The London 2012 Games - on time, on budget

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  • BackgroundSecurity (£1,028m) = Policing (£475m) + Venue Security (£553m)Operational programmes = LOCOG Park Operations (£68m) + Operational provisions (£117m) + City Operations (£23m) + GLA Olympic and Paralympic programmes (£13m)All other lines as per Quarterly Report
  • The London 2012 Games - on time, on budget

    1. 1. The London 2012 Games – on time,on budgetHugh Robertson, MP – Minister for Sport and the OlympicsDavid Goldstone – Finance Director, Government Olympic ExecutiveWednesday 18 July 2012
    2. 2. JULY 2012 9 days to Olympic Games Opening Ceremony  Olympic Park delivered on time and within budget  £476 million of uncommitted contingency remaining  Successful test events, Diamond Jubilee and Olympic Torch Relay  We are in a strong position but not complacent;UNCLASSIFIED challenges remain
    3. 3. THE CHALLENGE – 2005  Transform one of the most deprived areas of the UK  Create an extraordinary legacy for the UK and the world  Deliver the Olympic Park – largest construction project in Europe  Equivalent to building Heathrow Terminal 5 twice over inUNCLASSIFIED half the time
    4. 4. UNCLASSIFIED The contaminated site was filled with disused tyres and industrial waste
    5. 5. UNCLASSIFIED The site was limited by old infrastructure and poor transport links
    6. 6. UNCLASSIFIED The site was criss-crossed by electricity pylons that had to be dismantled
    7. 7. UNCLASSIFIED The UK’s largest and greenest clean-up operation
    8. 8. OLYMPIC PARK  2.5 sq km site – bigger than Hyde Park  A whole new quarter of East London  A place to work, live and playUNCLASSIFIED  Designed not just for Games but for long-term legacy
    9. 9. NEW WORLD-CLASS SPORTS VENUES
    10. 10. A NEW COMMUNITY – FOR GAMES & LEGACY  Olympic & Paralympic Village – Home to 23,000 athletes and officials during Games – Converted into more than 2,800 homes in legacy  A new school (Chobham Academy) and new health centreUNCLASSIFIED
    11. 11. NEW INFRASTRUCTURE AND TRANSPORT FOR EAST LONDON  New power, water and sanitation  30 bridges and connections  East London one of the most connected parts of the capital  £6.5bn investment into transport systemUNCLASSIFIED  Stratford station capacity trebled to over 200 trains per hour
    12. 12. The London 2012 Games – ontime, on budgetHugh Robertson, MP – Minister for Sport and the OlympicsDavid Goldstone – Finance Director, Government Olympic ExecutiveWednesday 18 July 2012
    13. 13. Public Sector Funding Package: Funders 2007 Baseline Budget 31 May 2012 £9.325bn £9.298bn Lottery Lottery 2.175 2.175 Central Central Government London London Government 0.875 5.975 1.175 6.248
    14. 14. Public Sector Funding Package: Programmes Programme 2007 Baseline Budget (£m) 31 May 2012 (£m) ODA and Park Transformation 8,099 A 7,057 B Elite and community sports 290 290 Paralympic Games 66 95 Look 32 33 Security 838 1,028 LOCOG 0 183 Operational programmes 0 220 Tourism campaign 0 4 C PSFP contingency remaining 0 388 Total 9,325 9,298 LOCOG c.£2.1bn budget privately funded Notes A ODA baseline budget contained £350m for Park transformation B ODA forecast of £6,761m, plus £296m for Park transformation C Contingency was held against ODA programme
    15. 15. Contingency Remaining Contingency November 2007 31 May 2012 (£m) Available Baseline (£m)ODA Programme 968 88contingency“Funders” / PSFP 1,004 388contingencyTotal 1,972 476
    16. 16. ODA Expenditure: 75p in every £1 leaves a lasting legacy Works specific to the Games 25% Long term regeneration 75%
    17. 17. Meeting the ChallengesCredit crunch• Village and Broadcast/Media Centre were to be privately funded• Decision to bring into public ownership was made in 2009, due to credit crunch• Village was sold to private developers in 2011 for approx. £550m (in addition to approx. £270m earlier receipts)• Competition for legacy tenant for the Broadcast/Media Centre is near completion
    18. 18. Meeting the Challenges From construction to operations Savings from the construction phase have been utilised to support operational requirements: • Park operations • Crowd management • Increased security • Ceremonies
    19. 19. Meeting the ChallengesManaging to time and within budget• “Big Build” complete at one year to go• £1bn total ODA savings reinvested to meet pressures• Nearly £500m of uncommitted contingency remains

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