Victoria was awarded hosting rights for the Games in April, ending a period of uncertainty over the destination for the 2026 Games.

Under the original timeline, a host city for 2026 was due to be chosen at the 2019 CGF Assembly in Rwanda's capital Kigali.

That was then postponed until the 2020 CGF General Assembly, before the COVID-19 pandemic forced its cancellation.

CGF officials have hailed the flexibility offered by the 2026/30 Strategic Roadmap - adopted last year - for its role in persuading Victoria to step in for 2026.

Hall outlined the CGF Audit and Risk Committee's role in identifying potential financial pitfalls for the organisation, and emphasised that the main concerns related to the COVID-19 pandemic and a "historic delay in the award of a host city for 2026".

He explained the significance of the awarding of the 2026 Games to Victoria from a financial perspective.

"In relation to the budget and in relation to long-term forecasts, it's important that the membership is aware of where we currently stand," Hall told the General Assembly.

"The review of financial forecasts continues and has continued at pace, in particularly noting the challenges we as an organisation have faced as mentioned, particularly according to revenue certainty around the 2026 host appointment, and COVID-19-related matters.

"We continue to ensure that Audit and Risk Committee continue to advise the Executive Board to support decision-making and Movement-wide strategic work.

"The longer-term financial forecast for the CGF remains on target to achieve sustainability, and to continue building a material reserve with good fiscal judgement going forward.

"The increase in reserves over the last few years, together with the award of the 2026 Games to Victoria, Australia, has secured the financial sustainability of the CGF for a number of years."

Hall later added: "We are in a position noting that we've received some funds from the Host City Contract fee for 2026.

"We are in a position of reviewing our investment policy in balancing risk and return relative to the investment to try and earn considerable incomes on our balances as we stand."

Hall summarised that he believes the CGF is in a healthy financial position that has improved in recent years, but that selecting a host for the 2030 edition of the Commonwealth Games and beyond remains a necessity.

"The CGF's financial reserves and balance sheet have considerably strengthened over recent years," Hall insisted.

"We remain an organisation with a Games raison d'être.

"The necessity to award future hosts beyond 2026 is of course paramount to the future long-term sustainability to the Federation.

"The strengthening of our position is really great news to you all today, and will result in the Federation having a sound basis to continue building that sustainable reserve as we move forward to our centenary Games in 2030 and well beyond."

Hamilton is viewed as the frontrunner for the 2030 Commonwealth Games, with the year marking 100 years since the Canadian city staged the inaugural British Empire Games.

Reductions in expenditure due to a shift towards online activity were also referenced by Hall in his report to the General Assembly.

"We have continued in the last financial year to obtain some COVID-related savings, in particular a continuation of remote working and travel and accommodation costs not being incurred, and the many meetings that we had virtually over the course of the period," he said.

Final approval of audited CGF accounts for the financial year up to March 31 2022 has been pushed back until September due to "the timing of these Games and the clashes with the usual timetable".

The Commonwealth Games, the CGF's flagship event, are due to begin in Birmingham on Thursday (July 28).

The CGF reported a surplus of £2.3 million ($2.8 million/€2.7 million) in its accounts up to March 31 2021.