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What will happen to surplus Olympic cash?

The London 2012 Games have come in more than £350 million under budget.

Government figures released show that is the saving from the overall budget of £9.3 billion.

But none of that money will be used for installing the retractable seats in the Olympic Stadium - said to be vital if it is to be a base for a football club, as well as athletics.

So, where does that money go and who will pay for the stadium's conversion?

Here's our Political Correspondent Simon Harris.

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  1. Simon Harris

£103m remains in Olympics contingency fund

After ministers revealed a £377m surplus in the government Olympic budget, it seems a further £103m remains in the contingency fund. Savings and unspent contingency amount to £480m. These figures suggest the final bill will be just under £9bn from a budget of £9.3bn.

It's not all positive - the cost of the Olympic village has risen by £36m to almost £750m. City Hall will get £30m from the sale of the village. The Government says London 2012 (Locog) will publish its accounts in the New Year.

Olympics end £377m under budget

The cost of the London 2012 Games has come in at £377 million under budget, according to Government figures released.

The overall cost of the Games is forecast at £8,921 billion from a budget of £9,298 billion.

With some contracts still to be wound up after the end of the Games, ministers are describing the underspend as a "prudent" estimate.

Sports minister Hugh Robertson described the feat of managing the complex programme within budget as "a tremendous success".

The work of the construction and delivery teams, from the ODA (Olympic Delivery Authority) and Locog (London Organising Committee of the Olympic and Paralympic Games), has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future.

– Sports minister Hugh Robertson

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