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GOT MITT? SLOC DOES, AND HIS CUTTING THE GAMES' BUDGET
Published March 12, 1999
New SLOC President Mitt Romney said yesterday that "profit, pride and pageantry come second" to the 2002 Olympics and its athletes, according to Linda Fantin of the SALT LAKE TRIBUNE. Romney's proposal to "economize" the 2002 Winter Games will cut $14M from the budget. But the "savings come in the shadow of another" $81M in "unexpected costs," including a $41M "budget calculation error," which will increase the budget from $1.45B to $1.52B. If SLOC organizers "fail to raise the necessary funds, Romney has identified" $84M more in cuts. Romney said that OPUS, the marketing arm of the 2002 Games, has "secured" $548M in sponsorships, $326M of which goes to SLOC (SALT LAKE TRIBUNE, 3/12). Romney's cost-cutting proposals range from "a six-month hiring freeze to eliminating free lunches for trustees." The only "possible exception" to the hiring freeze, which will save $6M, is the hiring of a new COO. Cutting board expenses and staff travel will save an estimated $2M (Lisa Riley Roche, DESERET NEWS, 3/12).