A total of £476m in the London 2012 Olympic contingency budget is still unallocated, despite a series of last minute costs incurred in the Olympic Park construction projects.
According to the latest quarterly budget update published this week by the Department of Culture, Media and Sport, the Olympic Delivery Authority’s “contractual close-out” costs rose on the Park’s structures, bridges and highways by £12m.
At 31st March 2012, compared to the budget published on 31st December 2011, there was an £11m increase in the Athletes’ Village construction costs, including a £5m bill for retro-fitting the apartments after the Games.
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