The group met in the Allianz Tower in the Lombardy city to confirm what was initially planned for the finances when the hosting rights were won in 2019 despite the economic impacts caused by the COVID-19 pandemic and war in Ukraine.

The Foundation identified the guidelines to help deliver the Olympic and Paralympic Games in three years' time.

They focus on adhering to the 2020+5 Olympic Agenda and recommendations from the International Olympic Committee (IOC) Coordination Commission.

"We have entered the operational planning phase," said Milan Cortina 2026 President Giovanni Malagò.

"The approval of the 2026 Lifetime Budget is good news.

"The Milano Cortina 2026 bid, despite being a candidacy that will use over 90 per cent of existing or temporary systems, requires rapid interventions and the work of the Board of Directors is - as always - truly indispensable."

The Foundation had met regularly in the last three months to identify how to ensure that the budget could be stuck to.

It insists prudent planning and management will be essential to stay below budget while support from the IOC and International Paralympic Committee will also be vital.

"Thanks to everyone's commitment and the constant dialogue with the stakeholders we have started a strategic analysis of the Lifetime Budget and its optimisation," said the Foundation's chief executive Andrea Varnier.

"Despite the macroeconomic context in which we operate and of which we are aware, today's is a first step that gives us energy to project forward focused on the ambitious work that awaits us."

The IOC Coordination Commission said it had observed "positive progress" following its first in-person visit in December last year, although it identified growing the domestic partner programme as a key priority.

The Milan Cortina 2026 Winter Olympic Games are scheduled to take place from February 6 to 22 2026, followed by the Paralympics from March 6 to 15.