The budget for the London 2012 Summer Olympic Games was released Monday by Olympic minister Tessa Jowell who said, “months of careful scrutiny have confirmed” the budget – four times the original estimate – would be enough, reports the BBC.
The details of the budget show how much is being spent on building the main stadium, other venues, security and transport.
The government also believes there is an 80 per cent chance it will only have to use half of the two billion pound contingency fund that has been set aside for the building and transport costs – although it may have to be used for other demands such as security, reports Sporting Life.
The report shows that 1.942 billion pounds will be needed to prepare the Olympic Park in east London and to install power lines, bridges and roads.
Another 1.17 billion pounds has been allocated to venues.
Jowell said, “the project has high levels of public support and is on track”.
She added, “we are doing what we promised – keeping Parliament and the public up-to-date about the finances for 2012. This statement shows that after a thorough assessment of all the potential risks associated with a development of this scale, the budget is consistent with the funding package I outlined in March this year”.
