LONDON – The projected cost of staging the 2012 London Olympics has been lowered by $46.9 million, according to the quarterly financial report released Tuesday.
The report estimates the final cost of the Olympics and Paralympics at $11.6 billion, after $32.3 million was cut from the budget of the main stadium. That includes a savings of $11.3 million by scrapping a planned fabric wrap around the venue.
Olympic Delivery Authority chief executive David Higgins said organizers have saved a total of $1.2 billion since construction began.
He said nearly 75 percent of the venues and infrastructure were complete in the Olympic Park in east London, with the roof of the handball arena the latest to be finished. The track cycling arena, or velodrome, is expected to be the first venue completed in the park by early 2011.
"We are in the home straight, but are not complacent and are focused on maintaining progress in the months ahead," Higgins said.
The cost of the aquatics center could increase by $17.8 million if work is sped up to hit the completion date of July 2011. The complexity of completing the wave-shaped roof — the architectural showpiece of the Olympics — was blamed for the added costs.
During the period covered by the report — July 1 to Sept. 30 — $63.1 million was used from the original $4.3 billion contingency fund. There is $1.8 billion in contingency remaining.
The total public sector budget for the Olympics is $15 billion — triple the original estimate when London successfully bid to host the games in 2005.