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As Flames Dies, Olympic Costs Pile Up for Vancouver
The city is expected to face more than $1 billion worth of debt related to the Winter Olympics.
"Security costs, first estimated at $165 million, are now headed toward $1 billion.
Still, organizers insist the operating budget will break even. But that forecast includes $423 million in emergency money from the International Olympic Committee, and detailed financial information will not appear until after the Games are over.
As for Vancouver's municipal government and the taxpayers, the bad news is already in. The immediate Olympic legacy for this city of 580,000 people is a nearly $1 billion debt from bailing out the Olympic Village development. Beyond that, people in Vancouver and British Columbia have already seen cuts in services like education, health care and arts financing from their provincial government, which is stuck with many other Olympics-related costs."