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SOCOG Predicts Budget Surplus -- May 12, 1997

SYDNEY, Australia - The organizers of the 2000 Sydney Olympic Games released a revised overall budget, predicting a surplus of $33.3 million. The Sydney Organizing Committee for the Olympic Games (SOCOG) said budget revenue now stands at $1.818 billion, while estimated spending will be $1.785 billion. SOCOG said revenue increased due to growth in areas including sponsorship and television rights. The organizing committee said it also had contingency funds of $127 million to fund unforeseen expenditures over the next three years.