Olympics Should Not Exceed the Budget

According to UK’s Department of Culture, Media and Sport figures from the Government’s final quarterly economic report before the Games show “London 2012 is on track to be delivered on time and under budget.”

The overall funding package for the Games remains at ￡9.298 billion. 44 days before the Olympics nearly ￡500million of contingency funds were still available.

London Organizing Committee of the Olympic and Paralympic Games has confirmed in the official report, that the Games will stay on budget. “costs of staging the Games are met by the London 2012 Organizing Committee, which is primarily privately-financed.  Approximately ￡2 billion is raised through sponsorship, ticketing, merchandise and the sale of media rights. LOCOG’s budget has remained consistent. By maximizing revenues and driving down on costs, we believe we will balance our budget. Public funding has created the Olympic Park, with the ODA spending 75p in every ￡1 to regenerate and transform one of the most deprived areas of the UK. Through efficiency savings, the Public Sector Funding Package remains in place at c￡9.3bn, including contingency funds. ￡500m of contingency funding remains available if required.”

The anticipated final cost of the Olympic Delivery Authority’s  construction and transport program is ￡6.761 billion – a decrease of ￡16 million on the previous quarter.

Savings made by the ODA up to 31 May this year have now topped the billion pound mark in total, reaching ￡1.004 billion.

For more Olympics travel, check out:

• Peter’s Video Travel Tip on Olympic Planning
• Travel Tip: Olympics 2012 Travel
• Travel Tip: Free & Affordable Olympic Events
• Olympics Travel Archives

By Elena Strapkova for PeterGreenberg.com

Images Credit London 2012