With less than a year to go until the start of the Pan and Parapan American Games in the Canadian city, the Organising Committee incurred CAD$92.8 million (£50.9 million/$84.5 million/€63.7 million), including CAD$66 million (£36.2 million/$60.1 million/€45.3 million) on venue construction, in the financial period ending on March 31, 2014.

The accounts show the project-to-date venue construction costs now stand at CAD$387 million (£212 million/$352 million/€265 million) - including CAD$83.5 million (£45.8 million/$76.1 million/€57.3 million) on the Soccer Stadium, CAD$148.4 million (£81.5 million/$135.2 million/€101.9 million) on the Aquatics Centre and Field House and CAD$53.9 million (£29.6 million/$49.1 million/€37 million) on the Pan Am/Parapan Am Centre, representing 53 per cent of the total original capital budget of CAD$730 million (£401 million/$665 million/€501 million).

Toronto 2015's operating expenses for the quarter stand at CAD$26.8 million (£14.7 million/$24.4 million/€18.4 million), with much of this being spend in areas such as technology, transportation, broadcasting, events, Ceremonies, and community and cultural affairs.

The overall capital building programme for the Games is continuing to come in under budget, with the CAD$57.5 million (£31.5 million/$52.3 million/€39.4 million) savings in the capital budget first reported in the November 2012 Quarterly Report still remaining.

Construction costs for the Aquatics Centre and Field House currently stand at CAD148.4 million ©Toronto 2015/Facebook


Meanwhile, Corporate Canada has also provided an incremental CAD$43 million (£23 million/$39 million/€29 million) in value in kind sponsorship for the delivery of the Games.

Saäd Rafi, chief executive of Toronto 2015, claimed the Organising Committee is working hard to make sure Canada sees a big economic benefit from hosting the Games.

"The Toronto 2015 Games are an economic driver in Ontario - from building brand-new community athletic facilities to employment and sport tourism opportunities," he said.

"We expect these Games to create 26,000 jobs.

"In addition, so far, of all the funding spent to procure the goods and services we need to make these games a success, 84 per cent has gone to Canadian companies.

"We're going to continue to procure through an open and competitive process that seeks to achieve good value for taxpayers, but there's no doubt these Games create some great opportunities for Canadian companies.

"Corporate Canada continues to show great support."

The Toronto 2015 Pan American Games are scheduled to take place between July 10 and 26, followed by the Parapan American Games on August 7 to 15.

To read the full accounts click here.

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