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As most Colorado residents expected the Host Committee has come to the conclusion that they need more money than they had originally budgeted for. At least it's not as bad as RTD's FasTracks which is facing a $2.5 billion shortfall.
The host committee responsible for raising the nearly $41 million for the Democratic National Convention now believes it may need as much as $9 million more to avoid a budget shortfall.
Officials with the Denver 2008 Host Committee claim there are additional cash costs that it is responsible for beyond its $40.6 million contract with the Democratic National Convention Committee.
For example, the contract calls for use of the luxury suites at the Pepsi Center, but host committee officials believe reimbursement totals for those suite holders will be $1.5 million over the contract amount.
The contract also addresses staffing costs, including rent for downtown offices and host committee salaries. But host committee officials say that's almost $1 million more on top of the contract's $40.6 million.
Chris Lopez, spokesman for the 2008 Host Committee, said they also have to come up with $1.5 million in security costs that aren't covered under the $50 million in federal funds for the convention. - RMN