of $4.6-bllion with $2.4-billion kicked in by taxpayers. A staff report to council recommended the financial implications of a bid be studied very carefully and that Calgary even consider the option of saying no to any involvement.
‘Games’ being played with late Victoria bid’: Costs, transparency must be nailed down for city’s bid to land 2022 Commonwealth event, Vancouver Sun Op-Ed, http://grumpytaxpayers.com/2017/07/18/games-being-played-with-late-victoria-bid-vancouver-sun-op-ed/