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Ministry of Finance and Ministry responsible for the Olympics |
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B.C. AND CANADA
FINALIZE OLYMPIC SECURITY ARRANGEMENT |
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VICTORIA – The provincial government commitment for meeting its obligation for the staging of the 2010 Games has risen by $165 million, to $765 million, to reflect new financial arrangements reached with Canada.
Under the new arrangements, the Province will complete its obligation under the existing security cost-sharing agreement by paying the federal government $63.7 million by March 31, 2009, which is the balance of the Province’s $87.5 million funding commitment.
As part of these arrangements, Canada has agreed to assume complete responsibility of all operations and risks and provide the balance of the funding for Olympic Games security. This will be implemented in accordance with operational plans that Canada and the RCMP have developed.
B.C. recognizes that there will be an increased burden on Canada’s finances in meeting its responsibilities for Games security. B.C. also recognizes that Canada must manage other federal commitments such as federal/provincial cost-sharing for infrastructure projects.
The Province has therefore agreed to increase its share of joint federal-provincial major infrastructure costs by up to $165 million over the next three years. This money will be used for needed infrastructure projects such as roads and bridges. These funds have already been provided for within the provincial budget that was just released, and will come from the Province’s capital spending contingencies allocation that is shown on Page 34 of Budget 2009.
While its obligations for the staging of the 2010 Olympic Games remain at $600 million, the Province accepts that its increased share of these infrastructure costs represent the fulfilment of the Province’s commitment made at the time of the Olympic bid, resulting in a total commitment of $765 million.
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Communications Director 2010 Winter Games Secretariat 604 660-2923 |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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