Don't Try This at Home!

VANCOUVER (CP)

British Columbia taxpayers are already on the hook for more than double what their provincial government estimated for the 2010 Winter Olympics and audit reports released Thursday suggest things could get worse.

British Columbia's auditor general, Arn van Iersel, concludes the 2010 Olympic Games will cost federal and provincial taxpayers $2.5 billion (Cdn). The budget, said van Iersel's report, has increased to $2.5 billion for the B.C. and federal governments. Most of that - $1.5 billion - will be covered by British Columbia.

British Columbia has provided a guarantee to the IOC to cover any budget shortfalls incurred by the Vancouver Olympic Organizing Committee.

Despite the risks, the B.C. government didn't have a proper watchdog agency to monitor the amount being spent on building venues, van Iersel said.

He noted that, for the Sydney 2000 Games, an authority was established to manage the capital budget. A similar agency was created for the Turin 2006 Games. "With the 2010 Games, no one central agency is taking responsibility for managing these costs."

Canadian cities - Don't Try This at Home!