by Pete Hayman | 22 Jul 2008

The Olympic Delivery Authority (ODA) has published its annual report and accounts for the year 2007-8.

In the report, the ODA reveals that it has made strong progress in meeting targets for delivering the 2012 games.

Over the past twelve months, the ODA says it has delivered "virtually all" of its Dig, Demolish, Design: Milestones to Beijing strategy, with construction on the Olympic Stadium, Olympic Village and Aquatics Centre, starting ahead of schedule.

The report reveals that nearly £860m has already been spent on preparation for the Games, comfortably under the budget of £966m.

John Armitt, chairman of the ODA, said: "Progress has been made over the last year with the Olympic Park transformed and construction already underway ahead of schedule."

The report warned, however, that there is a 20 per cent chance that the programme of 50 individual projects for the Games will not be delivered within the budget of £7,095bn, a figure which includes a £968m contingency package from the government on top of the £6.09bn project budget.

"There will always be financial challenges on a multi-billion pound programme of this complexity and we are directly impacted by the credit crunch and the deteriorating property market," said David Higgins, chief executive of the ODA. "We will continue to exert the tightest possible financial control while striving for maximum value from the investment in the project."

The Olympic Delivery Authority (ODA) has published its annual report and accounts for the year 2007-8. In the report, the ODA reveals that it has made strong progress in meeting targets for delivering the 2012 games. Over the past twelve months, the ODA says it has delivered "virtually all" of its Dig, Demolish, Design: Milestones to Beijing strategy, with construction on the Olympic Stadium, Olympic Village and Aquatics Centre, starting

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