Presenting his state's budget, Egan told the NSW parliament building work was nearing completion and construction costs would drop to A$251 million (US$163 million) in the 1999/2000 financial year (July-June) from A$485 million in 1998/99.
"So far 85 percent of the total venue and infrastructure budget has been spent and paid for," Egan said, adding a further 11 percent would be spent in 1999/2000.
The total construction programme for the Olympic Coordination Authority, which includes temporary works and is funded by Games organising committee SOCOG, is A$2.241 billion.
This has increased from A$2.206 billion in the 1998/99 budget, reflecting additional projects.
Capital funding for the year includes A$23.4 million for the development of Olympic softball, baseball and athletic training facilities, A$11.6 million towards the completion of the cycling velodrome, A$18 million for remedial works and A$70 million for infrastructure works at the Olympic site at Homebush Bay.
Other major projects still to be completed include the Sydney SuperDome, athlete and media villages, the equestrian, tennis and shooting centres and a second water polo venue.
The showcase Olympic Stadium was officialy opened on June 12.
Egan said NSW taxpayers would not be left with any residual debt when the Games were over.
"The Olympics budget is essentially on track," he said. "It's been a mammoth task, a mammoth exercise and it's been delivered not only on budget but also ahead of time."
Egan said he expected general government revenue to rise as a result of increased economic activity generated by the Games.
The government estimated that its total spending on the Olympics from 1991/92 to 2001/02 would be A$1.922 billion.
The estimated cost of staging the Paralympic Games, which immediately follow the Olympics, is A$157 million.
Reuters
