I am publishing today the Government Olympic Executive’s final quarterly report—“London 2012 Olympic and Paralympic Games Quarterly Report October 2012”. Following the successful conclusion of the games, this report explains the latest budget position as at 30 September 2012, and outlines the investments which are being made from the public sector funding package for the London 2012 Olympic and Paralympic games. The overall cost of the games is forecast at £8.921 billion, a saving of £377 million on the £9.298 billion budget. Including contingency held for the Olympic Delivery Authority (ODA) and the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) risks there remains a total of £480 million of uncommitted contingency within the £9.3 billion public sector funding package (PSFP).
The anticipated final cost of the ODA’s construction and infrastructure programme is £6,714 million, a £47 million reduction since the previous report in June this year. With additional savings in the period to 30 September 2012, the amount saved by the ODA against the original budget has now reached £1,032 million.
The published figures include additional funding made available to LOCOG in the run up to the games, while the costs of policing and wider security, and venue security, have reduced in the period.
The London 2012 Olympic and Paralympic games are viewed as a success by athletes, spectators, dignitaries and the media. Team GB and ParalympicsGB finished third in both the Olympic and Paralympic medal tables with 185 medals won across both games, 63 of which were gold.
The handover of the Olympic park from LOCOG to the London Legacy Development Corporation, the mayoral body responsible for delivering the transformation works, is under way and on track.
Any underspend in the PSFP will be retained by HM Treasury, though any moneys remaining at the conclusion of the programme in the Olympic Lottery Distribution Fund will be transferred to the National Lottery Distribution Fund to benefit lottery good causes.
I would like to commend this report to the Members of both Houses and thank them for their interest in and support for the London 2012 games over the past few years. This is the final report on the games, but further public updates will be made as required until the completion of the programme in 2014.
Copies of the quarterly report October 2012 are available online at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.