NAO report says all projects will be delivered on time but timing for Aquatics Centre and parts of Athlete’s Village is “becoming tight”

All the building projects on the Olympic site are on time and almost four fifths of the construction work in preparation for the Games is now complete, according to a report released today by the National Audit Office.

The only concerns the NAO has raised is over the completion date for the Aquatics Centre and two of the 11 Athlete’s village plots, where timing is “becoming tight” for the handover to LOCOG, which will run the Games.

The report said: “Five of the 24 main projects being undertaken by the Olympic Delivery Authority have now been completed ready for handover, and on current projections, the remaining projects will be delivered on time. However, the timings on the Aquatics Centre and two elements of the Athletes’ Village are becoming tight for handover.”

The NAO said that as of December 2010 the Olympic Delivery Authority had completed 79.5% of its venues and infrastructure programme on time, fractionally below a target of 79.8%.

The main stadium is 2% under budget and on track to be finished in March, but the Aquatics centre is now 11% over budget and its end date has slipped from April to June.

The Media Centre is now due to come in at 10% under budget compared to its expected cost of £334m in December 2009.

The NAO could not give a definite bill for the Games as it said “the final cost of the Games is inherently uncertain.” However, it reported that of £2.7bn contingency the Games had started with, almost £1bn remained with 80% of construction complete and “all known areas of uncertainty resolved”.