VANCOUVER, British Columbia — The 2010 Vancouver Olympics committee is spending more than it is making to prepare for the Winter Games.

The organization's latest financial statement released Thursday says it ran a deficit of $40.5 million in the year ending July 31, compared to the $51.3 million surplus it had in 2006-2007.

Organizers say fluctuating between deficits and surpluses is normal for Olympic organizing committees.

The committee says it will start spending a lot more while remaining within its $1.3 billion budget.