Waulau......exceeded budget by more than 3 times, almost 4, from S$104M to S$387M and still say worth it !!!
With a anticiipated returns of $57M tourism income (NOTE THIS IS ANTICIPATED FIGURE ONLY) and $86M media value (whatever that means) versus $387M spent.........PAPa still claimed its 'benefits will still continue to outweigh the increased cost.' ??? Did I loose my maths ability ??
I wonder if in the private business, someone exceeded expense budget by hundred of millions, what will be their fate.
Is it obvious PAPa is using taxpayers $ at a lost for their own glorification ?
YOG surpasses budget
By Jonathan Wong
THE budget for the inaugural Youth Olympic Games (YOG) has surpassed original estimates of US$75 million ($104 million) by more than three times.
The projected government spending for the 13-day Games in August will now be approximately $387 million.
This was revealed today by Mr Niam Chiang Meng, the Permanent Secretary for Community Development in a briefing at MCYS headquarters at Thomson Road regarding the Aug 14-26 Games.
He stressed however, that the benefits will still continue to outweigh the increased cost. Besides $260 million (or 70 per cent of the budget) worth of contracts that has been awarded to local companies, the YOG is also expected to attract about 40,000 foreign visitors, generating a $57 million boom in tourism receipts.
Also, the IOC has estimated that the YOG will be watched by a global audience of 1.5 billion, with the total international media value in excess of $86 million.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_550268.html
With a anticiipated returns of $57M tourism income (NOTE THIS IS ANTICIPATED FIGURE ONLY) and $86M media value (whatever that means) versus $387M spent.........PAPa still claimed its 'benefits will still continue to outweigh the increased cost.' ??? Did I loose my maths ability ??
I wonder if in the private business, someone exceeded expense budget by hundred of millions, what will be their fate.
Is it obvious PAPa is using taxpayers $ at a lost for their own glorification ?
YOG surpasses budget
By Jonathan Wong
THE budget for the inaugural Youth Olympic Games (YOG) has surpassed original estimates of US$75 million ($104 million) by more than three times.
The projected government spending for the 13-day Games in August will now be approximately $387 million.
This was revealed today by Mr Niam Chiang Meng, the Permanent Secretary for Community Development in a briefing at MCYS headquarters at Thomson Road regarding the Aug 14-26 Games.
He stressed however, that the benefits will still continue to outweigh the increased cost. Besides $260 million (or 70 per cent of the budget) worth of contracts that has been awarded to local companies, the YOG is also expected to attract about 40,000 foreign visitors, generating a $57 million boom in tourism receipts.
Also, the IOC has estimated that the YOG will be watched by a global audience of 1.5 billion, with the total international media value in excess of $86 million.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_550268.html
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