Wondering why there are so much taxation and cost increase?

[Ichibawa]

Cost of Youth Games goes up three-fold

An extra $265 million needed to meet the cost will be borne by MCYS and Ministry of Finance

 

 

SINGAPORE - The cost of organising the inaugural 2010 Youth Olympic Games has risen three-fold.

 

With 38 days left to the opening ceremony at The Float@Marina Bay on Aug 14, it will now cost $387 million to stage the Games, up from its original estimate of $122 million during the Games' bid phase, before Singapore was named host by the International Olympic Committee in February 2008 after a keen tussle with Moscow.

 

Despite the increase, both the Ministry of Community Development, Youth and Sports (MCYS) and the Singapore Youth Olympic Games Organising Committee (Syogoc) said there was no cause for alarm.

 

The extra $265 million required to meet the cost of organising the Games will be borne by the MCYS and Ministry of Finance.

 

Syogoc has also raised more than $50 million in sponsorship, but MediaCorp understands the bulk of it is in kind.

 

Speaking at a news conference yesterday, MCYS Permanent Secretary Niam Chiang Meng said: "The original bid was an estimate. There was no precedent or template ... When we made the bid, the figures were based on specifications not fully spelt out by the International Olympic Committee or by the international federations.

 

"It was only very recently that the sporting events had their formats spelt out ... which is why many of these things can only be finalised so late."

 

Technology accounted for the biggest spike - $97 million (see box).

 

Added Mr Niam: "The estimate is not fixed, although it is likely to be lower than higher."

 

The Youth Olympic Games, which run from Aug 14 to 26, will feature 201 events across 26 sports, with some 3,600 athletes from 205 National Olympic Committees (NOCs) competing.

 

About 20,000 volunteers will help run the Games, and about 370,000 spectators are expected to watch the two-week event.

 

Apart from having top sporting facilities, there are other spin-offs.

 

On the economic front, $260 million worth of tenders and contracts were awarded to local companies for the Games, and some $46 million to international companies with local subsidiaries, while conservative estimates from the Singapore Tourism Board expect tourism receipts to hit $57 million.

 

In terms of international media value, the Games is expected to be worth $86 million - $11 million from print and online, and $75 million from broadcast, where some 1.5 billion viewers worldwide are expected to watch the Games.

 

Already, nearly 2,000 international media networks are keen to broadcast the multi-sports events.

 

Socially, an Olympic education programme will be introduced to 430 schools, while some 260 community-led events involving 135,000 people will be held.

 

Said Mr Niam: "We're making history as the first hosts, but at the same time, we're also the first to have to iron out the kinks in the system

[Kingcopa]

Well done... just well done what more can we say.

 

I dun see any news reporting on this YOG in other parts of the world. I wonder if they know this exist or not

[Maroon5]

waahhaah...the $12M to engage singaporeans...does it incl the ear bursting 'Oh Yeah Oh Yeah Oh Yeah Hey!' ???

 

so any heads to roll for the overspending? i guess not...

[Requiemdk]

waahhaah...the $12M to engage singaporeans...does it incl the ear bursting 'Oh Yeah Oh Yeah Oh Yeah Hey!' ???

 

so any heads to roll for the overspending? i guess not...

 

$12M is pretty f-ing engaging alright when bits and pieces of it shows up on your bills and taxes.

 

Are you feeling engaged now after the electricity and transport fare hikes??

[TangoElite]

bang out of order

 

exceed budget by 3 folds, seems like no one is keeping to budget, budget only for show, might as well dont do budget, just report actual spending

[Chewbacca]

Should have scrapped the f--king oh yeah oh yeah hey.

 

皆大欢喜

[Ichibawa]

If expenses exceeds budget..

 

in private sector: FUBAR

 

in public sector: SNAFU

[Mike1234]

- $12 million: To engage Singaporeans.

 

 

Plain waste of $$$....

 

I tot got many volunteers???

 

Engage Singaporeans???

 

Really [shakehead]

[Ben5266]

Spend $280million more? Good.

Good for the small businesses that help build or provide service to YOG.

More people got employment and it surely heat up our economy.

Anyway, the money is from our govt....

 

....

....

....

Wait... govt. got the money from who huh?

[Maroon5]

$12M is pretty f-ing engaging alright when bits and pieces of it shows up on your bills and taxes.

 

Are you feeling engaged now after the electricity and transport fare hikes??

 

yeah....i worry for our ERP next....and then the Ppty tax.... resigned sia....

[Amuze]

Wait till they see our National Stadium. Or is there one?

 

[Tigerwoods]

BRUDDERS

Did you FEEL ENGAGED so far after they have spent $12mil ??

The only engaging feeling is me seeing a Purple Bus pass me by.

 

To Engage Singaporeans you need to have :

a. YOG pubicity stunts like fairs, carnivals, souvenirs, win free tickets etc

b. Alot of updates from the news of what our YOG team has/had done

c. Follow up on the qualifying athletes that made it to compete in YOG

d. So many stuff to Spice us up.

 

Instead - I see a Purple bus, Oh Yeah Oh Yeah Oh yeah hey - this cost us $12mil arh ??

[Mike1234]

Wait till they see our National Stadium. Or is there one?

 

 

I heard the plan was postponed until like next year then start to commence ????

 

I guess maybe due to the lack of $$ bah...

[Mike1234]

BRUDDERS

Did you FEEL ENGAGED so far after they have spent $12mil ??

The only engaging feeling is me seeing a Purple Bus pass me by.

 

To Engage Singaporeans you need to have :

a. YOG pubicity stunts like fairs, carnivals, souvenirs, win free tickets etc

b. Alot of updates from the news of what our YOG team has/had done

c. Follow up on the qualifying athletes that made it to compete in YOG

d. So many stuff to Spice us up.

 

Instead - I see a Purple bus, Oh Yeah Oh Yeah Oh yeah hey - this cost us $12mil arh ??

 

 

HAHA...

 

You give me $200 bucks...

 

I own self go somewhere and OH YEA OH YEA.....AH.....

 

i think also much worth it....

Edited July 7, 2010 by Mike1234

[Amuze]

I heard the plan was postponed until like next year then start to commence ????

 

I guess maybe due to the lack of $$ bah...

 

A National Stadium, a national pride/icon, lack of funds is no excuse, especially when an international event is staged for the world to see... embarrassing.

[Freestylers09]

U21 WC also not much pple wana see liao

 

280mil for YOG?

 

wah ,worth it anot....

 

who will see youth team one??

 

 

[Mike1234]

A National Stadium, a national pride/icon, lack of funds is no excuse, especially when an international event is staged for the world to see... embarrassing.

 

Ah Kong spent billions on casinos liao...

 

U think how much they left with meh????

 

:D

[Requiemdk]

bang out of order

 

exceed budget by 3 folds, seems like no one is keeping to budget, budget only for show, might as well dont do budget, just report actual spending

 

Seriously, it's expected that expenditures for such an event will exceed the forecasted budget. It happens with the Olympics. However, exceeding by a factor of 300% is bloody catastrophic. Either the fella who did the forecast was totally clueless buffoon or the committee basically spent all their time pissing money into the wind without any due diligence. Coupled with the fact that the scale of the publicity around here has been somewhat on par with the Great Singapore Sale, it really doesn't add up does it? I wonder how the international publicity is done, if there was any at all?! An independent inquiry is sorely needed here to investigate just how the hell the expenditures were managed.