Olympic Oval Financials & Governance Failures

Jerome Dickey

Jun 24, 2025

Mayor and Council, thank you for the opportunity to speak.

⚠️ Two Major Scandals ongoing at the moment…

Richmond Olympic Oval Forensic Audit
In June 2024, the City announced a full forensic audit of the Olympic Oval Corporation, citing concerns over financial management, board and executive expenses, and long-standing subsidy levels exceeding $53 million since 2010 (Richmond News, June 5, 2024).
Gift Card Scandal
A forensic audit has revealed that between 2022 and 2024, over $446,000 in City-purchased gift cards were issued, and $295,000 remain unaccounted for. The RCMP are investigating.

Despite public statements calling these “an isolated incidents,” the volume and duration of this issues suggest systemic internal control failures. What incidents have yet to surface?

Councillor Heed has proposed dissolving the Oval Corporation entirely and bringing operations under direct City oversight (Richmond News, June 18, 2024). Appreciate the out of the box thinking. May be premature in light of ongoing forensic investigation.

The recent scandals point to several red flags that were either missed, ignored, or tolerated over time. These are not isolated incidents—they signal deeper, systemic issues in how the City governs itself and its affiliated entities.

1. Unmonitored Discretionary Spending

The gift card scandal is a stark example. Nearly $300,000 in gift cards went untracked or unreconciled over multiple years. This kind of spending—done outside of proper controls, approvals, or reporting—suggests:

Lack of clear policies on what constitutes appropriate discretionary spending.
Failure to require receipts or accountability for funds distributed in cash equivalents.
Inadequate supervision and auditing within departments handling public funds.

Discretionary funds should never be discretionary in oversight.

2. Weak Reporting and Oversight of Arm’s-Length Organizations

The Richmond Olympic Oval Corporation has operated for years with substantial public subsidies but little public scrutiny. Council and the public were often kept at arm’s length from decisions that involved millions in taxpayer dollars.

The board of directors was not directly accountable to Council.
There was no regular, detailed reporting of executive expenses, contracts, or subsidies.
Oversight mechanisms like performance metrics, audits, and strategic alignment reviews were either missing or inconsistently applied.

When a publicly funded entity operates without effective oversight, it erodes democratic accountability.

3. Lack of Transparency with Council and the Public

In both the gift card and Oval cases, Council learned key facts after media inquiries and public pressure—not through routine reporting or internal channels.

There was no real-time disclosure of financial risks or unusual activity.
Annual financial statements may have masked operational concerns behind consolidated figures or summary-level data.
The public has had limited access to board minutes, executive expenses, or the rationale for continued subsidy levels.

When information flow is controlled or delayed, transparency is replaced by secrecy—and trust erodes.

4. Delayed Action Despite Years of Visible Subsidy Concerns

The Oval has received over $53 million in public subsidies since 2010. Multiple councillors have raised concerns in previous years, but no structural changes were made until media and public pressure forced a response.

Questions about value-for-money were brushed aside.
The annual subsidy increased to $3.25 million in 2024 without a full business case or community consultation.
Concerns raised by members of Council about financial oversight were not acted on in a timely way.

Delay is not due diligence—it’s a failure to lead.

🛠 What Council Can Do Now — Before the Audit Concludes

The public needs more than promises—we need immediate action:

1. Interim Controls & Oversight

Suspend all staff gift card or discretionary accounts until financial controls are reviewed and strengthened. -DONE
Require monthly reporting of all Oval and senior staff expenses over $1,000.
Establish a temporary Independent Oversight Committee, reporting directly to Council, to monitor spending until the audit concludes.

2. Transparency Commitments

Publicly release timelines, scope, and progress updates on both forensic investigations every 30 days.
Commit to releasing final audit findings, redacted only when legally required.

3. Governance Training

Mandate immediate governance and financial oversight training for Council and senior leadership.

This should include:
- Roles and responsibilities in public governance
- Oversight of arms-length corporations
- Risk management, whistleblower protections, and fiduciary duty
  
  This can begin within 30–60 days and sends a clear message of accountability.

❓ Can We Trust the City's Financial Statements?

If nearly $300,000 in untracked gift cards and millions in Oval subsidies passed through financial reports without flags, residents are right to question whether published statements can be trusted.

Council should immediately:

Commission an independent audit of both City and Oval financials for the past 5 years.
Require annual public disclosure of Statements of Financial Information (SOFI) including board expenses, executive compensation, and per diems for all Council-controlled entities.

Olympic Oval Financials & Governance Failures

Mayor and Council, thank you for the opportunity to speak.

