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Councillors had several questions for Hanson and Kyle Ripley, the city’s director of recreation and direct link to CBEC, on Monday.

In response to questions, the pair revealed that to date, CBEC has spent about $200,000 and no private monetary donations have been received, though services, office space and equipment has been donated.

When the idea of exploring an Olympic bid was pitched and council approved $5 million to study a bid in June, council was told private donations could be raised to pay for some of the work.

A detailed report on how CBEC is spending the $5 million budget and a separate feasibility assessment document were privately shown to council but won’t be made public for now.

Nenshi told reporters Monday it’s important a potential bid for the Winter Games doesn’t turn into a “money hole.”

“We have to make sure that there is support in this from the public, from the feds, from the province,” he said.

“We won’t really have an answer to that question until we know what the revenue and the profit potential looks like…I’ve seen some very draft advanced work, very sophisticated financial analysis that the committee is working on that makes me feel much more comfortable that this could look more like Calgary ’88 than like Sochi.”

Nenshi praised the work of the committee to date and said by June or July, council will make a go or no-go decision on a potential bid for the 2026 Games.

“This report is very general but I have had the ability, just very briefly, to see some of the work plans and the draft work that is coming from the consultants and the others that have been hired and it is a very high quality,” he said.

“It seems they’re really on the right path here but let’s let them do their work.”