皇冠体育app

As part of the Government鈥檚 Spending Review settlement the final cost of the ODA programme has been reduced by 拢20m. This has been achieved through the removal of the Stadium 鈥榳rap鈥� and efficiency savings.聽 皇冠体育app overall public sector funding package for the Games remains at 拢9.298bn.

Figures from the London 2012 Olympic and Paralympic Games Quarterly Economic Report show a decrease of 拢29m in the Anticipated Final Cost (AFC) of the part of the Games being delivered by the ODA - from 拢7.261bn in June to 拢7.232bn in September 2010. This includes the savings of 拢20m identified as part of the Spending Review settlement.

皇冠体育app ODA has also announced today that the roof of the 7000 seat Handball arena is complete with work underway on the copper cladding.

Minister for Sport and the Olympics, Hugh Robertson said: 鈥溁使谔逵齛pp ODA has continued to drive down costs and deliver savings despite this being the most complex year in construction terms. 皇冠体育app saving of 拢20m identified in the Spending Review has been achieved with little material impact to the programme.鈥�

Olympic Delivery Authority Chief Executive, David Higgins, said: 鈥淭his report shows that we continue to be on time and within the budget set by the Government. We have made savings as part of the Spending Review process without jeopardising successful delivery and in total have now saved over 拢750m since the start of the project to keep us on track. Today we are announcing that the roof of the Handball Arena is complete and across the rest of the Olympic Park progress is very visible with the Velodrome set to be the first new venue on site to be finished early in 2011. With 75% of the programme to Games-time now finished we are in the home straight but are not complacent and are focused on maintaining progress in the months ahead.鈥�

In total around 拢750m in savings have been achieved by the ODA since the November 2007 baseline budget was agreed. 皇冠体育app majority of these savings have been used to control the budget by offsetting cost increases in other areas of the programme and helping to fund the impacts of the credit crunch, thereby reducing calls on the contingency.

皇冠体育app changes in the Anticipated Final Cost (AFC) are as a result of:

• a reduction in forecast costs of 拢20m on the Main Stadium including anticipated savings of 拢7m from not proceeding with the 鈥榳rap鈥�;

• forecast reduction of 拢33m in transport capital projects and a increase of 拢24m in transport operating expenditure;

• potential cost increase of 拢11m on the Aquatics Centre to ensure the project remains on time and to standard;

• potential cost increase of 拢8m on Stratford City Land and Infrastructure for payments due to the London Development Agency as part of the Compulsory Purchase Order process and some additional infrastructure works, including a new pedestrian bridge; and

• forecast cost increase in Performance Management to CLM of 拢10m due to the strong progress of the project against agreed milestones and savings achieved.

Contingency funding totalling 拢39m was released during the last quarter to enable the ODA to enter into contractual commitments for early security works as part of the Park Operations proposals, generating efficiencies in procurement. It also covered additional security facilities around the Park, the areas between the site and the Westfield Shopping Centre, and for security of IT systems.聽

皇冠体育app gross allocation of contingency on the programme as of 30 September was 拢829m. 皇冠体育appre is 拢1,143m of contingency available - more than the value of assessed risks. Contingency funds will be required to fund the Park Operations work following the finalisation of the business case.

From April 2011, as a result of the Spending Review settlement, around 拢0.5bn of the funding package will be held as contingency for cross-programme issues. This reflects the programme鈥檚 changing focus from construction to operational requirements.聽This is in addition to the Programme Contingency that forms part of the ODA鈥檚 budget.听听

Hugh Robertson, added: 鈥溁使谔逵齛pp ODA鈥檚 management of the construction programme has allowed us to open-up the funding package and contingency for cross-programme issues as we enter the operational phase.鈥�

Preparation of the venues and infrastructure聽in the Olympic Park for the Games is almost 75 per cent complete. 皇冠体育app ODA has hit all of its build milestones to date including the Velodrome and Aquatics Centre structures and roof. All venues are on track to meet scheduled handover dates to LOCOG.

Notes to Editors

1. A copy of the London 2012 Olympic and Paralympic Games Quarterly Economic Report November 2010 is available on the .

2. This report covers the period 1 July 2010 - 30 September 2010.

3. 皇冠体育app public sector funding package for the Games announced in March 2007 was 拢9.325 billion. Of this 拢6.1 billion was identified as the Olympic Delivery Authority budget, with around 拢2 billion contingency and 拢1.2 billion for non-ODA activities such as wider security and support for elite and community sport. On 24 May 2010 the Government announced that the ODA will make 拢27m of in-year savings from the current financial year taking the public sector funding package to 拢9.298bn.

4. As reported since the February 2010 Annual Report, it has been agreed that the ODA will take on additional responsibilities for the operation of the Olympic Park and its venues and facilities between 2011 and the handover to legacy owners by 2014. This includes Facilities Management, logistics and access arrangements and security. 皇冠体育app ODA has estimated that the additional cost of this work would be up to 拢160m depending on the finalisation of scope, delivery approach, procurement and other factors. A business case has now been prepared and is expected to be approved next month.

5. 皇冠体育app 7,000-seat Handball Arena is on track for completion next spring. New images show the unique roof - fitted with 88 鈥榮un-pipes鈥� that use daylight to naturally illuminate the field of play - as complete, and the glass concourse level edging towards the finishing line. Work is also underway in cladding the top section of the venue with 3,000sq m of copper with a high recycled content. 皇冠体育app arena, which has retractable seating in the lower tier for flexibility during Legacy mode, will host men鈥檚 and women鈥檚 preliminary stages and the women鈥檚 quarter finals for the Handball competition, the Fencing Discipline of the Modern Pentathlon, and will also be the stage for Goalball during the Paralympic Games. 皇冠体育app latest images of the London 2012 Handball Arena can be downloaded from the .听听

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