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2012 Finance

Olympic Boroughs' hidden spending spree

Recent Freedom of Information responses from 2012 Olympics 'host boroughs' confirm the suspicion that local council funds and resources are being diverted into Olympics matters in ways that are not easily identifiable or accounted for. The lack of transparency and thorough accounting procedures make it almost impossible to calculate how much council tax payers are contributing to the 2012 Olympics as a whole, over and above the highly publicised £9.3billion budget.


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LVRPA identifies 2012 Olympics as ‘a major risk’!

The Lea Valley Regional Park Authority seems to be a trifle confused. In its 2007/8 accounts it identifies the 2012 Olympics as ‘a major risk that could affect all our key business objectives into the future.’ It goes on to say ‘The award of the Olympics to London will affect our land, business, financial and human resources. At this stage it is too early to fully assess the precise impact.’ Later on it goes on restate the problem ‘It is important that the Authority remains focused on the issues and related risk of the Olympics, and that the new Strategic Business Plan reflects the effect of the Olympics risk on our business objectives.’


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Non-Olympic sports lose out on major sponsorship

Interest in the Olympics is preventing events such as the Derby and Cowes Week from securing sponsors. It is understood that a number of key sporting events are struggling to find brands to take up sponsorship opportunities.


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London Olympic chiefs defend executive salaries

London Olympic chiefs defended the salaries of its top executives on Thursday after it emerged some were earning up to 100,000 pounds more than first thought.About seven senior executives at the Olympic Delivery Authority are being paid more than 200,000 pounds. The authority published the salaries of its executives in its annual report for 2006/7, but the report only included the amount earned so far that year.


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National Audit Office report

The NAO report concludes:

Our overall conclusion is that the key relationships and working arrangements to deliver the Olympic programme are still being developed. There are a number of areas of risk that will need to be managed but a major risk is the lack of final agreed cost estimates and an accompanying funding package, and this will inevitably have a detrimental impact on the programme if it is allowed to continue.


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Select Committee report on Olympic funding and delivery

House of Commons, Culture, Media and Sport Select Committee

London 2012 Olympic Games and Paralympic Games: funding and legacy

Second Report of Session 2006–07, published 24 1 07

Conclusions and recommendations


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Ken guarantees 'No council tax rise'

Ken Livingstone has issued a "firm guarantee" that there will be no increase to London Council Tax bills to fund the 2012 Olympic and Paralympic Games.

Speaking to Vanessa Feltz on BBC Radio London earlier today the Mayor said:


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