(ATR) The anticipated final cost of the London 2012 Olympic construction program fell $57 million, according to the Olympic Delivery Authority's latest quarterly report.
The ODA revealed Thursday that the cost of building venues and infrastructure is down to $11.82 billion from the February report.
It said that 83 percent of the Games-time construction program was now complete.
The 80,000-seat Olympic Stadium, bar the athletics track which is laid in the autumn, was finished in March.
Work on the velodrome wrapped up in February.
The handball arena was announced as the third arena to be complete on the Olympic Park site in east London.
The reduction in the final cost of the Games includes savings in preparation of the South Park site, on the Stratford regional station upgrade and in logistics and security for park construction of $11.4 million and $4.9 million respectively.
Olympics minister Hugh Robertson said: "The ODA has continued its focus on costs - driving efficiencies across the program resulting in a £35m reduction in the anticipated final cost."
ODA chief executive Dennis Hone confirmed that the body overseeing the delivery of Olympic venues and infrastructure was "on track to deliver an excellent platform for the Games".
A total of $1.4 billion in savings have been achieved by the ODA since the November 2007 baseline budget was agreed.
The remaining balance of ODA contingency now stands at $774 million.
The ODA said an additional $1 billion is potentially available as contingency for other cross-program issues that may arise, "including any major changes in security circumstances".
Prime Minister Visits Olympic Park
British Prime Minister David Cameron visited the Olympic Park Thursday to speak to an audience of business leaders and inspected work carried out by apprentices on the site, as he announced new measures to tackle youth employment.
He was accompanied by deputy prime minister Nick Clegg and Jeremy Hunt, secretary of state for culture, Olympics, media and sport.
They addressed business leaders in a room at the newly-opened handball arena.Wednesday marked the one-year anniversary of Britain's coalition government coming to power.
"That this great venue has been completed on time and within budget is testament to the hard work, expertise and skills of the Olympic Park workforce. We are on track to stage a fantastic Olympic and Paralympic Games in London next summer," Cameron said.
Construction started on the 6,500-capacity arena in July 2009. The venue includes unique copper cladding, natural lighting shafts and multicolored seating, of which the lower tier is retractable.
Nearly 13,000 people are employed on the Olympic Park and adjacent site of the athletes' village.
Cameron's visit coincided with the government's launch of a $98 million initiative to get more vulnerable young people into work, including a boost to apprenticeships and reforms to transform vocational education.
Written by Mark Bisson
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