IOC reassured that London Olympics within budget

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LAUSANNE, Switzerland (AP) — IOC President Jacques Rogge says he has received assurances that the London Olympics remain within budget despite claims of major cost overruns.

With the games less than five months away, London organizers delivered their latest progress report Wednesday to the International Olympic Committee executive board.

Rogge says "we were reassured" that the public sector budget stands at $14.6 billion. That includes a contingency fund of $785 million.

Last week, a British oversight committee said the Olympics risked going over budget because of rising security costs, which now exceed more than $1.6 billion.

Rogge says "we are not concerned. Authoritative sources tell us the budget stands at ($14.6 billion)."

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