By David Williams
26 February 2010
The 2012 Olympics are on time and within budget, but authorities need to make greater efforts to ensure the Games leave a beneficial legacy for Londoners, an official report has found.
A study by the National Audit Office published today forecasts the cost of the project will be within the £9.36bn budget announced in March 2007.
Preparations for the London 2012 Olympic and Paralympic Games: progress report, however, warns that financial pressures and risks are likely to exist right up until the opening ceremony.
However, there is less contingency funding available now. In 2009, £621m was allocated to pay for the Olympic village and media centre, after the financial crisis made private funding untenable. The NAO warns that unforeseen events could result in the contingency fund being raided again.
Amyas Morse, comptroller and auditor general, praised the Olympic Delivery Authority for keeping costs under control but added: ‘Securing long-term use of facilities such as the media centre and main stadium should remain a priority to get the best out of the Games both for the taxpayer and local people.’
The report highlights the media village as a cause for concern. ‘From the outset it has been difficult to reconcile Games-time requirements for the media centre with a viable use after the Games,’ it says.
‘Its location in the northwest corner of the Olympic Park, away from the main public transport hub at Stratford, is a potential challenge to achieving the legacy aim of employment creation, at least in the short term.’
26 February 2010
The 2012 Olympics are on time and within budget, but authorities need to make greater efforts to ensure the Games leave a beneficial legacy for Londoners, an official report has found.
A study by the National Audit Office published today forecasts the cost of the project will be within the £9.36bn budget announced in March 2007.
Preparations for the London 2012 Olympic and Paralympic Games: progress report, however, warns that financial pressures and risks are likely to exist right up until the opening ceremony.
However, there is less contingency funding available now. In 2009, £621m was allocated to pay for the Olympic village and media centre, after the financial crisis made private funding untenable. The NAO warns that unforeseen events could result in the contingency fund being raided again.
Amyas Morse, comptroller and auditor general, praised the Olympic Delivery Authority for keeping costs under control but added: ‘Securing long-term use of facilities such as the media centre and main stadium should remain a priority to get the best out of the Games both for the taxpayer and local people.’
The report highlights the media village as a cause for concern. ‘From the outset it has been difficult to reconcile Games-time requirements for the media centre with a viable use after the Games,’ it says.
‘Its location in the northwest corner of the Olympic Park, away from the main public transport hub at Stratford, is a potential challenge to achieving the legacy aim of employment creation, at least in the short term.’
