The Vancouver Olympic Organizing Committee says overall venue construction is on time and on budget, although it had to dip into its contingency fund in the past quarter.

John McLaughlin, chief financial officer of VANOC, said the committee is in a strong financial position.
(VANOC)

VANOC's latest quarterly report, released Thursday, says it's in a strong financial position and all but three venues will be completed by the end of the year — without exceeding the $580 million budget.

John McLaughlin, VANOC's chief financial officer, said contributions from the International Olympics Committee combined with growing sponsorship revenues put the committee in a strong financial position.

"The most significant issue is the considerable positive cash flow of the quarter," he said. "Like any business, we'd rather be in a strong cash-positive position rather than a position of debt."

Critics — including Harry Bains, a Surrey-Newton MLA and New Democratic Party critic for the 2010 Winter Games — said they expected the report to address concerns over funding for security but were disappointed that the budgeted amount remained at $175 million, to be shared between the provincial and federal governments.

John Furlong, the committee's CEO, said the rest is up to the RCMP. 

"Our responsibilities are to work with them — we're not mandated to organize security and budget for that so we're not in any position to say what it might be."

According to the report, VANOC used $2 million from the contingency fund during the quarter, which ending in April. The fund is now at $53.3 million.

NDP MLA Harry Bains said VANOC and the B.C. government are still hiding the true cost of hosting the Olympics.
(B.C. government)

Bains accused VANOC and the B.C. government of continuing to hide the true cost of hosting the Olympics.

"These folks are going into it as if this is their regular budgetary item. So they are continuing to deny the true cost of the Olympics to the taxpayers and I think that is a serious concern," Bains said.

Bains also said VANOC "continues to ignore the public" in regards to housing issues, leaving people "upset and disappointed."

Furlong said although there is no mention of housing in the report, the promises VANOC agreed to in the bid book would be delivered.

"Our commitment to make sure the housing legacy that we agreed to is there, and those funds are committed and those legacies will be achieved — those are our only obligations," he said.

Among those obligations are $30 million for non-market housing in the athlete's village and $6 million for aboriginal housing, Furlong said. The rest is up to the provincial government and others, he added.