Financial forecasts for hosting the Games in eight years’ time have been revealed by the feasibility team set up by the Canadian Olympic Committee (COC) and Canadian Paralympic Committee (COC) in partnership with four First Nations as they look to launch their bid.

Costs for venues and security are estimated to be more than half of what they were when Vancouver last staged the Winter Olympics and Paralympics in 2010.

Funding for the Organising Committee is expected to be entirely private with operating costs estimated at up to CAD2.8 billion (£1.8 billion/$2.16 billion/€2.12 billion).

A total of 12 venues have been identified as part of a possible Vancouver 2030 bid with the focus on reusing existing sites that were built for the Games in 2010.

Among those includes the Doug Mitchell Thunderbird Sports Centre for ice hockey and Para ice hockey, the Richmond Olympic Oval for speed skating, the Whistler Sliding Centre for bobsleigh, skeleton and luge and Sun Peaks Ski Resort for snowboard and freestyle skiing competitions.

The cost of upgrading venues "with a legacy renewal of at least 20 years" has been forecasted at between CAD299 million (£192 million/$231 million/€227 million) and CAD375 million (£240 million/$290 million/€284 million).

This figure is a drop of 54 per cent of the CAD669 million (£430 million/$517 million/€508 million) that was spent to build venues for Vancouver 2010 when factoring in inflation.

Money required for security and public safety is also forecasted to be significantly less than what was needed in 2010, with officials estimating costs of between CAD560 million (£360 million/$433 million/€425 million) and CAD 583 million (£374 million/$451 million/€442 million).

This amount is a reduction of roughly 53 per cent of the CAD1.1 billion (£707 million/$851 million/€835 million) that was used in 2010.

The development of Athletes’ Villages is expected to cost between CAD165 million (£106 million/$127 million/€125 million) and CAD267 million (£171 million/$206 million/€202 million) which is higher than the CAD 87 million (£55 million/$67 million/€66 million).

The COC said the reason for the increase was based on the "desire for a robust housing legacy amongst all host partners and including a third village".

"These Games present an incredible opportunity, and this is a responsible approach to investing for the future," said COC President Tricia Smith.

"The operational costs will be covered privately, while public investment will be focused on building needed housing, providing security efficiently and ensuring the necessary rejuvenation of existing infrastructure."

CPC vice-president Gail Hamamoto added: "The feasibility team has done excellent work in creating a responsible and resourceful financial plan for a potential Games in 2030.

"An Indigenous-led 2030 Games offers an incredible opportunity for a sustainable, economically conscious, and fully inclusive Olympic and Paralympic Games with lasting legacies for communities in British Columbia and the entire sport system in Canada."

The financial report comes just three weeks after the initial concept was revealed by the COC and CPC for the 2030 Winter Olympics and Paralympics.

The two organisations have joined forces with representatives of the Lil̓wat7úl (Líl̓wat), xwmə kwəy’əm (Musqueam), Skwxwú7mesh (Squamish) and səlilwətaɬ (Tsleil-Waututh) people - making up the four host First Nations groups and partners from the City of Vancouver and Resort Municipality of Whistler to outline proposals for the Games.

The bid is expected to be "indigenous-led" with the aim of being "sustainable", "values-led", "community-focused" and "climate-positive".

A Memorandum of Understanding was signed between the COC, CPC, the four First Nations, Vancouver and Whistler in January.

Once all partners agree to go ahead with the plans for the 2030 Games, the COC is expected to move to the bidding stage in December this year.

A host is expected to be confirmed at the International Olympic Committee (IOC) Session in Mumbai next year with Sapporo in Japan and Salt Lake City in the United States also in the running.

The 2030 Games are set to be the first Winter Olympics and Paralympics awarded under the new process whereby the IOC engages in targeted approach with selected countries, as opposed to traditional bidding races.

Its Future Host Commission identifies and proposes a preferred candidate to the Executive Board, which can then recommend the bid be put forward to a vote at an IOC Session.

The full report from the COC and CPC can be read here.