GamesBids.com: London 2012 On Time, On Budget - Report

London 2012 On Time, On Budget - Report
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GB Staff on Monday, November 23, 2009  11:04am EST
 
New government and ODA figures show that the London 2012 Games will be delivered
on time and on budget.
According to the London 2012 Olympic and Paralympic Games Quarterly Economic
Report, the London 2012 Summer Olympic Games has seen a 7 million pound increase
in the cost of the Olympic Delivery Authority (ODA) construction program, which
equates to an increase of less than 0.1 per cent.
Nothing from the 1.27 billion contingency funding has been required to cover
the increase due to savings achieved elsewhere as part of ongoing construction
of the 2012 Olympic Park site.
Changes in the anticipated final cost of the London Summer Games reportedly
include savings made on site, the potential need to improved local sports
facilities as training venues, increased costs associated with vehicle
screening, and potential cost pressures on Olympic Village and Stratford City
infrastructure.
Tessa Jowell, Olympics minister said, "this report shows we are still on time
and still on budget. Every day the Olympic Park changes a little bit more,
confirming the huge progress that the Olympic Delivery Authority and its
contractors are making in building the venues and infrastructure that will be so
familiar in less than three years time".
ODA chair John Armitt added, "there is no cause for complacency. Next year is
set to be our toughest yet as activity on site reaches a peak and it is
essential we maintain our momentum".