⚠️ Two Major Scandals ongoing at the moment…

Richmond Olympic Oval Forensic Audit

In June 2024, the City announced a full forensic audit of the Olympic Oval Corporation, citing concerns over financial management, board and executive expenses, and long-standing subsidy levels exceeding $53 million since 2010 (Richmond News, June 5, 2024).

Gift Card Scandal

A forensic audit has revealed that between 2022 and 2024, over $446,000 in City-purchased gift cards were issued, and $295,000 remain unaccounted for. The RCMP are investigating.

Despite public statements calling these “an isolated incidents,” the volume and duration of this issues suggest systemic internal control failures. What incidents have yet to surface?

Councillor Heed has proposed dissolving the Oval Corporation entirely and bringing operations under direct City oversight (Richmond News, June 18, 2024). Appreciate the out of the box thinking. May be premature in light of ongoing forensic investigation.

The recent scandals point to several red flags that were either missed, ignored, or tolerated over time. These are not isolated incidents—they signal deeper, systemic issues in how the City governs itself and its affiliated entities.

1. Unmonitored Discretionary Spending

The gift card scandal is a stark example. Nearly $300,000 in gift cards went untracked or unreconciled over multiple years. This kind of spending—done outside of proper controls, approvals, or reporting—suggests:

Lack of clear policies on what constitutes appropriate discretionary spending.

Failure to require receipts or accountability for funds distributed in cash equivalents.

Inadequate supervision and auditing within departments handling public funds.

Discretionary funds should never be discretionary in oversight.

2. Weak Reporting and Oversight of Arm’s-Length Organizations

The Richmond Olympic Oval Corporation has operated for years with substantial public subsidies but little public scrutiny. Council and the public were often kept at arm’s length from decisions that involved millions in taxpayer dollars.

The board of directors was not directly accountable to Council.

There was no regular, detailed reporting of executive expenses, contracts, or subsidies.

Oversight mechanisms like performance metrics, audits, and strategic alignment reviews were either missing or inconsistently applied.

When a publicly funded entity operates without effective oversight, it erodes democratic accountability.

3. Lack of Transparency with Council and the Public

In both the gift card and Oval cases, Council learned key facts after media inquiries and public pressure—not through routine reporting or internal channels.

There was no real-time disclosure of financial risks or unusual activity.

Annual financial statements may have masked operational concerns behind consolidated figures or summary-level data.

The public has had limited access to board minutes, executive expenses, or the rationale for continued subsidy levels.

When information flow is controlled or delayed, transparency is replaced by secrecy—and trust erodes.

4. Delayed Action Despite Years of Visible Subsidy Concerns

The Oval has received over $53 million in public subsidies since 2010. Multiple councillors have raised concerns in previous years, but no structural changes were made until media and public pressure forced a response.

Questions about value-for-money were brushed aside.

The annual subsidy increased to $3.25 million in 2024 without a full business case or community consultation.

Concerns raised by members of Council about financial oversight were not acted on in a timely way.

Delay is not due diligence—it’s a failure to lead.

🛠 What Council Can Do Now — Before the Audit Concludes

The public needs more than promises—we need immediate action:

1. Interim Controls & Oversight

Suspend all staff gift card or discretionary accounts until financial controls are reviewed and strengthened. -DONE

Require monthly reporting of all Oval and senior staff expenses over $1,000.

Establish a temporary Independent Oversight Committee, reporting directly to Council, to monitor spending until the audit concludes.

2. Transparency Commitments

Publicly release timelines, scope, and progress updates on both forensic investigations every 30 days.

Commit to releasing final audit findings, redacted only when legally required.

3. Governance Training

Mandate immediate governance and financial oversight training for Council and senior leadership.

This should include:

Roles and responsibilities in public governance

Oversight of arms-length corporations

Risk management, whistleblower protections, and fiduciary duty

This can begin within 30–60 days and sends a clear message of accountability.

❓ Can We Trust the City's Financial Statements?

If nearly $300,000 in untracked gift cards and millions in Oval subsidies passed through financial reports without flags, residents are right to question whether published statements can be trusted.

Council should immediately:

Commission an independent audit of both City and Oval financials for the past 5 years.

Require annual public disclosure of Statements of Financial Information (SOFI) including board expenses, executive compensation, and per diems for all Council-controlled entities.

✅ Conclusion: Trust Requires Action

Richmond is at a crossroads.

Public trust has been damaged—but Council can begin restoring it today.

Start with transparency. Strengthen oversight. Invest in governance.

Show that accountability is not just a word—it’s a leadership commitment.

Thank you. I’m happy to answer questions or speak further about these recommendations.

Jerome Dickey