(CNN) -- The London 2012 Olympic and Paralympic Games were delivered £377 million ($601 million) under budget. Figures released by the Department for Culture, Media and Sport show the forecasted cost of the two quadrennial events at £8.921 billion ($14.236 billion), a reduction on the predicted figure of £9.298 billion. Overall the government says savings of £1.032 billion have been made across all areas of the Games, including £47 million on the Olympic Delivery Authority's construction and transport programs. "London 2012 was a tremendous success, and it is a significant achievement to deliver this large and complex program on time and under budget," said minister for sport Hugh Robertson.
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British government says London 2012 delivered $601 million under budget
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The total cost of the Games forecasted at £8.921 billion, rather than £9.298 billion
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London 2012 organizers hand over the Olympic Park to legacy developers
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$467 million to be spent on creating homes, schools, nursuries and a library
Olympic Park
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Olympic Park
The process is scheduled to be completed by January 2014, with 8,000 jobs, five new neighborhoods, three new schools, nine new nurseries, three new health centers and a new library to be created at the @placeholder.