Following a thorough review of costs, I announced a revised £9.325 billion funding package for the Games on 15 March 2007. The Government are confident that the Games will be delivered within this package, which includes a prudent contingency of £2.747 billion.
The council tax contribution to the £9.325 billion funding package remains at £625 million, as agreed in 2003. The Mayor of London will also make £300 million available over the lifetime of the Olympic programme; and has made clear that this will not be found from either an increase in council tax or transport fares.
The Lottery contribution to the overall £9.325 billion funding package is £2.175 billion, this includes: £750 million from the Olympic Lottery games, £340 million from the Sports Lottery distributors and £410 million from the National Lottery from 2009, all of which was included in the original Lottery funding package. A further £675 million is now being sought from the National Lottery from 2009. This sum, together with the £410 million, is subject to parliamentary approval.