Olympic Park legacy

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.

Construction News Editor Rebecca Evans feels confidant that today's announcement means that plans are in place to develop the Olympic Park.

Sports Minister Hugh Robertson has said that the surplus in the government's Olympic budget will be used to by the Treasury to pay of the country's deficit.

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.

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".