23/10/2012 09:04 BST

London 2012 Olympics Comes In £377m Under Budget

The cost of the London 2012 Games has come in at £377 million under budget, according to Government figures released today.

The overall cost of the Games is forecast at £8,921 billion from a budget of £9,298 billion.

With some contracts still to be wound up after the end of the Games, ministers are describing the underspend as a "prudent" estimate.

Sports minister Hugh Robertson said: "The work of the construction and delivery teams, from the ODA (Olympic Delivery Authority) and Locog (London Organising Committee of the Olympic and Paralympic Games), has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future."

usain bolt

Mo Farah and Usain Bolt for one of the Games' most endearing snapshots

Some £103 million of contingency is being held to cover the remaining risks in the programme. These include the retrofit of the Olympic Village to get it ready for use when it reopens after the Games.

There are also around 2,000 contracts with the Olympic Delivery Authority (ODA), the Olympic builders and London 2012 which still have to be closed out.

In addition, £480 million of uncommitted contingency still remains within the budget.

The ODA's construction and transport programme has come in at £6.714 billion, according to the estimates. This is a drop of £47 million on the previous estimated figure.

The savings made by the ODA are now at £1.032 billion.


The pubic's reaction to the Games was overwhelmingly positive

Overall savings have been made through "really tough project management" by London 2012, ODA and the Government, according to Mr Robertson.

ODA chief executive Dennis Hone said: "We are pleased to report even more savings made through careful stewardship of public money. We are now entering the final phase of the ODA's work, transforming the Olympic Village into thousands of new homes and building a community that will become established, grow and mature in the decades ahead - a London 2012 legacy for generations to come."

The figures also show that £26 million was released to London 2012 for capital works with post-Games legacy benefits and that £16 million was paid over as the Government's share of the cost of the Paralympic Games. There was also £14 million for Olympic Park venues and infrastructure. These costs are all contained within the overall forecast cost of the programme.