Preparations for the London 2012 Olympic and Paralympic Games : seventy-fourth report of session 2010-12, report, together with formal minutes, oral and written evidence

The Olympic Delivery Authority's management of its building programme has been exemplary but, due to significant increases in the cost of venue security, the likelihood of staying within the overall GBP9.3 billion Public Sector Funding Package is very finely balanced.

The Funding Package does not cover the totality of the costs to the public purse of delivering the Games and their legacy, which are already heading for around GBP11 billion.

Operational and financial risks have emerged in areas of the London Organising Committee of the Olympic and Paralympic Games' responsibility, and LOCOG itself now has almost no contingency left to meet further costs, even though it has done well in its revenue generation.

The number of security guards required in and around the venues has more than doubled, and renegotiation of the contract for venue security does not appear to have secured any price advantage. With only 109,000 new people regularly participating in sport against an original target (which the new Government chose not to adopt) of 1 million by March 2013, the Department for Culture, Media and Sport has got poor value for money for the GBP450 million spent through sporting National Governing Bodies.

It is unclear what the sporting participation legacy of the Games is intended to be.

Responsibility for delivery of all legacy matters is shared across many different parts of Government, and this rings alarm bells about the effective integration of the various legacy plans and about clear accountability to the taxpayer.