LONDON VAUXHALL DEALERS

The figures were released as the government published its final quarterly economic report before the Games commence next month. The anticipated final cost of the Olympic Delivery Authority’s (ODA) construction and transport programme is £6.761 billion – a decrease of £16 million on the previous quarter. Savings made by the ODA up to May 31 this year have now topped the billion pound mark in total, reaching £1.004 billion.

The £9.298 billion budget, which included a £2 billion contingency, was set in 2007 and was almost four times the estimated cost at the time London won the right to stage the Games in 2005. The remaining contingency money is expected to be ploughed back into the UK Treasury’s coffers. Secretary of State for Culture Olympics Media and Sport, Jeremy Hunt, said: “With only 44 days to go before the Olympics it is fantastic news that there is still £476 million of contingency funds left. Britain has proved that not only can we put on a great show for the world to watch like we did with the Jubilee but that we can also deliver big construction projects on time and on budget.”

The Olympic Park and Village were transferred from the ODA to the organising committee (LOCOG) in January, to allow them to prepare the venues for staging the Games. The government said funding made available to LOCOG has increased by £29 million in the quarter, as a result of these transfers from the ODA, and for additional infrastructure works. Additional funding of £19 million has also been made available to improve crowd management and public information in central London and the ‘last mile’ – the distance between transport hubs and Games venues. This will include additional stewards and crowd flow measures.

The remaining balance of contingency within the public sector funding package now stands at £388 million, with an additional £88 million available to the ODA in programme contingency to cover assessed risks - both ahead of the Games and for post-Games work. Minister for Sport and the Olympics, Hugh Robertson, added: “With a matter of weeks to go until London 2012 we are in a strong place. The transformation of the previously contaminated land into the Olympic Park on time and under budget is a great success story for UK plc. I would like to thank all those who have worked so hard to deliver this project in such an exemplary manner. We can now look forward to a summer of sport built upon the firm foundations set down by the ODA, LOCOG and everyone else involved in the project.”