LA City Officials Hustle to Meet Olympics Budget Deadline

LA City Officials Hustle to Meet Olympics Budget Deadline

The Los Angeles City Council will have more involvement with the Los Angeles 2028 Olympics than it did with the city's bid for the 2024 Summer Games.

The committee is hearing a mix of criticism and praise Friday morning.

"Today's vote by the City Council is a resounding show of confidence in our fiscally responsible plan for 2028, and more evidence of Angelenos' passion to return the Games to LA".

At a meeting of city council on the Olympics, council members unanimously voted to pursue the 2028 Games while ceding the 2024 Games to Paris.

There is much at stake, even though the Olympics are often planned and operated by private organizations, the International Olympic Committee demands that host cities sign a contract agreeing to serve as a financial backstop.

The city council signed off on the Games despite not knowing the full financial reality of hosting the 2028 Olympics. "The new Host City Contract also provides LA 2028 with a greater share of a Games surplus and an International Olympic Committee contribution of $2 billion".

The 11-year wait time comes with millions of dollars in financial sweeteners, but also uncertainty about future costs.

Los Angeles mayor Eric Garcetti also endorsed the idea.

"This new MOU ensures that our City priorities remain front-and-center in LA 2028's preparations for the Games".

The City Council is scheduled to make its decision Friday, a week before that deadline.

A potential risk factor in moving forward with 2028 is that part of the 2024 deal included $250 million from the state.

With the legislature in recess, it is impossible to immediately guarantee they will approve the same amount for 2028.

Earlier this week, a report by the City Administrative Officer and Chief Legislative Analyst stated that committing to the Olympics more than a decade in advance would bring "greater uncertainty".

"This opportunity is too great and we can not pass it up", said council member Herb Wesson.

In just 32 days the IOC is expected to rubber stamp the agreement to accept the double awarding of the two Olympics for 2024 and 2028 at the IOC Session in Lima. The protesters chanted, "Homes not games!" suggesting they wanted the city to invest in affordable housing and not the Olympics, although the $5.3 billion budget does not include any public money and the city would only have to pay if the Games go over budget.

The LA City Council still needs to approve the new MOU at its meeting on August 11.

A recent poll by Loyola Marymount University that found 83 percent of Los Angeles residents support the 2028 bid. "I remember getting a gold medal and running around the track".