The SLOC's "'budget gap'" is now down to" $76M, and its
contingency fund remains "untouched" at $140M, according to
Mike Gorrell of the SALT LAKE TRIBUNE. SLOC CFO Fraser
Bullock told the Olympic Coordination Committee (OCC) Monday
that the contingency fund "should have plenty of money left
to cover the inevitable, last-minute surprise expenses that
must be addressed for the Games to succeed." Bullock:
"We're in very healthy shape, although we have work yet to
do." Gorrell noted that when Bullock "first reported" to
the OCC a year ago, SLOC's budget "had been pared" from
$1.45B to $1.33B, but the SLOC still had to raise $179M "to
break even." Since then, Bullock said that budget managers
"have identified an additional" $15M in cuts and secured
$88M more in revenue from corporate sponsors. Bullock added
that Bank of America, which "extended SLOC a line of credit
to pay bills until television revenue comes in after the
Games," recognized SLOC's reduced risk profile and "lowered
its contingency requirement" (SALT LAKE TRIBUNE, 8/22).
