London ( CNN ) -- The bill for staging the 2012 London Olympics and Paralympics is set to rise by nearly 20 % to £11 billion ( $ 17.2 billion ) a UK government committee has warned . The £9.3 billion ( $ 14.5 billion ) of public money set aside for funding the Games is `` close to being used up '' according to a report published Friday by the British Parliament 's public accounts committee . `` We are concerned about whether the running of the Games will be held within budget . Taking into account costs outside the package , the full cost to the public of the Games and legacy projects is already heading for around £11 billion , '' said Margaret Hodge MP , chair of the committee . Hodge said that the committee were `` particularly concerned '' with the rise in cost of security for the Games which has doubled from the 2010 estimate of £282 million ( $ 442 million ) to over £550 million ( $ 862 million ) by December 2011 . The London Organizing Committee of the Olympic Games ( LOCOG ) early estimate of a need for 10,000 security guards has now jumped to 23,700 . `` It is staggering that the original estimates were so wrong , '' Hodge said . The committee also raised concerns about the Olympic stadium becoming `` a white elephant . '' As yet , no takers have been found for the 80,000-capacity venue which is estimated to have cost nearly £500 million ( $ 785 million ) to build . A deal which would have seen West Ham Football Club move into the stadium after the Games collapsed in October 2011 . A new tender process opened in December last year with interested parties required to submit full bids by March 23 2012 . The committee also expressed concerns about the UK Government 's legacy commitment . `` We were promised a strong Olympic legacy but the Government has chosen not to adopt the target of one million more people participating in sport by 2013 , '' Hodge said . But Hugh Robertson , the government 's minister for sport , rejected the committee 's findings . `` What ( the committee ) has not done is made any allowance for the amount of money that comes back to the public purse once the land on the park has been sold , '' Robertson told the BBC . Should the committee 's estimates be borne out , the projected cost of staging the Games will have almost trebled from an initial bid estimate of £4 billion ( $ 6.3 billion ) . That figure was revised up to £9.3 billion in 2007 . The Olympics and Paralympic Games get underway on July 27 and August 29 respectively .
London Olympics bill set to rise from £ 9.3 billion to around £ 11 billion according to new estimates . UK Parliament 's public accounts committee says security costs have doubled in recent years . They also warn of Olympic Stadium becoming a ` ` white elephant '' after the Games . London Olympics start on July 27 ; Paralympics start on August 29 .