CALGARY, AB: Today, the Canadian Taxpayers Federation (CTF) presented the City of Calgary with the blank cheque it will need to cover Olympic-cost overruns.

“The City of Calgary will have to sign a blank cheque to cover the cost overruns for the Olympics,” said Franco Terrazzano, the CTF’s Alberta Director. “We can’t afford the games in the imaginary best-case scenario and there is no way Calgary can afford to cover the inevitable overruns.”

Other governments are making it clear they’re not going to be left holding the bag.

“Within our federal hosting policy, we’re not responsible for cost overruns," said federal Minister of Sport and Science Kristy Duncan.

“The government of Alberta will not be able to provide any additional funds that may be required, including those to cover revenue shortfalls or cost overruns,” said Alberta Finance Minister Joe Ceci.

Since the 1960s, 19 Olympics have gone over budget, averaging overruns of 156 per cent.

Canadian-hosted Olympics have been no stranger to these overruns:

• Vancouver 2010 saw a cost overrun of 13 per cent;
• Calgary 1988 had a 65 per cent overrun; and,
• Montreal’s overrun was a staggering 720 per cent, with its games taking three decades to pay off.

“Olympic-cost overruns are standard procedure so it’s irresponsible to think it’ll be any different this time,” said Terrazzano. “Do Calgarians really feel comfortable sending a blank cheque to the IOC?”

The CTF is urging Calgarians to oppose writing a blank cheque to the IOC by voting NO in the Calgary-wide referendum.