Olympics to come in £476m under budget

The total cost of London's Olympic Games is expected to be nearly £500 million under its £9.2 billion budget, it was revealed this morning (13 June).

The Olympic Stadium
The Olympic Stadium

In its final quarterly Olympic economic forecast, the Department for Culture, Media and Sport said £476 million of uncommitted contingency was still available for the Games, which will keep its overall funding package of £9.2 billion.

The £476 million of money remaining includes £388 million in contingency within the public sector funding package and £88 million available to the ODA to cover the risks of Games and post-Games work.

Locog took over control of the Olympic Park from the Olympic Delivery Authority (ODA) in January to prepare the venues for staging the Games. Extra funding of £29 million was made available to it in the last quarter, as a result of taking over from the ODA and to fund additional infrastructure works to the park.

An extra £19 million has been made available to improve crowd management and public information in London, as well as for measures like stewards and crowd flow systems on the ‘last mile’ – the area between transport hubs and Games venues.

Jeremy Hunt, secretary of state for culture, Olympics, media and sport, said: "With only 44 days to go before the Olympics it is fantastic news that there is still £476 million of contingency funds left. Britain has proved that not only can we put on a great show for the world to watch like we did with the Jubilee but that we can also deliver big construction projects on time and on budget."

Dennis Hone, chief executive of the Olympic Delivery Authority, said: "Our marathon task of building an Olympic Park fit for champions is almost at an end. The finish line is in sight but we have still got work to do, supporting the London Organising Committee in the next month and during the Games.

"The finishing touches are being put to this stage for the world’s best athletes – but we want the audience to be thrilled too: not just the spectators this summer, but the people who will live, work and play in the Olympic Park for decades to come."

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