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".
– Sports minister Hugh Robertson
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.