POLITICS

Pan Am 3rd quarter report says 80 per cent of capital budget spent

02/13/2015 09:14 EST | Updated 04/15/2015 05:59 EDT
TORONTO - Organizers for this summer's Pan Am Games in Ontario say they've spent 80 per cent of their capital budget so far, with roughly five months to go before the international competition begins.

In its third-quarter financial report released today, the TO2015 organizing committee says it has spent $536.7 million of the $672 million earmarked for capital projects such as venue construction.

The report covers expenses for the period ending on Dec. 31, 2014.

The committee says construction expenses for the quarter amounted to $27.7 million, including $6.8 million of work on the Milton, Ont., velodrome and $3.7 million on the athletics stadium.

It says operating expenses during the quarter were $33.9 million, mostly spent in the areas of technology, sport operations and events and ceremonies.

In total, the committee says it has spent $215.6 million or 28 per cent of its operations budget of $760 million.

It says, however, that because its financial reporting follows the fiscal year, the bulk of its operating expenses will be paid after the games.

The Pan Am Games will take place from July 10 to 26, and the Parapan Games from Aug. 7 to 15.