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Sochi Olympics to Cost Twice as Much
The budget to make Sochi a host-city for 2014 Olympics will be at least twice as much as the initial estimate of 314 billion rubles. The RF Audit Chamber chief Sergei Stepashin was the first to draw attention to potential increase. The government responded by calling Stepashin’s concerns premature and promising to focus on the problem in March.
The costs for Sochi 2014 Winter Olympics could be twice as much as the declared amount, Audit Chamber Chairman Sergei Stepashin announced yesterday during the sitting of the Federation Council commission for preparing and holding Sochi 2014 Winter Olympics. Without proving his conclusion by any analysis of construction estimates, Stepashin emphasized that the vital thing today is to submit a separate estimate of Olympic costs in the following two months. He will analyze it, Stepashin promised.
The key source of funding Sochi’s preparation for Olympic Games is the “Sochi Development as a Mountain and Climatic Resort” Federal Program, which provides for the appropriation of 314 billion rubles by 2014, including 185 billion rubles funneled from the federal budget.
Semen Vainshtok, who heads Olimpstroy government’s corporation today, also acknowledged the possible growth in expenditures. Vainshtok said they need some 4,200 hectares for Olympic facilities and over 600 hectares of them are in private ownership. The amount of 95 billion rubles allocated to buy out the private land will hardly suffice once the independent licensed officers of land valuation come up with their estimates, taking into account both the land and facilities.
www.kommersant.com
All the Article in Russian as of Feb. 20, 2008
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