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Earlier estimates put the cost of the Games at $4.6 billion, but the city’s draft plan released last month shows the Olympic hosting plan will cost at least $5.23 billion.

The public portion of the Games comes to $3 billion, according to the city’s bid corporation, divided between municipal, provincial and federal governments, and the province has committed to releasing details on its share of the bid no fewer than 30 days ahead of the Nov. 13 plebiscite.

“Time has always been one of the factors we flagged as being a high risk,” said Coun. Jeff Davison. “Could we always want more time? Of course. Are we going to know enough of the facts and the numbers between the goal posts? Yes, I feel confident that we will.”

Ottawa is expected to pay at least half that amount and Calgary’s portion of the bill is an estimated $500 million (or 15 per cent) if a cost-sharing agreement can be reached between Calgary and the province.

The remaining costs would be paid through International Olympic Committee (IOC) contributions, corporate sponsorships, ticketing and merchandising.

The city’s own public engagement campaign ahead of the Olympic vote, which started in earnest this month, is also in the high-risk column along with the city’s ability to keep sensitive documents around the bid confidential and under wraps.

Photo by Gavin Young / Postmedia

The report reiterated the city’s commitment to an “accountable … citizen-centric” and neutral engagement campaign “to inform and educate the public about the bid process, seek public input … and identify issues” with the bid process ahead of the vote.

Meanwhile, the report said the Calgary 2026 Olympic bid committee’s own engagement strategy “is independent of and separate” from the city’s, as the city-funded group released a video on its website asking families to talk about the city’s proposed Games bid during their Thanksgiving meals.