At the meeting of the Executive Committee of the Latvian Olympic Committee (LOC) on Friday, the LOK budget for 2022 in the amount of 12,269,857 million euros was approved, reports LOK.
Budget priorities include the participation of the Latvian team in the Beijing Olympics, the provision of training programs for athletes of the Latvian Olympic Team (LOV), support for the Olympic Movement youth programs (participation in the European Youth Winter Olympics in Vuokatti and Banska Bystrica; Olympic Training Program) LOK Centenary ”, youth camp program“ Personality Academy ”within the project“ Sports all class ”, dual career opportunities for high-class athletes and improvement of the“ One-Stop Agency ”agreement in connection with the recommendations of the State Audit Office.
“LOK’s budget was designed taking into account the set priorities, achievable goals and performance indicators, thus ensuring understandable financial discipline in cooperation with sports federations and creating a stable and predictable deficit-free budget,” comments Aija Buša, Head of LOK’s Financial Service.
The larger part of the budget expenditure in the amount of 35.2% or 4,331,106 euros is allocated to the federations of individual sports, ensuring the preparation process and training work of high-class athletes. The delegation’s participation in the Olympic Games amounts to EUR 1 028 399 (8.38%). Also, a large part of the budget is made up of loan repayments under the regional program – 1,984,132 euros (16.1%).
For the second year in a row, LOK is receiving all the funding of the state sub-program “High Performance Sports”, thus administering financial resources for the operation of LOV and the Latvian Olympic Social Fund (LOSF). This year, the grant for the operation of LOV is EUR 1,711,995 (13.95%), while LOSF funding is EUR 701,700 (5.72%).
The LOK emphasizes that these programs are implemented in close cooperation with the 33 Olympic individual sports federations. The revenue section of the LOK budget consists of state budget funds, funding from the International Olympic Committee (IOC), donations and support from cooperation partners.
