The positive variance figure in the capital budget was reported in the last quarterly financial report and it remains unchanged.

So far, the Organising Committee have spent $48.7 million (£31.3 million/€36.1 million) of their total operations budget of $767 million (£493 million/€569 million).

This represents just or 6.4 per cent of the total operations budget.

In the third fiscal quarter of 2013, Toronto's 2015's operating expenses were $7.6 million (£4.9 million/€5.6 million) and were predominantly in the areas of broadcast and workforce.

Toronto 2015's total venue construction expenditures for the quarter were $6.8 million (£4.4 million/€5 million) with project-to-date venue construction expenditures totalling $36.4 million (£23.4 million/€27 million), which represents five per cent of its total $674 million (£434 million/€501 million) capital budget.

More than 85 per cent of the capital budget is now locked in, with financial contingencies built into each individual venue budget.


Meanwhile, potential for cost increases has been mitigated by using a project management design that shifts risk to private sector contractors.

"We're at an important juncture in our planning for the Games," said Toronto 2015 chief executive Ian Troop.

"Up until the end of 2012, we focused on laying a solid foundation.

"This meant determining our priorities, announcing our sport programmes, choosing our venue locations and getting shovels in the ground on our major new builds.

"We're now drilling down into operational planning, which will involve greater hiring and procurement opportunities as we fine-tune our plans for overlay and finalize rental agreements.

"This hiring and procurement push will start this spring.

"We're looking to create bench strength - the perfect blend of local talent who know and represent the Games region best with international experts who know the ins and outs of successfully hosting an event of this magnitude.

"As such, our operational expenditures will increase in the coming quarters as forecast.

"Most important, we continue to be on budget and on time in our planning and our building."

The quarterly financial report was reviewed and approved by both the Toronto 2015 Board of Directors and Audit Committee.

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