2010 Olympic organizers met Tuesday to trim their operating budget in the aim of avoiding the financial woes hitting other areas of the economy newly hit by recession.
So far the news isn't all bad. The Olympic venues are almost complete and no corporate sponsors have yet been forced to pull out from their financial commitment to the Games.
But as the Vancouver Olympic Committee's Chairman of the Board, Jack Poole, admits, they can't be complacent.
"It's a nervous environment and it's one that demands caution and extra diligence," he said.
While this latest budget has been approved in principle, the board of directors is asking VANOC to sharpen its pencils to look for more ways to cut costs and prepare for economic uncertainty.
Unforeseen costs like a new $2 million chairlift at Whistler Creekside have hit the bottom line. And VANOC said it would not now be able to hire as many workers for the Games, so those with ambitions to be part of 2010 through the work pool may be out of luck.
Critics say the organizing committee should be trimming from the inside.
"We have a $44 million line item in this budget that is set aside to pay bonuses to some of the highest paid officials of VANOC. Mr. Campbell needs to sit down with them and advise VANOC that look. We need to revisit that," said Harry Bains, the NDP Olympic critic.
VANOC says a new sponsor will be announced next week, but they are still $15 million short of its $760 million sponsorship target.
And there is no longer any talk of a surplus.
"We're not under any illusion that we won't feel the impact in 2009, but we're doing everything we possible can to be ready for any eventuality," said VANOC's Chief Executive Officer John Furlong.
Specifics of he new budget will not be finalized until the new year.
With a report from CTV British Columbia's Mike Killeen.
