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London 2012 Olympics – Big Build Still On Track
10/02/2010
By Lea Pachta
The London 2012 Olympic and Paralympic Games remain on time and within budget, data published by the Government and Olympic Delivery Authority (ODA) confirms.
Figures from the London 2012 Olympic and Paralympic Games Annual Report show a rise of £21m in the Anticipated Final Cost (AFC) of the programme being delivered by the ODA - £7.262bn from £7.241bn since the last report, equivalent to an increase of 0.3 per cent and within the £8.1bn overall ODA budget.
The report also details the significant progress made in getting ready for the Games. The Big Build is now over halfway through with key achievements this year including the completion of the Velodrome steel structure, the Aquatics Centre roof, the first three Olympic Village blocks and the main structure of the Olympic Stadium.
Changes in the AFC inevitably occur as a project of this scale progress, changes are the result of increases but also savings made elsewhere. Increases are the result of a reduction in the expected returns from future Stratford City land receipts that are now forecast to be lower due to the deterioration of the property market, additional funding required for Park management where the ODA have been asked to take on a range of additional work and increased security costs related to the development of the Olympic Village.
The savings that have been made are in, for example, infrastructure and the cost of the International Broadcast Centre and Main Press Centre, and in a reduction in forecast risks - in total these make savings of over £100m.
The majority, £1.25bn, of contingency remains unreleased and the ODA continues to make good progress in preparing the venues and infrastructure in the Olympic Park, with construction on all major venues well underway.
The Government has agreed a Memorandum of Understanding (MoU) with the... continued on page two >
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