By Michael Pavitt

Glasgow 2014 Commonwealth Games is set to have been 35 million under budget ©Getty ImagesLast year's Commonwealth Games was delivered £35 million ($54 million/€47 million) under budget, figures published by Glasgow 2014 Ltd have revealed as it takes the first steps towards ceasing operations.

The company was set up by partners including the Scottish Government, Glasgow City Council and Commonwealth Games Scotland to manage all aspects of the delivery of the event, with the current estimates suggesting that it will conclude its operations without having to utilise £35.5 million of the allocated public funds from its budget.

The figure is £10 million ($15 million/€13 million) more than was forecast at the end of 2014.

"I'm delighted that Glasgow 2014 Ltd looks set to finish in such a strong and healthy final budgetary position with more than £35 million of previously committed public funds having not been required," said Glasgow 2014 chairman Lord Smith of Kelvin.

"It is clear that the delivery of Scotland's biggest sporting event and the Commonwealth's best-ever Games has been a team effort and a job well done.

"Through all our work as an Organising Committee - and working closely with our Games partners - the team at Glasgow 2014 has focused on achieving excellence and value in everything we have done.

"It's also been very important to us that we have gone about our work in a responsible and sustainable way - with good governance and strong budgetary controls being central to our mission."

The announcement comes weeks after Glasgow 2014 was revealed to have delivered a £423 million boost to the City's businesses ©Getty ImagesThe announcement comes weeks after Glasgow 2014 was revealed to have delivered a £423 million boost to Glasgow's businesses ©Getty Images

The Glasgow 2014 Organising Committee's budget was £372 million ($591.5 million/€477 million) of public funds plus commercial income generated by organisers through sponsorship, ticket sales, broadcasting rights and merchandise sales.

This included contingency of £66.1 million ($105.1/€84.7 million), general contingency of £42.3 million ($67.4 million/€54.2 million) and special reserve totalling £23.8 million ($37.9 million/€30.3 million).

The latest announcement comes after it was revealed last month by Glasgow City Council that the Commonwealth Games had delivered a £423 million ($635 million/€559 million) boost to the host cities businesses.

"As well as being a huge sporting triumph, the Glasgow 2014 Commonwealth Games were a good model of planning and effective financial management," said Jamie Hepburn, Scotland's Minister for Sport, Health and Improvement and Mental Health.

"From the outset we worked closely with the Organising Committee and other key partners to make sure the Games were delivered within budget.

"Our focus now shifts to continuing to secure the lasting legacy from the Games so that generations to come benefit from the public investment made."

The final budget figures will be confirmed when the company's closing accounts are completed as part of the winding up process, with the Glasgow 2014 Board and Games partners having appointed Johnston Carmichael as the company's liquidators.

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