Around €40 million in reserves have reportedly been used by Paris 2024 this year ©Getty Images

Organisers of next year’s Olympics and Paralympics in Paris are set to dip into their reserves in a bid to ensure a balanced budget as escalating costs continue to bite.

Finances are due to be scrutinised over the coming months at the Paris 2024 Organising Committee.

The Paris 2024 Executive Committee is expected to hold its review on November 23 with the Board of Directors due to follow on December 11, as reported by French newspaper Le Monde.

Last December, the Organising Committee approved a move to increase the budget by €400 million (£344 million/$420 million) to take the overall total to €4.38 billion (£3.77 billion/$4.61 billion).

The increase sparked anger among anti-Olympic protest groups with demonstrations held outside the Paris 2024 headquarters.

The Paris 2024 Organising Committee, led by Tony Estanguet, are set to review their budget ©Getty Images
The Paris 2024 Organising Committee, led by Tony Estanguet, are set to review their budget ©Getty Images

This year has seen Paris 2024 use €40 million (£35 million/$43 million) from its reserves to avoid having to ask for more public funds, according to Le Monde.

The move has been made due to additional costs caused by rising prices.

Paris 2024 had set aside a contingency provision of €200 million (£172 million/$211 million) as well as €75 million (£65 million/$79 million) to cover inflation at the beginning of this year.

The total from the two reserves has now reportedly been cut to €232 million (£203 million/$247 million).

It is expected that Paris 2024 will continue to draw from these reserves next year, as they make their final preparations for the Games which are scheduled to open on July 26.

The French Court of Auditors raised concerns in July this year over the planned level of expenditure for staging the Games after ruling that "many uncertainties and risk remain".

Expenses are set to be accrued when Paris 2024 doubles their workforce from 2,000 people to more than 4,000 for the Games.

France's Sports Minister Amélie Oudéa-Castéra has played down concerns over the impact of inflation on the Olympics ©Getty Images
France's Sports Minister Amélie Oudéa-Castéra has played down concerns over the impact of inflation on the Olympics ©Getty Images

The Court of Auditors urged Paris 2024 to consider "new savings and redeployment measures" as well as make new efforts to "optimise site management and reduce service levels" in a bid to secure a balanced budget.

"It is appropriate to keep a substantial proportion, at least €100 million (£86 million/$107 million) at the end of 2023, for unforeseen and unavoidable expenses in the last six months proceeding the Games and during the course of the Games," added the auditors.

Earlier this month, National Assembly member Maxime Minot of Les Republicains claimed he was worried about "a poor consideration of inflation in the calculation of the reduction in the public contribution included in the draft budget for 2024".

However, France's Sports Minister Amélie Oudéa-Castéra played down fears that inflation could lead to a rise in costs for Paris 2024.

"Everything is well on board to have the most rigorous forecast possible," said Oudéa-Castéra.