Volume 95, Issue 48

Tuesday, November 27, 2001
 
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NEWS

Western support staff may strike

CHRW forgoes hygiene for cash

Brutal tales from Kunduz

Western must cover Games debt

Another tuition increase at Western?

Profs, store owners differ on economy

Western and Fanshawe get together

Vandalism and rolling stops

News Briefs

Western must cover Games debt

By Joel Brown
Gazette Staff


Western is obligated to make up a $3.7 million revenue shortfall that resulted from the 2001 Canada Summer Games.

Despite reported expectations that a profit of at least $1 million would be gained from last summer's Games, Western president Paul Davenport announced last Thursday the school will be financing a $3.7 million loss as part of an agreement made in 1997 to get TD Waterhouse Stadium built.

Funding for the shortfall will come out of the school's capital budget, which is expected to total approximately $50 million.

Davenport said he viewed the shortfall as a minor setback that was far outweighed by the building of the stadium, which was 64 per cent covered by Games funding.

While he said Western would have preferred to see Games revenue fully fund the stadium, Davenport said huge benefits have come from the Games. Western now has a $10.3 million stadium and the area where JW Little Stadium now rests can be used for new academic construction, he said.

"The $3.7 million contribution from the capital budget is an investment in two major legacies for the university," Davenport said.

"I'm not as troubled as some might be," said London mayor Anne Marie DeCicco. "All the Games have done is make a significant difference in our athletes being able to compete and, in London, having better facilities."

Games co-chair PriceWaterhouseCoopers accountant Phil Bowman, who had predicted right after the event a surplus of $1-2 million, said he was a little surprised by the final balance sheet, but the shortfall would not impact taxpayers.

"A positive we can take from this is we made it clear to the taxpayers what to expect and we didn't have to ask them for any more money," Bowman said.

If he had the chance to do it all over again, Bowman said he would have ensured more cash donations were guaranteed.




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Copyright The Gazette 2001