Olympic Budget – Where did that £160m go?
The chief executive of the London Development Agency Olympic budget, faced a grilling from London Assembly members over a £160m overspend recently reports Building. When asked by members from the London Assembly Economic Development, Culture, Sport and Tourism committee why the agency’s accountants had failed to spot the overspend, it emerged that the accountant ultimately responsible for the budget was unqualified.
The news was admitted by Harvey McGrath, chair of the LDA and Sir Peter Rogers, chief executive of the LDA.
Of …
The chief executive of the London Development Agency Olympic budget, faced a grilling from London Assembly members over a £160m overspend recently reports Building. When asked by members from the London Assembly Economic Development, Culture, Sport and Tourism committee why the agency’s accountants had failed to spot the overspend, it emerged that the accountant ultimately responsible for the budget was unqualified.
The news was admitted by Harvey McGrath, chair of the LDA and Sir Peter Rogers, chief executive of the LDA.
Of the two accountants employed to check the accounts, only one was formally qualified. This one reportedly looked after “day-to-day” accounts, the LDA said, while the £1.1bn Olympic budget was ultimately governed by an unqualified accountant.
Qualifications or not would it be outrageous to predict an overspend on this project?
