London Games clears budget cut hurdle
The London 2012 Olympic Delivery Authority (ODA) announced on Monday they had successfully absorbed a 27 million pound government-ordered reduction in their budget.india Updated: Jul 19, 2010 18:58 IST
The London 2012 Olympic Delivery Authority (ODA) announced on Monday they had successfully absorbed a 27 million pound government-ordered reduction in their budget.
The ODA also revealed the overall cost of the London Games was expected to fall by six million pounds.
Last month saw the new coalition Government confirm savings would have to be made on the project aimed at readying the capital for the 2012 Olympics and Paralympics.
In their Quarterly Economic Report the ODA revealed that target had been achieved through a combination of efficiency savings and procurement gains.
Of those savings, 13 million came from construction site security, 11 million from the international broadcast centre and main press centre, and 3 million from smaller changes to the basketball arena and velodrome.
The ODA insisted there had been no resulting reduction in the programme's delivery, which remained on time and on budget.
They also revealed an additional 100m had been saved since their last quarterly report, taking the overall saving from the original funding package of 9.325 billion up to 700 million.
First Published: Jul 19, 2010 18:57 IST