2012 budget “worryingly tight” 31/03/2010 |
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The budget for the 2012 London Olympics is “worryingly tight”, a Commons committee has warned.
The public accounts committee (PAC) said that while building for the Games was on track, unforeseen problems were putting pressure on contingency funds.
The Olympic Delivery Authority (ODA) has £1.27bn left from the original £2.75bn contingency fund, with much of this already set aside, the MPs noted.
Committee chairman Edward Leigh said: "What's worrying is that the financial position is tight.
"Of the sum left within the Olympic budget for contingencies, most is currently earmarked for known risks.
"But unforeseen problems continue to emerge to place fresh demands on the contingency."
The PAC report concludes: "Staying within the budget also depends on receiving some £600m receipts from the Olympic Village development.
"So the position is tight, with no room for complacency and limited flexibility to respond to new problems as the Games approach."
An ODA spokesman added: "We are continuing to make strong progress and the latest budget forecast shows us delivering the construction programme within the available budget.
"[This year] will be the toughest year yet on the project as construction work accelerates and the workforce peaks.
"The foundations for success are in place but we are in no way complacent."
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