The Canadian Press: Strong financial ground for the road ahead to 2010 Olympics, officials say

The Canadian Press: Strong financial ground for the road ahead to 2010 Olympics, officials say: "Vancouver's Olympic organizers say they're in a solid financial position as they ramp up activity leading to the 2010 Winter Games but they're also mindful of challenges ahead.

With a majority of sports venues complete, sponsorship dollars flowing faster than expected and a strong Canadian dollar, the latest quarterly report released Tuesday by the organizing committee indicates the Games remain on budget.

The committee, known as VANOC, says it's even been able to save a little cash.

The $580-million budget for Games venue construction includes a rainy day fund, which VANOC was forced to tap earlier in the planning process when building costs ballooned.

But Tuesday's report suggested VANOC was able to funnel $250,000 back into the fund after the building for figure skating and short-track speed skating was completed under budget.

Chief financial officer John McLaughlin said the contingency fund for venue construction, $27.1 million, represents just over 17 per cent of the remaining costs for buildings to house the Games.

'The contingency was put in place primarily to protect against construction risks, including weather-related challenges for the outdoor venues,' he said.

'Looking at the overall venue program, we can say that financial risk is reduced because most of the venues where"