IOC officials praised Pyeongchang 2018 today but also suggested areas for improvement ©ITG

Pyeongchang 2018 are still targeting a "balanced budget" for next year's Winter Olympic and Paralympic Games, despite a lingering deficit of ₩300 billion (£215 million/$262 million/€247 million).

Reducing this burden has been cited as one key priority for organisers with 11 months to go until the Opening Ceremony of the Olympic Games.

The budget announced by Pyeongchang 2018 last year had increased by ₩600 billion (£386 million/$518 million/€468 million) from the original projection of ₩2.2 trillion (£1.4 billion/$1.9 billion/€1.7 million).

This figure is ₩300 billion greater than their current income.

It is claimed that the increased expenditure is due to two technical changes rather than any fault on the part of organisers.

The transfer of two venues - the Olympic Plaza and the International Broadcasting Centre - from the infrastructural to the operating budgets is one explanation.

Pyeongchang are also supposedly still paying taxes on their income from which Olympic organisers are usually exempt.

"If we take these factors, this explains the gaps," IOC executive director Christophe Dubi told insidethegames today following a Coordination Commission inspection here.

"So, the point is, we are working on a balanced budget and I am sure we are going to get there.

"But if there is currently an imbalance, it is not because the expenses are too high or there is less revenue."

IOC executive director Christophe Dubi has defended the Pyeongchang 2018 budget today ©Getty Images
IOC executive director Christophe Dubi has defended the Pyeongchang 2018 budget today ©Getty Images

A similar deficit and budgetary figure was announced at the last IOC Coordination Commission inspection visit in October.

It was predicted there that a fresh budget for this year would be unveiled in "October or November", but this has still not materialised.

A reason was not given for the absence of a 2017 figure today, except that organisers and the IOC are still working with other stakeholders to reduce costs.

"We are trying to find a solution, we're trying to find economies everywhere we can," Dubi said.

"It's not only about savings, but about finding additional revenues. 

"We have some smart solutions on this."

One idea being proposed is to sell tickets for excess seating in media and other accredited areas.

Pyeongchang 2018 President Lee Hee-beom also said they were hoping to receive more support from sponsors and from the Korean National Assembly.

"We are exerting our best efforts to achieve a balanced budget," he claimed.

Budgetary matters were among issues discussed during the three-day IOC Coordination Commission inspection to Pyeongchang 2018 with less than a start until the start of the Winter Olympics ©Pyeongchang 2018
Budgetary matters were among issues discussed during the three-day IOC Coordination Commission inspection to Pyeongchang 2018 with less than a start until the start of the Winter Olympics ©Pyeongchang 2018

Concerns over transportation and accommodation were exclusively revealed by insidethegames early last month following complaints made during a Chef de Mission meeting.

They were the first two items mentioned today by IOC Coordination Commission chair Gunilla Lindberg when asked about particular areas for improvement.

One concern raised then concerned a lack of hotels in mountain clusters which could mean that vital team officials and coaches will have to stay in the Gangneung coastal cluster.

All teams and technical officials have enough rooms, it is claimed, but media accommodation is still a concern.

"We need to clarify the transportation system, both here and from the airport, so all stakeholders know the procedure," said the Swede.

"We are still looking at accommodation.

"So far everyone has a bed, we are finding new hotels and rooms.

"POCOG (Pyeongchang 2018) are analysing hotels to see which ones will be ready on time.

Both Lindberg and Dubi were full of praise for other aspects of preparation, however, including competition and non-competition venues following a busy winter season of test events.

"Pyeongchang 2018 will deliver top-quality venues and fields of play on both snow and ice for the best Olympic winter athletes next year," Lindberg said.

"We can say this with certainty, as we have witnessed good progress in venue construction and received great feedback from the athletes at the 17 test events completed so far this winter."