I am publishing today the Government Olympic Executive’s Quarterly Report—“London 2012 Olympic and Paralympic Games Quarterly Report June 2012”. This report explains the latest budget position as at 31 May 2012, and outlines the investments which are being made from the public sector funding package for the London 2012 Olympic and Paralympic games. This is the last quarterly report before the London 2012 games.
The anticipated final cost (AFC) of the Olympic Delivery Authority’s (ODA) construction and infrastructure programme is £6.761 billion. This is a decrease of £16 million since the previous quarter. With additional savings in the period to 31 May 2012, the amount saved by the ODA against the original budget has now reached £1,004 million. There remains a total of £476 million of uncommitted contingency within the £9.3 billion public sector funding package.
The Olympic park and village were transferred from the ODA to the London 2012 Organising Committee for the Olympic and Paralympic Games (LOCOG) in January so they can prepare the venues for staging the games. Funding made available to LOCOG has increased by £29 million in the quarter as a result of transfers from the ODA, and for additional infrastructure works.
With just 44 days to go until the opening ceremony of the London 2012 Olympic games, construction of the Olympic park is virtually complete. LOCOG has held 42 test events in 28 venues with more than 8,000 athletes taking part in all Olympic sports and six Paralympic sports. This has not only enabled us to be better prepared for games-time but given 350,000 spectators the chance to preview the world-class sport expected this summer.
On 1 April 2012, the role and assets of the Olympic Park Legacy Company were transferred to the new mayoral development corporation—the London Legacy Development Corporation (LLDC). The LLDC will take forward the regeneration of the Olympic park and the surrounding area now that the responsibilities have devolved to the Mayor.
On 18 May the Olympic torch arrived in the UK and is currently travelling around the country. Approximately 2.5 million people around the UK have seen the torch and are taking the opportunity to be a part of London 2012.
The consistent and careful management of the London 2012 programme has enabled us to find additional security requirements, and invest in projects to help drive economic growth and tourism as a result of the games, all while staying within the £9.3 billion public sector funding package.
I would like to commend this report to the members of both Houses and thank them for their continued interest in and support for the London 2012 games.
Copies of the quarterly report June 2012 are available online at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.