SALT LAKE CITY — On Monday, the Salt Lake City-Utah Committee for the Games shared a budget provided to the International Olympic Committee that would fund the Winter Olympics in 2034.
The operating budget of the games will be $2.83 billion, which is part of an overall $3.99 billion budget that includes "revenue sharing with the U.S. Olympic & Paralympic Committee, sponsorship fulfillment, sales costs, and legacy funding," the group shared.
Leaders claimed that the $2.83 billion, which accounts for 2034 inflation, will not come from taxpayers.
“A cornerstone of our financial plan is that we will raise our entire Games operating budget from commercial and private sources, with no use of state or local taxpayer dollars,” said SLC-UT 2034 President and CEO Fraser Bullock in a release.
While the committee insists that no taxpayer dollars will be used, the Utah State Legislature has, in fact, appropriated millions of dollars to upgrade venues and is expected to allocate more in the years leading up to the game for public transit, roads and other infrastructure demands in order to host another Olympic games.
An operations budget found in a slideshow presented to the IOC breaks down where that $2.83 billion will go, with the largest allotment, just under $8 million, dedicated to the "sport, games services and operations" category.
People management and technology budgets would also see significant portions of the $2.83 billion, with the breakdown noting that technology expenditures are high because of "complexity and increased global reach of the games."
Beyond the cost of the games operations, the budget includes $905 million for a joint marketing program with the United States Olympic and Paralympic Committee and $260 million to support Utah community sports programs.
“The legacy from the 2002 Winter Games was transformative in promoting sport across our state,” said Bullock. “Our initiative to return the Games to Utah is rooted in extending that living legacy that our communities enjoy today well into the future.”
Of the committee's revenue budget, the majority is expected to come through domestic sponsorship, ticket sales and hospitality.
A budget presentation claimed ticketing revenue as "foundational" to the success of the games, allowing the committee to avoid taxpayer dollars.
The 2034 games, if they follow the budget, would be comparable to the last Salt Lake City Winter Olympics.
Bullock stated the actual cost of the 2002 Olympics, when inflated to 2034 values, was $2.84 billion.
Even though more events will be featured at the 2034 games when compared to 2002, Bullock pointed out that Utah will save money by reusing venues from Ogden to Provo.
Additionally, the proposed budget for 2034 includes a $210 million contingency category.
The group said final preparations are underway for an anticipated election in July. The IOC Executive Board is expected to review the report of its Future Host Commission from June 12-14 and decide whether to recommend that the IOC Session make its final decision on July 24, Pioneer Day, in Paris.
