Conservative London Assembly member Andrew Boff said it still wasn't clear where the cash was coming from and who's paying for the transformation of the stadium.
Andrew Boff added: "We still don't really know, but chances are we're all contributing. Taxpayers shouldn't be paying for Premiership football clubs.
"The £154 million has to come from an already stretched LLDC budget and the knock-on effect is that the rest of the transformation of the park - the really important stuff such as housing - will suffer as a result.
"Only by ditching the requirement for the athletics track, are we likely to see more bids from the private sector, for a proper football stadium rather than the hybrid fudge we currently have."
- The site in Stratford is due to host five matches during the Rugby World Cup in 2015
- The stadium will be the permanent home of West Ham Football Club from 2016
- During construction Balfour Beatty expects to employ up to 400 people, and hire local people where possible
Balfour Beatty has won a contract worth £154 million to transform the Olympic Stadium in east London.
Last summer, Balfour was awarded the contract to convert the stadium roof and will now lead the remainder of the transformation work.
West Ham will not be able to block Leyton Orient agreeing a separate deal to rent the Olympic Stadium, the League One club's chairman has disclosed.
Barry Hearn said the news had emerged from a meeting he had had with the London Legacy Development Corporation (LLDC).
West Ham won the bid to be the anchor tenants but Hearn said the LLDC had confirmed the Premier League club could not block other companies or clubs agreeing deals to use the Olympic Stadium when it was not being used by the Hammers.
Hearn told Press Association Sport: ""I was not sure if West Ham were guaranteed to be the only football club using the stadium and the breakthrough news for me was that the answer is no, they are just a tenant".
Engineers have removed a second pair of lights from London's Olympic stadium. The 14 iconic triangle-shaped towers gave the stadium its distinctive appearance during the 2012 games. The remaining 10 lights will be taken down before the end of the year.
The first of the distinctive 14 triangle-shaped lighting towers which formed the Olympic stadium's "crown" have been taken down.Read the full story ›
Before the floodlights are removed temporary cables are placed across the stadium to keep the towers stable. The lights are then taken down in pairs. Each pair of lighting towers is lifted and lowered to the ground using cranes with a 600 tonne lifting capacity.
Work to construct the new 45,000sq metres roof begins in the spring. It will be completed by spring 2015 when final preparations for the Rugby World Cup will take place including installing concessions, toilets, turnstiles and hospitality areas.
The first floodlights have been removed from London's Olympic Stadium as part of work to transform the site into a multi-use venue and the permanent home of West Ham United Football Club.
British Olympic Association Chairman Lord Sebastian Coe has been elected to the Executive Committee of the European Olympic Committees.
Lord Coe, who played a central role in delivering a successful London 2012 as chairman of LOCOG, will hold the post for an initial term of four years.
He said he was "deeply honoured" to have been chosen for the role.