This money is from a total of $105 million (£76.1 million/€87.7 million) in new capital funding that has been distributed to the state’s Olympic Regional Development Authority (ORDA), as reported by the Adirondack Daily Enterprise.

ORDA’s vice-president of marketing Scott Christiansen said the majority of money allocated was likely to be used with Lake Placid 2023 in mind.

"$92.5 million is for a strategic upgrade and modernisation plan to support improvements to the Olympic facilities and ski resorts with a focus on preparing for the 2023 World University Games," said Christiansen.

"Those venues would include Gore Mountain, Mount Van Hoevenberg, the Olympic Ski Jump Complex and Whiteface.

"Additionally, the Olympic Centre will also receive capital in preparation of the World University Games as well as other planned projects."

Lake Placid 2023 is scheduled to be the 31^st edition of the World University Games and is set to feature 1800 athletes from 50 countries - twice as many who participated when the village hosted the 1980 Winter Olympic Games.

More than $200 million (£145 million/€167 million) is set to be spent on renewing venues, some of which have been in place since the 1980 Winter Olympics.

Ongoing upgrades to venues include an overhaul of the Olympic Centre and Olympic Speedskating Oval, new outruns for ski jumps at the Olympic Ski Jump Complex and an overhaul of the Nordic Ski Centre at Mount Van Hoevenberg.

Of the remaining money allocated to New York’s ORDA, $10 million (£7.2 million/€8.3 million) is set to be spent on "critical maintenance and energy efficiency upgrades" at all ORDA venues while $2.5 million (£1.81 million/€2.08 million) is due to go towards the state’s Office of Parks, Recreation and Historic Preservation Budget.

The money allocated to the state's ORDA in the 2021-2022 budget is around $39.5 million (£28.6 million/€33 million) less than what was allocated in the 2020-2021 budget.