London 2012 on time and within budget

June 14th, 2012 - 3:53 pm ICT by IANS  

London, June 14 (IANS) The London 2012 Olympic and Paralympic Games is on track to be delivered on time and under budget, figures from the government’s last quarterly economic report before the games show.

The overall funding package for the Games remains at 9.298 billion pounds with 476 million of uncommitted contingency available, reported Xinhua.

The anticipated final cost of the Olympic Delivery Authority’s (ODA) construction and transport program is 6.761 billion pounds - a decrease of 16 million pounds on the previous quarter. Savings made by the ODA up to May 31 this year have now topped the billion pound mark in total, reaching 1.004 billion pounds.

Secretary of State for Culture Olympics Media and Sport, Jeremy Hunt said: “With only 44 days to go before the Olympics it is fantastic news that there is still 476 million pounds 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.”

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. 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.”

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 Olympic Park and Village were transferred from the ODA to LOCOG in January, to allow them to prepare the venues for staging the Games. Funding made available to LOCOG has increased by 29 million pounds in the quarter, as a result of these transfers from the ODA, and for additional infrastructure works.

Additional funding of 19 million pounds has also been made available to improve crowd management and public information in central London and the “last mile” - the distance between transport hubs and Games venues. This will include additional stewards and crowd flow measures

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