Committee Chairman Sebastian Coe insists that strict cost management will be fundamental in the success of having the Olympic Games in Britain, the Sky News reported.
Coe said that organizers are working with the government to make sure that over-budgeting and funding issues would be solved next year.
Culture Secretary Tessa Jowell reported that the initial building of the Olympic Park had increased by $1.76 billion to $6.46 billion.
Mayor of London Ken Livingstone assured London residents that there will be no extra cost to them. The residents of London are already paying $39 a year for up to 12 years to cover the cost of the Games.
"We must not lose sight of the wider benefits of this project. It is not simply about cost. It is also about value and ambition," said Coe.