Quarterly Economic Report

Table 2: Sources of funding
Funding from: Total contribution £bn

Lottery 2.175

London (GLA and LDA) 1.175

Central Government 5.975

Total 9.325
3% LDA

10% GLA

23% Lottery

64% Central Government
However, in February 2010, the Government agreed to relieve the LDA of £300m of its contributions to the ODA’s budget in the next spending review period. In return, the LDA has committed to reducing its debt position by an equivalent amount. This means that funding will be made available from the Exchequer to cover the LDA’s reduced contributions.

This decision was reached as a result of the agreement between the Government and the Mayor in relation to the transfer of ODA land in and around the Olympic Park to the Olympic Park Legacy Company, and the consequential impact on the LDA’s ability to repay debt taken on when it assembled the land for the Olympic Park.

Under these arrangements, the interests of the Lottery under the 2007 Memorandum of Understanding between the Government and the Mayor are still protected.
Cashflow

The outcome of the spend analysis up to the end of March 2010 is as follows: