The Paris Olympics in 2024 will cost the city of Paris 380 million euros, including the expected revenue from this planetary event, PS mayor Anne Hidalgo said on Wednesday during a chat on the website of the World. Asked whether the additional revenue from the announced increase in the Parisian property tax would make it possible to finance the Games, the mayor assured that “no”. “It (the tax, editor’s note) is intended to support Parisian public services and investments for the ecological transition”, declared Anne Hidalgo.
For the city’s budget, from 2018 to 2025, the Olympics will represent “380 million euros of investment, or, on average, 0.65% of our annual budget”, specified the mayor of Paris.
Three billion euros: estimate of the total amount of the Olympic Games
In a report on the public cost of the Games published last week, the Court of Auditors had estimated at around “three billion euros”, including 500 million for Paris, the total amount that the event could reach. “The actual cost of the Games will include not only the expenses of the Organizing Committee for the Olympic and Paralympic Games (Cojop) and Solideo (company responsible for building the permanent structures of the Olympics, editor’s note), but also those of local authorities, in particular the city of Paris (whose budget for the Games should be around 500 million euros), as well as the expenses that the State will devote in particular to the security of the Games and those of transport operators”, had indicated the Court.
Eight fiscal years between 2018 and 2025
Asked about this on Wednesday, the city told AFP that “the net cost for the city is now established at 354 million euros with 503 million euros in expenses and around 150 million euros in revenue. 90% of which are now secure”. “Expenditures are spread over eight budget years, between 2018 and 2025 (…) making it possible to amortize the cost of the Games and have a very moderate impact on the city budget with an average share of 0.65% and a peak in 2024 representing 1.4% of the city’s budget”, it was further specified.
According to the mayor, this investment will be used, “for example, Porte de la Chapelle, to build an arena and two gymnasiums but also all the infrastructures of cycle paths, Olympic lanes, the renovation of training sites [telle] the Georges-Vallerey swimming pool, in the 20th arrondissement, which hosted the 1904 Games”.