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Tessa Jowell the Olympics Minister has confirmed that the contingency amount in the latest Olympic budget is likely to be needed. Other commentators have suggested that the current budget of £9.3 billion is itself likely to be insufficient.
In August 2005 NICVA reported that the original revised budget of £3.5billion was “grossly underestimated” pointing out specifically that the costs of security seemed “totally inadequate”. Tessa Jowell, has recently revealed that the security bill for the games has risen to £1.2bn (six times the figure in the bid). The original bid budget to host the games in London was £2.4billion with £750m (31%) coming from National Lottery good causes money. A second raid on the lottery raised the contribution from good causes money to £2.2bn towards an overall cost of £9.3billion.
National Lottery distributors are also funding the Olympic Legacy Trust to the tune of £34m from their own incomes.
Tessa Jowell has not ruled out the possibility of exceeding the current budget by stating: "No one can confidently predict exactly what the final amount of contingency we require will be by 2012, but all the analysis we have suggests we are in a decent position."
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