London 2012 forecast to come in nearly 拢400 million under budget
Final quarterly economic report shows expected 拢377 million saving; work underway to transform Park for legacy use.
The , a saving of 拢377 million on the 拢9.298 billion budget.聽聽
The anticipated final cost of the 鈥檚 (ODA) construction and transport programme is 拢6.714 billion, a decrease of 拢47 million on . Savings made by the ODA on its programme have now reached 拢1.032 billion.
An additional 拢103 million of contingency is being held to cover the remaining risks in the programme, such as the retrofit of the Olympic Village for legacy use and closing out around 2,000 ODA and LOCOG contracts. In total, 拢480 million of uncommitted contingency still remains within the Olympic and Paralympic budget.
Minister for Sport, 听蝉补颈诲:
鈥淟ondon 2012 was a tremendous success, and it is a significant achievement to deliver this large and complex programme on time and under budget. The work of the construction and delivery teams, from the ODA and LOCOG, has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future.鈥�
Final work underway
Additional funding was released to LOCOG from the funding package, including 拢26 million for capital works with legacy benefits, 拢16 million for Government鈥檚 share of the cost of the Paralympic Games, and 拢14 million for Olympic Park venues and infrastructure. These costs are all contained within the overall forecast cost of the programme.
The forecast final costs of the Policing and Venue Security programmes have reduced by 拢20 million and 拢39 million respectively due to the return of unspent contingency and other savings. The Venue Security reduction does not assume any savings resulting from the enforcement of LOCOG鈥檚 contract with G4S.
The remaining balance of contingency within the Olympic budget now stands at 拢377 million, with an additional 拢73 million available to the ODA to cover assessed risks associated with its post-Games work, principally 鈥榬etrofitting鈥櫬爐he Olympic Village to turn it from athletes鈥� accommodation into homes. The Government also holds a further 拢30 million of uncommitted contingency set against LOCOG鈥檚 post-Games risks. In total, this leaves 拢480 million of uncommitted contingency remaining.