The City of Vancouver revealed just how much of a mess it's in as a result of cost overruns at the 2010 Athletes Village at a special open meeting held Monday.

The City has also come up with a desperate measure to save the troubled project -- giving public the full financial picture surrounding the Olympic Village.

The numbers involved are huge.

"Our completion guarantee requires us to complete the project and get it done and if the cost is $875 million then that's what it's going to cost us to assure that we actually get it completed," said Penny Ballem, Vancouver's city manager, at the meeting.

The current shortfall between that amount and what's already been paid for by the developer and others is $458 million. A shortfall the City and the taxpayers need to shoulder.

"The intention right now is to get this project to stability and ensure that we can complete, that we have an absolute certainty on where funding is coming from for the balance of construction," said Vancouver's Mayor Gregor Robertson.

As for who is at fault here, talk of firing key officials responsible is swirling about City Hall.

"There is no indication that we won't be able to complete the Olympic Village. We are going to have to really bear down on the construction side, the snow has been an additional complication, but the crews are working hard at this," said Robertson.

Robertson wants the province to amend Vancouver's city charter without going to the polls for voter approval so the city could borrow about $450 million needed to complete the project.

The city has been footing the monthly construction costs since October, after lender Fortress Investment became uneasy over its $750-million loan to the developers.

That loan is now being renegotiated but Robertson says if that deal falls through, the city needs to be able to borrow.

Robertson says the charter change would be specific to the Athlete's Village and not give the city a blank cheque to borrow for anything.

So while the project will likely be done for the Games, it is a different story for taxpayers, who will likely still be paying the bills long after the Olympic Torch goes out.

Prime Minister Stephen Harper says Ottawa won't cover any cost overruns on the Athlete's Village, but the B.C. government may come though with some aid.

"I'll be crystal clear, we will not be funding cost overruns of the Olympic Village," he told CTV on Monday.

However, B.C.'s premier says the provincial government is open to a plea for help from the city.

"When you're dealing with a thing that is this important... to get the information on the desk before you decide what to do with it. We've been working with city to find a solution. Mayor Robertson has been very open with us about the challenges in front of him," said Gordon Campbell.

And B.C.'s Finance Minister, Colin Hansen, says the province recognizes the city is in a difficult position.

He says as an Olympic partner, the province will see what it can do to help.

With reports from CTV British Columbia's Stephen Smart, Shannon Paterson and Mike Killeen, and a file from The Canadian Press.