London 2012 Olympic Games Scheduled to go Under Budget

June 13, 2012

The London 2012 games is expected to go under budget by £476m following the government’s last quarterly economic report.

The overall funding package for the Games remains at £9.298billion, order with £476m of uncommitted contingency available, sale which will go back to the Treasury even after an additional £19million being spent on crowd management during the London 2012 Games.
The extra £19m for crowd management will include spending on additional stewards and crowd flow measures, and will also include improvements to public information in the centre of the capital and the “last mile” – the distance between transport hubs and Games venues.
Minister for Sport and the Olympics Hugh Robertson said: “With a matter of weeks to go until London 2012 we are in a strong place.
“The transformation of the previously contaminated land into the Olympic Park on time and under budget is a great success story for UK plc.
“I would like to thank all those who have worked so hard to deliver this project in such an exemplary manner.
“We can now look forward to a summer of sport built upon the firm foundations set down by the ODA, LOCOG and everyone else involved in the project.”
The anticipated final cost of the Olympic Delivery Authority’s (ODA) construction and transport programme is £6.761bn.
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.”
The Olympic Park and Village were transferred from the ODA to the London Organising Committee of the Olympic and Paralympic Games (LOCOG) in January, to allow them to prepare the venues for staging the Games.
Funding made available to LOCOG has increased by £29m in the quarter, as a result of these transfers from the ODA, and for additional infrastructure works.
The remaining balance of contingency within the public sector funding package now stands at £388m, with an additional £88m available to the ODA in programme contingency to cover assessed risks.
In total, this leaves £476m of uncommitted contingency remaining.

The London 2012 Olympic games is expected to go under budget by £476m ($741m) following the government’s last quarterly economic report.

The overall funding package for the Games remains at £9.298 billion ($14.478bn), with £476m of uncommitted contingency available, which will go back to the Treasury even after an additional £19million ($29.6m) being spent on crowd management during the London 2012 Games.

The extra £19m for crowd management will include spending on additional stewards and crowd flow measures, and will also include improvements to public information in the centre of the capital and the “last mile” – the distance between transport hubs and Games venues.

Minister for Sport and the Olympics Hugh Robertson said: “With a matter of weeks to go until London 2012 we are in a strong place.

“The transformation of the previously contaminated land into the Olympic Park on time and under budget is a great success story for UK plc.
“I would like to thank all those who have worked so hard to deliver this project in such an exemplary manner.

“We can now look forward to a summer of sport built upon the firm foundations set down by the ODA, LOCOG and everyone else involved in the project.”

The anticipated final cost of the Olympic Delivery Authority’s (ODA) construction and transport programme is £6.761bn ($10.524bn).

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.”

The Olympic Park and Village were transferred from the ODA to the London Organising Committee of the Olympic and Paralympic Games (LOCOG) in January, to allow them to prepare the venues for staging the Games.

Funding made available to LOCOG has increased by £29m ($45.1m) in the quarter, as a result of these transfers from the ODA, and for additional infrastructure works.

The remaining balance of contingency within the public sector funding package now stands at £388m ($604m), with an additional £88m ($137m) available to the ODA in programme contingency to cover assessed risks.

In total, this leaves £476m of uncommitted contingency remaining.