the sydney 2000 olympic and paralympic games - Australian Sports ...

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PART ONE : FINANCIAL CONTRIBUTION BY NSW GOVERNMENT STATEMENT OF FINANCIAL CONTRIBUTION BY NSW GOVERNMENT 23 September 1993 - 31 March 2002 CONSTRUCTION AND CAPITAL WORKS LEGACY $M $M Note NSW Government - OCA 1,918.2 Private Sector 1,107.0 3,025.2 2 Construction Funding Private Sector Construction (1,107.0) 2 Commonwealth Government (150.0) 3 SOCOG (361.3) 4 Other (221.2) (1,839.5) 5 CONSTRUCTION - NET COST TO GOVERNMENT 1,185.7 EVENT AND CO-ORDINATION Contingency Funding Provided to SOCOG 59.8 6 NSW Treasury Foreign Exchange Gain (SOCOG transactions) (58.0) 7 NSW Government Contribution to SPOC 19.6 8 OCA - Planning, Co-ordination and Operations 349.0 9 Support Services - operating and infrastructure Transport 366.7 10 Security 152.8 11 Health and Medical 9.4 12 Waterways and Harbour Management 12.0 13 Other Olympic Services 23.4 14 Olympic related allowances 19.3 Total Support Services 583.6 Less SOCOG/SPOC Contributions to Support Services (160.6) 423.0 Cost of Event to NSW Government 793.4 Less: Olympics Induced Additional Tax Revenue to Government (653.0) 15 CONTRIBUTION BY NSW GOVERNMENT 1,326.1 13
PART ONE : FINANCIAL CONTRIBUTION BY NSW GOVERNMENT NOTES TO THE FINANCIAL STATEMENT SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1 (a) PURPOSE OF THIS REPORT The objective of the report is to provide an analysis of the funding or budget impact of the Olympic and Paralympic Games to the NSW taxpayer. The report analyses the NSW Government's contribution to delivering the Games and the cost of providing Games venues, infrastructure and services (“the financial contribution by the NSW Government” to the Games). For the purposes of Auditing Standard AUS 802 "The Audit Report on Financial Information Other than a General Purpose Financial Report", this report constitutes an Other Financial Information report and has not been prepared in accordance with Australian Accounting Standards. 1(b) SUMMARY OF COST ASSUMPTIONS (i) Definition of Olympic Costs In May 1997 NSW Cabinet defined Olympic costs for the purposes of allocating funds for Games initiatives and requirements. This definition forms the basis of the inclusion of Games costs in this report. Olympic costs were approved by Cabinet when expenditure satisfied the following criteria: • Directly related to or incurred in meeting the obligations and conditions of the Host City Contract. Such expenditure represents the non-discretionary cost of providing essential venues, facilities and services for the Games. • Marginal cost of hosting the Olympics, being additional costs incurred by Government in hosting the event over and above expenditure to which the Government would have been otherwise committed. • Net cost directly related to the Olympic event, representing gross cost less related revenues and government transfer payments. This definition recognises the financial impact of the Games on the NSW budget position. Under this definition, the following items have been included in Olympic costs: • The revenues and expenditures of Sydney Organising Committee for the Olympic Games (SOCOG) and Sydney Paralympic Organising Committee (SPOC). • The revenues and expenditure of the Olympic Co-ordination Authority (OCA) and other Government agencies, which specifically relate to commitments made by the Government in the Host City Contract. This includes the full cost of public servants allocated to the Games agencies of the Olympic Roads and Transport Authority (ORTA) and OCA. Host City Contract commitments include the provision of services directly related to the Olympic event, such as transport, security, medical services, accommodation for Olympic accredited family, officials, media and technicians, contributions to Olympic Cultural Programs, environmental commitments made in Sydney’s Olympic Bid, athletes services, facilities and training venues required immediately before and during the Games, modifications to existing venues specifically for reconfiguration for an Olympic event, and construction of new venues and infrastructure development. The definition excludes the following: • Services not required by the Host City Contract. This includes costs relating to NSW Government agencies’ core business, which would have been incurred irrespective of the Games. • The cost of full-time State public servants allocated to the Games and paid through the State Budget process by way of non-Olympic agencies, for example salaries of police and train drivers. The salaries of these permanent public servants did not represent an additional cost to the State Budget, as the Government was otherwise committed to pay their salary. For information purposes, an estimate of the value of these services is detailed at Appendix 1. 14
Page 1 and 2: THE SYDNEY 2000 OLYMPIC AND PARALYM
Page 3 and 4: FOREWORD Statement by the Hon Micha
Page 5 and 6: INTRODUCTION The Sydney 2000 Olympi
Page 7 and 8: EXECUTIVE SUMMARY The financial con
Page 9 and 10: Indeed no other event impacts more
Page 13: PART ONE : FINANCIAL CONTRIBUTION B
Page 17 and 18: PART ONE : FINANCIAL CONTRIBUTION B
Page 29 and 30: PART TWO : PREPARATION FOR THE GAME
Page 31 and 32: PART TWO : PREPARATION FOR THE GAME
Page 33 and 34: PART THREE : LEGACY ASSETS FOR NSW
Page 43 and 44: PART FOUR : NSW GOVERNMENT AGENCIES
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PART FOUR : NSW GOVERNMENT AGENCIES
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PART FIVE : THE SYDNEY 2000 LEGACY
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APPENDIX 1 : OVERVIEW OF FINANCIAL
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GLOSSARY GLOSSARY ACEA Association
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