The budget for Paris 2024 now stands at €4.38 billion, with an increase in public funding from three to four per cent ©Getty Images

The Paris 2024 Organising Committee Board has rubber-stamped a revised and increased budget for the Olympic and Paralympic Games, which it claims enables it to "move calmly into the operational delivery phase of the event".

The budget has been increased by approximately 10 per cent, or five per cent accounting for inflation, to €4.38 billion (£3.77 billion/$4.61 billion), and this has been the subject of demonstrations at Paris 2024's headquarters.

However, organisers insist that it represents a "balanced budget".

Included in the increased budget is a €71 million (£61 million/$75 million) rise in public funding for the Paralympic Games up to €171 million (£146.7 million/$180.1 million).

This features a €44.5 million (£38.2 million/$46.9 million) contribution from the French state, €15 million (£12.9 million/$15.8 million) from the Paris Métropole and €5.6 million (£4.8 million/$5.9 million) from each of the City of Paris and Île-de-France Region.

A further €25 million (£21.4 million/$26.3 million) increase has been approved for the security budget, having been identified as a key issue for Paris 2024.

There is also an additional €10 million (£8.6 million/$10.5 million) allotted for cybersecurity, while the Board has decided to maintain the €200 million (£172 million/$211 million) contingency provision.

Public funding for Paris 2024 has increased from three to four per cent of the budget ©Getty Images
Public funding for Paris 2024 has increased from three to four per cent of the budget ©Getty Images

Public authorities are set to provide four per cent of financing for the Olympics and Paralympics, with the remaining contribution coming from private sources under the latest plans.

This is up from three per cent under the previous plans.

Paris 2024 said it has reached its target of achieving 80 per cent of domestic partnership programme revenues by the end of 2022 and increased its estimated ticketing income.

Expenditure has been reduced "across all budget lines", including through "streamlining the specifications of the Games" and measures related to venues, infrastructure and ceremonies.

A reduction in energy use and the number of days of usage required for the Athletes' Village and training and competition venues are among the measures cited by Paris 2024 in helping to cut costs.

The Paris 2024 Organising Committee was commended by the International Olympic Committee after its Executive Board meeting in Lausanne last week, with Olympic Games executive director Christophe Dubi describing the delivery of a "balanced budget" as a "stunning feat".

Paris 2024 is fewer than two years away, with the Olympics scheduled to take place from July 26 to August 11, followed by the Paralympics from August 28 to September 8.