London 2012 on schedule despite budget cuts

Published Jul. 19, 2010 9:53 a.m. ET

London 2012 Olympic organizers say they have met government targets by cutting $41.2 million from the event budget while keeping the project on schedule.

The Olympic Delivery Authority has confirmed that the overall cost of staging the games is now $14.2 billion.

Britain's coalition government ordered the cuts as part of its measures to reduce the national budget deficit.

The ODA said Monday it saved about $19.8 million on construction site security, $16.8 million on the broadcast and media centers and $4.6 million on changes to the basketball arena and velodrome.